On the continuum of senior care, independent living in Greenacres, TX is the least intensive option. Independent living communities, also known as retirement communities or senior housing, are ideal for older adults who are relatively independent and in good health and who want to reduce their household chores while maintaining opportunities for friendship and physical activity.
Independent Living Costs and Amenities
Location, style of housing, level of service, amenities, and the option to buy or rent all play a role in the overall cost of independent living. The American Seniors Housing Association estimates the monthly cost of independent living to be between $1,500 and $6,000.
Services and amenities available at independent living communities include laundry and housekeeping, outdoor maintenance, landscaping, on-site restaurants, transportation, social and recreational events, and more. Independent living communities are a form of senior housing. However, they differ from assisted living in that they do not offer any form of personal care or medical help to their residents. Insurance programs like Medicare and Medicaid do not cover the cost of independent living, therefore residents must pay for it themselves.
It is important to remember that the money needed to relocate to a 55+ community may be broken down into two distinct categories. Similar to how housing expenses are managed in the real estate market at large, so are housing costs within the community. Apartments, townhomes, and single-family homes in the area will range in price depending on current market conditions. On top of this primary expense, there is also an additional maintenance/activities payment due at set intervals. Communities may charge anywhere from several hundred to several thousand dollars monthly, depending on the degree of amenities and breadth of activities provided.
Covering the Cost of Independent Living
- Most retirees rely on their own income and assets to cover the cost of living on their own. As a matter of fact, many retirees sell their family homes and put the money into an apartment or townhouse in a retirement community.
- Pensions and Social Security payments: Retirement income from these sources can be used to offset the costs of independent living for the elderly.
- Payments from an annuity are a form of insurance that is frequently used to prepare for retirement. An annuity is a financial contract that guarantees the buyer a stream of income for life in exchange for an upfront payment. These payments might be made on a regular basis, such as monthly, quarterly, yearly, or all at once.
- The United States Department of Housing and Urban Development (HUD) provides many housing assistance programs for low-income elders. Public housing, rental assistance, and vouchers are all possible forms of aid. Those 65 and over can benefit from these programs (with the help of some of the extra services and amenities they provide), but there is sometimes a waitlist to get in.
- Supplemental Security Income (SSI) is a program that provides financial assistance to low-income elders (those 65 and over), the blind, and the disabled. The amount of a recipient’s monthly SSI benefit is determined by their income, housing situation, and other criteria. Those receiving SSI can utilize their benefits to assist cover the price of living on their own.