An assessment of the financial impact of senior living in Flower Mound, TX is a major consideration for many families. In fact, the annual cost is the most influential consideration when deciding between communities, according to the Advisory Board’s 2017 study on Consumer Preferences in Post-Acute and Senior Care.
Rather than being put off by the initial expense, consider the many elements that go into determining the cost of senior housing and the true worth of these accommodations. Inexpensive senior housing is affected by three distinct factors:
Amount of Care Provided
If you or a loved one needed help, how much would it be? What you say will undoubtedly affect the cost, as more intensive care carries with it a higher price tag. Take a look at the following monthly averages:
- Self-sustained lifestyle: Ideal for independent older adults who want to avoid the hassles of home maintenance while having access to exciting activities Monthly rates range from $1,400 to $4,000, with a wide variety of housing options available.
- Housing with assistance: The provision of medical and personal care within a residential setting.
- Help for the elderly. Skilled care facilities provide round-the-clock nursing care and a higher level of supervision than retirement communities.
- Memory care: Those suffering from Alzheimer’s disease or another kind of dementia will be cared for and supported by team members that have been specially trained to do so.
Similar to how location impacts the value of real estate, it can also affect the cost of senior living.
Here you may exert the most influence because the cost rises in direct proportion to the level of comfort you demand. You might fantasize about a suite with a balcony, a chef-prepared supper, and a five-star hotel, but are these things actually necessary? Perhaps more importantly, though, can you afford it? The monthly cost may increase with the following add-ons:
- Accommodation classification. Studio, one-, or two-bedroom apartments; semi-private options; an additional person charge for a second occupant. might be relevant if your partner is moving in with you
- Insurance for your pet. Catering to special requests; also called concierge services.
- Remember that prices vary from one area to another. Some may provide all you need at one flat rate, while others may let you pick and choose which features best suit your needs.
Benefits of Retirement Communities
Although staying in one’s own house as one ages can appear to be the more cost-effective choice at first, it’s important to factor in all of the expenses involved. Monthly costs for senior living, such as meals, utilities, house maintenance, property taxes, insurance, and entertainment, can be compared to those for a traditional home or apartment.
When you consider the high price of in-home care and/or changes to make your house more accessible, you may discover that senior living is more cost-effective. Think about how much the retirement community’s social and enrichment activities are worth to you in addition to the financial investment. Elderly adults who choose to age in place often find themselves isolated and depressed, a situation that can have serious consequences for their health and well-being.
Plus, you can rest easy knowing that you won’t have to worry about unanticipated costs and you’ll live in a space tailored to the needs of older adults and equipped with safety features.