What Is The Cost Of Senior Housing?

Last week, we discussed the different types of senior housing options that are available – Senior Housing Options Blog.  This week, I wanted to focus on the money.  You may be wondering what is the cost of senior housing? In my experience, most people do not know what to expect when it comes to cost.  You have to keep in mind that the cost is going to depend greatly in which part of the country you live.  As a Florida attorney based in the Tampa Bay area, I can only comment on the cost in this area.

1.Independent living – usually provides apartment-like living varying from studio apartments to two bedroom apartments.  Residents have access to dining packages, if they like, and usually, there are social outings and other types of entertainment.  This type of living can be in 55+ communities, retirement villages, senior apartments or continuing care retirement communities.  Seniors must be able to privately pay to live in most independent living communities and the costs range from $1,500 per month to $3,500 per month.

2.Assisted Living – for those seniors who require some care but not to the level of nursing home care, these communities provide assistance with taking medications, activities of daily living (bathing, dressing, eating, toileting, transferring), providing meals and housekeeping.  Staff is also available 24/7 for additional safety.  Assisted living facilities also provide social activities and transportation, as needed.  The cost for assisted living depends on the level of assistance an individual needs and can range from $2,500 to $5,000.  Facilities that are cater to Alzheimer’s patients can range from $3,500 to $6,500 per month.

3.Nursing homes – these types of facilities provide 24/7 skilled nursing care for those who are frail and require a high level of medical care and assistance.  Facilities can provide rehabilitative care for those recovering from a hospital stay to long term care for those with complex medical needs that require skilled nursing care.  The average cost of skilled nursing care is $7,000 to $8,000 per month.

4.Residential care homes – similar to assisted living, but a smaller, home-like environment, the cost of care ranges from $1,500 to $3,000 per month depending on the level of care needed.

5.Respite care – provides caregivers temporary break from their caregiving duties, the senior can stay in an assisted living type facility on a short term basis usually anywhere from one week to one month.  The cost ranges from $75 to $100 per day.

6.Home care – having someone come into the home to help take care of the senior, the cost will depend on the needs of the individual.  Companion care is different from nursing-type care and senior can expect to pay hourly for the services they need.  The fees can range from $15/hour up to $40 per hour.

Next week, I will discuss what benefits are available to help pay for these types of housing if the senior does not have enough income or asset to pay for the care. If you have any questions about estate planning, please call the Law Offices of Laurie E. Ohall, P.A. to set up a free 15 minute phone consultation. Contact me today if you need estate planningelder lawprobate or guardianship assistance.