Staying at home during retirement can seem like the more affordable choice when looking at the cost of assisted living—but like so many things in life, there’s more than meets the eye. That’s because it’s easy to forget the ongoing, and often unexpected, costs of living in a home. Taking a moment to compare apples to apples can make a big difference.
The Cost of Home Living
After so many years, we tend to not even notice what living at home can cost, especially if the mortgage has been paid. But think about all of it: ongoing roof maintenance and replacement, repainting rooms, updating the kitchen, repairing everything from a broken window to a faulty furnace to the front steps, keeping the lawn and garden healthy and attractive, fixing cracks in the driveway, rehanging the sagging gutters, paying for homeowner’s insurance and on and on.
After a while, keeping your home up to par can make you feel like a human ATM. Now think about utilities, security, food, entertainment, fitness memberships…it all adds up.
Compare The Cost of Assisted Living to Living at Home
Consider the chart below, and see how the cost of living at home stacks up against the cost of assisted living:
|
MONTHLY EXPENSES |
COST OF
HOME |
COST OF ASSISTED LIVING
|
| Mortgage or rent
|
||
| Care Assistance
|
Included | |
| Property tax and insurance
|
Included | |
| Home maintenance and repairs
|
Included | |
| Lawn care and grounds maintenance
|
Included | |
| Housekeeping
|
Included | |
| Utilities (electricity, gas, water, trash removal, etc.)
|
Included |
|
| 24-hour security
|
Included | |
| Transportation (Insurance, gas, registration, repairs)
|
Included | |
| Dining
|
Included | |
| Social programs and entertainment | Included
|
|
| Exercise and wellness
|
Included | |
| 24-hour emergency alert system
|
Included | |
|
Total Monthly Expenses |
|
Download our free Financial Planning for Retirement Living Guide to learn more about funding assisted living care.
And What About Quality of Life Benefits?
Not everything is measured in dollars and cents when you look at the cost of assisted living—and these are the benefits that can make all the difference when it comes to a higher quality of life for you, or for a loved one. For example, assisted living offers:
- Good friends for healthy socializing. Engaging with others has many important benefits for physical, mental and emotional health, whereas staying isolated at home can be quite harmful.
- Staff available 24/7. Knowing someone is always nearby night or day offers tremendous peace of mind.
- Setting designed for assisted safety & wellness. Safety features in bathrooms, ramps instead of stairs, good lighting, on-site security and more mean an environment designed from the ground up to keep older adults safe.
- Stimulating activities & events. Staying engaged and feeling a sense of purpose and fulfilment is vital for healthy aging and helps promote self-worse and a sense of belonging.
- Delicious & nutritious dining. Living at home, it can be difficult to get to a grocery or handle meal preparation, which can result in poor eating habits. Assisted living offers regular, wholesome dining that also offers opportunities for pleasant socializing.
- Health monitoring & a focus on wellness. Staff are on hand to continuously assess each resident’s wellbeing, noting if a person is not feeling well or might require additional assistance.
- Daily opportunities for exercise and activity. It’s hard to maintain a physical fitness regimen when transportation is difficult or no one else is around. In assisted living, other residents serve as great motivation to join in classes, walks, and other fitness activities that are so beneficial for senior health.
Plus More Time To Enjoy Life
When considering the cost of assisted living, remember that all home upkeep and maintenance is handled for you. So not only are the costs included in your monthly fee, you are now free to spend your time and attention on what you love most. Your favorite hobbies. Your friends and family. Your new goals.
At The Herrick House, the list of things you can do is quite long, but we’ll give you a sampling: chair yoga, meditation, art classes, family barbecues, social hour, golf putting, movies, trivia, birthday luncheons, special events, and just about anything else you can come up with! We invite you to come see what we mean.
A little help and a lot of caring. Download our free Financial Planning for Retirement Living Guide to learn more about funding assisted living care, or contact us.
