How Retirement Communities Work

Susan Kelly

Jun 26, 2022

Independent Living is also considered as senior apartments or communities for seniors. They are typically for older adults who don't require medical attention or care and can perform tasks independently, which means they do not require help with everyday chores.

These are homes. The apartments are private. They have a kitchen. They vary in size from studios to one-bedroom and two bedrooms. The cost of rent is slightly on the higher end; however, it all depends on the costs of living in your local area. The cost could range from $1500 to $3500 per month. Also, it is important to know that some of those 55+ communities come with expensive buy-in costs; however, there are many different communities. Some have fees of a small amount, while some have no entry charges at all.

Independent Living

Sometimes referred to as senior apartments or 55-plus communities. Independent living spaces are for individuals who do not require special medical attention or assistance in daily activities. They are private residences that typically include kitchens or kitchenettes and can be found in sizes ranging from small studios up to two bedrooms.

Rents can range from $1500 to $3,500 per month, per the senior housing site Rent is contingent on the size of the apartment's geographical location, as well as the amenities. Some independent living communities charge a large buy-in. Others charge a minimal cost for entry, which could be between $750 and $1,500. And some do not have any buy-in or entry charges at all.

Some independent living communities include food, utilities, and housekeeping, as well as regular maintenance and transportation for medical visits as part of the monthly rent. In contrast, other facilities individually assess these costs. The overall cost can be comparable to the costs you would have to pay if you stayed at home; however, independent living communities provide the convenience of maintenance and more opportunities to connect.

Assisted Living

Assisted living facilities are designed for those who do not require the level of care that a nursing home provides; however, they require some help with the activities of daily living. Assistance may include assistance in dressing, washing, toileting, and reminders for medications. Assistive living is suitable for those suffering from early-stage cognitive decline, dementia, or Alzheimer's, who require extra assistance, supervision, or security.

The monthly average assisted living cost for private rooms, housekeeping, board, and some personal assistance was $4300 in 2020, per an analysis of the long-term care provided by Genworth. Genworth estimates that in 2029, the price will reach $5,611 a month.

The price of assisted living is a variable by where you live. The monthly cost of assisted living in Washington, D.C., for instance, is higher -- $6,000 -- than the average for all of the nation. An assisted living facility in Arkansas is significantly less expensive than the national average, which is $3,500 per month, according to Genworth.

Nursing Homes

The nursing facility is ideal for those who require a lot of medical attention and is the closest thing to receiving hospital treatment. Nursing homes also aid in daily tasks, including eating, changing clothes, walking around, and bathing. Certain nursing homes are designed to make them feel more like homes than others that feel more like hospitals.

The cost for private rooms in a nursing facility averaged $105,850 by 2020, as per Genworth's study, and a semi-private one was just a bit less expensive at $93,075. Since nursing homes are costly, it's a great idea to consider buying long-term care insurance before you require it.

It's sometimes difficult to enter the nursing home you'd like when you need it. There are many waiting lists. Additionally, certain facilities are restricted to certain kinds of patients, such as those requiring urgent medical attention. Certain nursing homes could be exposing residents to the dangers of elder abuse and other issues.

Continuing Care

The continuing care retirement facilities are specialized in providing an extended-term residence for elderly individuals. Residents can remain in independent living for as long as they are independent. They can change to assisted living or nursing care should they require it without moving to a different facility.

Continuing care facilities are the most expensive kind of retirement community as per the AARP. Admission fees can vary from $329,000 up or $1 million. The monthly fees, in addition to that, can be between $3,000 and $6,000 or more, depending on the type of housing or care level and other alternatives. The cost is also contingent on the agreement the resident decides to sign.

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