Retirements homes are designed to accommodate individuals who are in their senior years. These homes provide on-site support and care for senior citizens. But more than that, retirement homes can be a place for seniors to maintain their lifestyles and have easy access to a wide range of activities.
Not to be confused with nursing homes, retirement homes can be costly. Today, we will talk about how much a retirement home costs, and more.
How Much Does A Retirement Home Cost?
How much it will cost you to stay in a retirement home will vary, depending on a lot of different factors.
However, what we can give you is the costs of living in a retirement home based on these factors.
The first and main factor that will determine how much staying in a retirement home costs is the type of retirement home itself.
Retirement communities are also known as independent living communities. They are ideally suitable for people in their mid-50s and beyond. It is for people in that age bracket who are capable of living on their own and do not necessarily need special medical care.
There are various subtypes of retirement communities. We are going to discuss the costs of living in these three retirement communities.
The first one is called retirement communities and senior apartments. A senior apartment is pretty similar to a house or apartment in a planned community.
How much it will cost you to stay in a senior apartment varies on what is included like the number of bedrooms and other features. Other fees may include Homeowner Association’s fees, or entry fees.
The median monthly costs of staying in an independent living community in the U.S. is $2,552 according to A Place for Mom’s 2018 cost index. However, costs may vary on different factors like the location.
Continuing Care Retirement Communities
A continuing care retirement community, or also known as CCRCS charges an entry fee if you want to stay in their community. The average cost of entry fees in a CCRCS costs $329,000 according to AARP. They range from about $2,000 on the low end to $600,000 on the high end.
These entrance fees may be refundable to you or your beneficiaries once you leave the community. So make sure you know the rules before you pay your entry fee.
In addition to the entry fee, CCRCs also have monthly rates ranging from $2,000 to $4,000 a month on average.
On the other hand, nursing homes or assisted living facilities are communities for elders who are in need of special medical attention in their everyday lives. This may include basic chores for people who are experiencing severe medical conditions.
The cost of staying in a nursing home is about $300 per day. For a month they average just under $9,000 per month for a private room. On the other hand, if you stay in a semi-private room, then costs are lower. These cost $250 per day on average or around $7,500 a month.
But health insurance like Medicare may pay for your nursing home stays depending on your situation.
To find local senior homes in your area, visit the search tool on the Senior Living Communities Near Me homepage.