Senior Living Costs: What Families Are Actually Paying For

You get more than you think when you move to senior living, but what exactly are you paying for?

Cost is always a question when you’re exploring senior living options for yourself or a loved one. Understanding what to expect helps you make a plan to afford your retirement years as fully and comfortably as possible.

What is affordable depends on your lifestyle preferences, location, the amount of care you need (if any), and your resources. However, before choosing your new community, it is essential to understand how senior living costs differ from your traditional at-home expenses. Even if mom or dad already lives in a senior community, it’s good to recount all the ways they benefit from their monthly fee.

Good news for elders and their families: a detailed 2024 study by the American Seniors Housing Association concluded that “cost comparisons often favor senior living” over staying in-home, especially when you factor in known or likely future care and assistance costs. 70% of adults who reach age 65 will require long-term services or support in later years.

Tangible Costs: Services Included in Your Fee

The most important thing to keep in mind is that the single monthly fee you pay for senior living covers multiple expenses that you now pay separately. Exactly what is included can vary by community, so be sure to ask. This is the only way to accurately compare senior communities as well as compare the cost to your current situation.

Typically included:

• Rent for your apartment, villa, or other personal living space
• Water, electricity, heat and AC
• Meals and snacks for assisted living and memory care residents -- often, independent residents can purchase a meal plan
• Building maintenance and repairs
• Landscaping and grounds maintenance
• Amenities such as indoor and outdoor gathering and recreation areas, a pool, fitness center, or even an on-site hair salon, café, or library
• Scheduled educational and entertainment activities and special events
• Transportation via scheduled or on-demand shuttle
• 24/7 security, staffing, and emergency call buttons in each residence

Sometimes phone, cable TV, internet, and light housekeeping and laundry/linen service are also included or offered for an additional fee. Monthly fees for assisted living, memory care, and skilled nursing also include costs for relevant services such as personal care assistance, medication management, specialized programming, or ongoing medical care.

By making a detailed list of everything you’re paying now, you can compare current and projected costs fully and accurately. At Magnolia Manor, we make this easy with a calculator that allows you to see the cost breakdown for the specific campus and accommodations you’re considering.

Don’t Overlook the Tangible Savings

Senior living residents no longer have to pay for:

• Groceries, unless you plan to cook for yourself
• Home and yard maintenance and repairs
• Housekeeping and other in-home assistance
• Ever-increasing property taxes
• Auto upkeep, gas, and insurance
• Health club membership

Add up what you’re spending on all those things now, and you’ll be impressed at the total savings. That’s money that can go back into your budget to offset future costs or pay for retirement treats.

The Intangibles: No Cost, Big Benefits

Having a predictable monthly expense can be a significant stress-reliever, especially for seniors with limited resources. So can looking forward to days filled with fewer chores and more fun. But the most impressive things you’re paying for cannot be quantified in dollars and cents.

Moving to senior living is more than acquiring a new address. With the right choice, it can provide all the benefits of a true community. Introvert or extrovert, we humans are social by nature. That’s why it’s impossible to understate the value of social connections, mental and spiritual engagement, and other intangibles that transform daily living into overall wellbeing. For example, communal dining makes it easy to make new friends and identify those with similar interests.

At Magnolia Manor, we believe that’s the basis of carefree senior living.

What If Your Money Runs Out?

This is a serious concern for many seniors, one that we address in the most loving way here at Magnolia Manor. As a faith-based, non-profit organization, our League of the Good Samaritan raises funds specifically to ensure that no resident will have to leave simply because they can no longer afford the full cost.

If you have questions about costs at one of our eight Magnolia Manor campuses, please don’t hesitate to call us at 1-855-540-LIFE . We have answers, and we’re always happy to schedule a tour so you can see for yourself everything you or your family will be paying for.