Ways to Reduce Senior Living Costs

It can be challenging to pay for senior living, but there are a number of ways to reduce costs. Keep reading to see how you can reduce the cost of senior living!

Even though the average US life expectancy is 77, many seniors continue to live a happy and healthy life long after they reach that milestone. Thanks to advances in senior care, we can enjoy having our parents and grandparents with us for a very long time.

There is no denying it – growing older can be challenging. We may need to consider in-home senior care, memory care, and assisted living as our family members age and need more support.

You want to ensure your loved ones thrive without spending a fortune on senior living. What can you do? These four tips are sure to help.

1. Find Out What Options Are Available

An individual can choose from a wide range of senior living options based on their preferences and needs. Among them are:

  • Assisted living
  • Independent living
  • Memory care
  • Nursing homes
  • Retirement communities
  • Skilled nursing
  • Specialized care

If your loved one requires more hands-on care, you should expect to pay more. When they are still in good health and can complete most tasks on their own, you can save money by choosing an independent senior living option.

2. Ask About Discounts & Specials

When considering different senior living options, don’t be shy about asking about ways to lower your costs.

Many communities offer specials or discounts during certain times of the year when move-in rates are lower. In some cases, they waive application and entrance fees, or they may give you the first month free if you sign a long-term lease.

In some facilities, prices are reduced at the end of the month, the end of the quarter, or the end of the year. Ask if there are any specials coming up, especially if your move-in date is flexible.

3. Look Into Co-Living Arrangements

One in four seniors feel socially isolated, which can lead to a range of mental and physical health problems.

Ask about the possibility of living in a shared space as a way to reduce loneliness and living costs. A roommate or private bedroom in a shared apartment may be appealing to your loved one.

This is almost always a cheaper alternative to buying a private residence or apartment in a retirement community.

4. Compare A-la-Carte vs. All-Inclusive

Many of the best senior living facilities offer both all-inclusive packages and services a la carte.

All-inclusive care offers all the services your loved one needs for one price. These expenses typically include rent, utilities, meals, activities, and assistance with daily living activities. All of these services together are more expensive.

To save money, choose the base rent price for your loved one and then “add on” only the services they need. You don’t need to pay someone to do the cooking, bathing, or cleaning for them if they still are capable of doing those things themselves.

Affording Senior Living Is Possible

When researching the cost of senior living, it’s easy to feel overwhelmed. You can do many things to reduce these costs, even if they seem impossible at first.

We at Senior Living Communities Near You understand the challenges you’re facing. So we’ve handpicked the best senior living communities that fit a variety of budgets and circumstances.

You can explore senior living options here and find the one that’s right for you or your loved one.

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