Studies from Pfizer have shown that about 87% of American adults have a fear of getting old, often summarized as FOGO. Chief among the anxieties for these adults is the financial burden.
Tipton, Iowa, is a great community to live in if you're concerned about such finances. We're a beautiful small town rich with culture, especially for lovers of American history and railroads.
But other than keeping the cost of living low, how does the cost of assisted living impact you? Read on for a quick overview of financial planning for aging seniors.
To start, what is assisted living, and what is it you're truly paying for? Understanding these perks is the first step to understanding the cost of assisted living.
Assisted living offers benefits to seniors and their loved ones who desire support with daily living. Assisted living provides an ideal solution for residents who don't want to give up their autonomy but acknowledge that they could use some assistance.
At Prairie Hills Tipton, we offer our residents a wealth of inclusive amenities. Some of our amenities include:
To better understand assisted living expenses and senior care costs, it's important to know the perks. Here are some of the many benefits of assisted living
The greatest perk of assisted living is the comprehensive care and support you'll receive. An assisted living service will provide you with personalized assistance with your daily activities. These can include, but are not limited to:
These services are ideal for helping you maintain your independence without sacrificing safety. While it can sometimes prove to be an adjustment, it's one more than worth making.
Another great perk is how assisted living communities help you to stay connected to your community. These services help you foster meaningful and respectful relationships with your peers and caretakers.
They're also great for helping you to see your local community. Here at Tipton, we're a small town full of rich history and beautiful sights. Regular outings can help you to stay connected to the world around you.
According to BMC Public Health, roughly 50% of individuals over the age of 60 are at risk of social isolation. Furthermore, about 1/3rd will experience some degree of loneliness. Staying connected to your peers and community will help you to battle these feelings.
Losing your independence is a natural and understandable fear. According to the National Institutes of Health, the fear of losing independence is one of the most common fears for adults.
It's a reality that, as we age, we need help with some tasks. Some individuals may need physical help with tasks, while others may need assistance with medication management.
Assisted living does not mean sacrificing your independence for help with these tasks. Instead, it means assuring your independence by accepting a small amount of help from a professional.
Assisted living professionals are not invasive. They give you help where you need it so you can enjoy independence in peace.
Now that we better understand the benefits of assisted living, what is it that you're paying for? There's a high number of factors, but you can generally "ballpark" what you should expect to pay. Here are some of the fees you should expect.
The first fee to understand is the upfront fee. These are one-time fees that assisted living communities charge residents as a reservation deposit.
These fees are often referred to as the "community fee." You should expect these charges to be in the range of a couple thousand dollars, depending on the community.
This deposit usually is not applied to other charges. Upfront fees are also often refundable, assuming the resident never moved in. Speak to your representative about such caveats.
Monthly fees are, in essence, the rent you pay for your assisted living community. These costs vary deeply, depending on:
Base fees are usually inclusive of most of your utilities. They'll often include your basic housekeeping services, your maintenance, and included meals. Your community will outline which things are included in your monthly fees.
The base fee also depends on what sort of care you're receiving. Discuss with the representative what style of assisted care you're requesting so you can also discuss the costs.
Some assisted living communities may offer a variety of different services that will change your costs. As such, it's important to understand how much each will add to your monthly bills.
Assisted living expenses will climb as a result of your services. For example, it's often less expensive to have assisted living with as few services as possible. In return, using all of the offered services will usually cost more.
To accurately compare these costs, you'll need to discuss them thoroughly with your representative and loved ones. Decide which services you need the most and whether you're willing to shoulder the senior care costs.
Ultimately, the cost of assisted living is personalized and cannot be estimated without discussing it with a representative. You should expect to pay a few thousand dollars a month, depending on your community and the services offered.
Remember that these are not written in stone! If you decide to use long-term care options and eventually decide you don't need as many services, you can change them in the future.
The cost of assisted living varies heavily but usually falls within the range of a few thousand dollars a month. Discuss assisted living with your community's representative and your loved ones to make your decision.
At Prairie Hills at Tipton, we're dedicated to providing affordable retirement living. Our community helps our residents feel safe, cared for, and part of our family. Schedule a tour today to see how we can help you plan your finances.