Understanding Senior Living Costs: A Guide to Financial Planning

Wisconsin's population of older adults is growing with nearly 1.5 million people over the age of 60.

If you've got a loved one entering or already in their golden years, you may notice that they aren't able to do the same things they used to. When their quality of life begins to suffer as a result of age-related health problems, senior living is something you must consider.

Unfortunately, senior living comes at a cost. If you're on a budget, you may wonder how debilitating these senior living costs will be for your loved one and the rest of your family.

In today's post, we'll look at retirement home costs and assisted living prices to help you find the right senior housing options. Affordable senior living is attainable, you just need to know how/where to look. Keep reading and let us help budget for independent living expenses.

Types of Senior Living

The thing that changes the cost of senior living the most is the type of care that your loved one gets. There are a few main types of senior living communities out there and matching your loved one's needs to the right type of care is essential to maximizing their experience.

The most common types of senior care are as follows:

Independent Senior Living

Independent senior care is best for healthy seniors. Residents of these "retirement homes" get to downsize and enjoy spending more time around their peers. This enhances their social life, helping them to avoid feelings of isolation.

At the same time, they'll have access to daily programming that prioritizes their health and wellness. They'll have in-house dining, planned outings, nightly games, and plenty of fitness-based activities.

Assisted Living

Assisted living is a more intensive form of senior living for those suffering from age-related health problems. Whether your loved one has mobility problems or digestive issues, they'll have access to qualified senior care professionals, who help residents get dressed, bathe, and take medications (among other things).

Memory Care

Memory care is offered through some assisted living communities. If your loved one is among the 110,000 people suffering from Alzheimer's and dementia in Wisconsin, they'll benefit from memory care.

It functions in much the same way as assisted living, but with programming and care specific to aiding cognitive issues. Staff are highly trained in dealing with the unique challenges of cognitive decline and the community is secure to keep residents safe from wandering.

Obviously, the more intensive the care is, the more expensive the care will be. That's not to say that you won't find assisted living or memory care that fits your budget. If you know what factors affect these costs, you can minimize them while getting your loved one adequate care.

Factors That Affect Senior Living Costs

When you determine the level of care that your loved one needs, you'll have a better idea of the costs involved. From there, you can look at a variety of factors that influence senior living costs. Here are a few of the things that affect the price the most:

Community Location

The location of the community plays a big role in the overall cost. As with regular real estate, you have to pay to reside in a premium location. The closer you are to local amenities, such as shopping and natural spaces, the more the community has to charge.

This may be a negotiable factor for some families, but it's important to consider the impact of location. The transition into senior care can be overwhelming for any senior. Choosing a community that makes it easy for loved ones to visit will make the transition much easier to swallow.

Apartments/Rooms

Most good communities will offer a few different floor plans for particular senior needs. By choosing a smaller room and sacrificing a few amenities, as well as some space, you can save a decent amount of money without sacrificing your quality of life.

At Oak Gardens Place Assisted Living, we offer one-bedroom and suite apartments. By choosing the suite, you get a smaller room at a more affordable monthly rate.

Amenities and Programming

The community's amenities play a huge role in its overall cost. A brand new community with state-of-the-art amenities is going to be reflected in the price. Older communities with simpler amenities will have a lower price.

It's up to you and your loved one to decide what matters to them. If they don't need a brand new fitness center or an indoor pool because they'd rather watch television or spend time outside, you can save quite a bit of money.

The same is true of the daily programming. All good communities will offer a daily activity calendar of healthy and exciting things for residents to participate in.

The activities should help residents socialize and stay fit. Some communities will spend a lot of their budget on bringing in third-party fitness instructors or entertainers. If your loved one doesn't need these perks, you can settle for a community that offers simple but effective activities.

In-House Dining

In-house dining is essential in assisted living. Seniors need a healthy diet to avoid various illnesses, such as diabetes, heart disease, and certain cancers. A good in-house restaurant will offer a menu of tasty and nutritious meals.

Of course, offering high-quality food costs money. If your loved one can cook for themselves sometimes, look for a community that offers flexible spending with their dining options. This can help you save hundreds per month on senior care.

Get Your Loved One the Right Type of Care in Altoona, WI

Now that you know where you can cut senior living costs, you can prioritize certain aspects and find affordable care in Altoona. Your loved one must be comfortable during this major transition in life, but it doesn't have to break the bank.

For the best and most affordable senior care in Altoona, look no further than Oak Gardens Place Assisted Living. We offer a wide range of amenities, activities, and multiple floor plans to suit our residents' budgets and needs.