Moving into a senior living community has various benefits for older persons, ranging from increased socialization and ease of living to improved safety. They can also live a happy and independent life in these residences.- Cost of Senior Living
For all these perks, if your parents and grandparents want to move to a retirement home, it is still essential to conduct some research to get an idea of the cost of senior living communities beforehand.
There are several retirement communities in Canada, each offering varying care options, levels of support, quality of amenities and infrastructure, etc., at different costs. When deciding on an alternate living arrangement for older adults, choose one that suits your budget while providing the level of services that your loved one requires.
Seasons Retirement is a reputed retirement community in Canada that provides quality care to their residents in a serene, lively, and beautiful environment at affordable rates. You can find more information on the cost of retirement homes here.
This article will discuss the cost of senior living while giving a breakdown of the details that make up the overall cost of living in retirement residences.
Categories of the cost of senior living
The cost of senior living can be grouped under two main categories: service expenses and rent payments. The former refers to payments made for the various types of assistance rendered by the retirement home staff.
Meanwhile, the latter refers to the sum of money paid for the accommodation units occupied by the resident.
Factors affecting the cost of senior living
Like it is in real estate, retirement communities in highly populated urban areas tend to attract higher price tags. For instance, Ottawa, Toronto, and other metropolitan areas have some of the most pricey retirement living accommodations.
The rent paid at a retirement home depends on the quality of facilities and amenities available at the place.
For instance, the cost of senior living communities will increase significantly when residence features top-notch resources such as state-of-the-art spas and gyms, beautiful gardens and pools, quality hospitals and sports centers, and exquisitely decorated and furnished living areas.
Some adult living communities allow rooms and apartments to be shared by two or more residents. When this is the case, you can expect a reduced cost of senior living. For instance, double-resident apartments will demand a lower rent than single-resident rooms.
It is worth noting that most retirement communities prefer to keep the prices of their apartments confidential, so you may have to visit their premises to get a lowdown on their cost of living.
Different care options are offered at retirement living communities like Seasons Retirement to cater to the needs of individual residents, and these options include:
This category is for older adults who can live independently and carry out all of their daily activities without assistance but wish to enjoy some of the benefits of living in a retirement community.
In most cases, residents are allowed to opt for the specific services they may require help with. For instance, they can choose to handle their cooking but pay for laundry services.
Residents in this living arrangement may only be required to pay for their accommodation rent. After that, they can select other services they need and bear the cost. So, the more services they opt for, the more they have to pay.
This living arrangement is for older adults who can carry out some of their daily activities independently but require regular assistance with most chores like housekeeping, laundry, cooking, etc.
Typically, assisted living homes offer several care packages with varying services for their residents, depending on their level of need. More services in a care package attract a higher cost of senior living.
Continuing Care Retirement Communities (CCRC)
This living arrangement features several care options within the same premises, so residents don’t have to move to another retirement home if they require a different level of care. Older persons can receive adequate support from this residence for as long as they are in the place.
This senior living community often demands lengthy contracts of several years, unlike other categories where the rent can be renewed monthly.
Like assisted living, CCRC provides care options with different services and prices. For instance, older adults who require specialized medical aid will pay a higher cost of senior living.
Some services and activities commonly offered in retirement homes include the following:
- Social events
Retirement communities try to create memorable experiences for their residents through organizing fun and exciting cultural, social and educational activities.
These may include book club meetings, language classes, mastering or taking up a new skill, art classes and shows, gardening, learning to play musical instruments, aquatic sports and lots more – all of which help older adults stay healthy and active.
- Emergency assistance
Many retirement homes have staff on standby to respond to medical emergencies like falls and domestic accidents with the necessary first aid treatment. This provides older adults with expedited aid in such circumstances to prevent complications.
Some retirement homes make provisions for chauffeurs to take residents for appointments, such as visits to the doctor or trips to attend social events.
Caregivers clean older adults’ rooms and take care of their laundry either on a scheduled or an “as needed” basis.
Retirement homes provide regular meals for their residents. The number of meals provided and the variety of dishes served differs from one retirement community to another. Upscale and exquisite cuisine attracts a higher senior living cost.
- Health and wellness
Retirement homes typically feature spas, gyms, and clinics to help residents stay healthy and fit. Some communities organize group exercise classes to encourage older adults to live a fun and active lifestyle.
If you are unsure about senior living cost, this article should give you an idea of the amount to be spent in a retirement home. Here, we have a lowdown on how the entire cost of alternative living arrangements for older adults is estimated.
Are you planning to move your parents and grandparents to a retirement community like Seasons Retirement? Make sure to communicate with your older loved ones to know their thoughts on relocating to an alternative living arrangement for older persons.