If you, your parents or other elderly relatives are beginning to explore senior housing options, you probably know that there are many options to choose from. In fact, the number of choices can be downright daunting and leave you feeling emotionally exhausted. The best choice will depend on budget, the level of care needed and the facility's distance to family and friends, as well as proximity to quality health care and desired cultural amenities.
Aging in place
According to Housing America's Older Adults, a study by the Joint Center for Housing Studies of Harvard University, over 75% of those 80 years and above live in their own homes. 73% of Americans surveyed by AARP would prefer to remain in their own residence as long as possible.
The appeal of this option is understandable. Seniors remain in a familiar place and maintain independence — although they may be aided by family members, in-home nursing care or a housekeeping service. Remaining at home can also be less expensive than other options. The median rate for home health aide services is $135 per day, according to the Genworth 2017 Cost of Care Survey. Aging in place tends to work best for seniors who are relatively mobile, have family nearby and are actively involved in their communities.
Senior communities
For more-active seniors, age-restricted or adult retirement communities are another popular choice. Typically at least one person in each residence — which may be a house, apartment or condominium — has reached a certain age, such as 60 or older. The communities may offer exercise rooms, pools or other amenities. Most do not provide help with personal tasks or medical care, and costs usually rise as the number and quality of amenities increase.
Similar are independent living communities, which often go by names such as retirement communities or senior housing. The residences usually do not have staircases and otherwise vary by size. Typically, the community handles maintenance and may also provide meals and transportation services. However, independent living communities usually do not help with personal tasks or provide health care.
Older seniors and those needing assistance may want to consider an assisted living residence. Typically, residents live in their own apartments or condominiums, yet they can access help with such tasks as bathing or dressing, if necessary. Some assisted living facilities may stop short of providing full-time help or medical care. The median monthly cost is $3,750, according to Genworth.
Nursing homes or extended care facilities generally offer the highest level of assistance with daily tasks, as well as medical care. Often, a nurse or medical professional is available around the clock. Other medical services, such as physical therapy, also may be accessible. According to Genworth, the median monthly cost ranges from $7,148 for a semiprivate room to $8,121 for a private room.
All in one
Finally, continuing care retirement communities or campuses offer several options under one umbrella. These multiple-facility communities are becoming more and more common and can feature options ranging from independent living to assisted living to extended care.
Seniors can move from one facility to another if their physical condition changes, but remain within the complex. Costs vary depending on the facility and level of care needed, but usually include both an initial entrance fee and ongoing monthly fees. This option can be particularly attractive for family members of seniors who do not want to have to seek new housing every time their loved one's condition changes.
Budgetary issues
Senior housing can be expensive. As you explore options, pay close attention to your budget. Your ORBA advisor can help you project costs over different time periods based on various options and help you determine how you will pay for them.
Bottom line
Choosing the most appropriate senior housing option for yourself or loved one will be an emotional roller coaster. Do your homework and lean on family, friends and advisors for their experiential knowledge – doing so will prove to be invaluable.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.