In our experience as estate planning attorneys, we can tell you that senior citizens often live on a limited income after retirement, which dictates how and where they live. Oftentimes it might be in a senior’s best interest to live in a senior living facility, however, many seniors feel they are unable to afford it. What many seniors and their families may not realize is that the cost of senior living could actually be lower than remaining at home, in some cases.
ADD THE COSTS OF REMAINING AT HOME
What many families with senior citizens in their care fail to do prior to writing off senior living due to the high costs is add up the costs of having their loved one remain at home. Once a figure is reached, it can be compared with the cost of senior living to determine which is more costly. Here are some costs to take into consideration:
CAREGIVER COSTS
For families with senior citizens, the amount that caregivers spend in order to ensure their loved one is properly cared for can add up quickly. A survey conducted by AARP revealed that as many as three-quarters of families caring for senior citizens spend approximately $7,000 a year in out-of-pocket expenses. These expenses include things like costs for in-home aide services, medical, dental, vision, and even personal care items and household expenses. By choosing for the senior loved one to move to a senior living facility, caregivers can save substantial amounts of money each year, which could be spent in a more favorable manner.
OTHER SENIOR EXPENSES
There are various other expenses that many families with senior relatives fail to consider. Transportation is a major expense. If a senior citizen still drives, then there is the cost to maintain the vehicle and possibly even a car payment. Then there is gas, vehicle repair, insurance, and registration, just to name some of the expenses related to transportation.
Not all senior citizens drive, so for the seniors who don’t, transporting them to and from the various destinations that they need to go to can be not only taxing but also time-consuming. Seniors often need to go to doctor’s appointments, the grocery store, pharmacies, and possibly to community activities.
Additionally, families with senior family members need to consider the costs of outside care. The cost of having an aide come into the home when the family members aren’t able to provide care can be substantial. Just having caregiver services daily for eight hours, could add up to nearly two hundred dollars a day. For senior citizens in need of around-the-clock care, the costs will just about triple.
If after adding up all the expenses of having a senior remain at home a family member realizes that it is costlier than they originally believed, comparing it to the cost of senior living facilities might be a good idea. Costs of senior living facilities will vary, depending on the facility as well as its location.
When searching for the perfect facility that fits the senior’s budget, family members may need to shop around. It is also important to consider the possibility of a loved one having a roommate, which could cut costs in half. Another way to possibly lower the cost of a senior living facility is to inquire about paying for only the services that their relative might need. For instance, if a senior citizen doesn’t need housekeeping services, then it might be possible to find a facility that will subtract that cost from the monthly charge.
Our estate planning attorneys in Corona do our best to keep the public informed about issues that relate to the senior citizens in our community. If you have a topic relating to the elderly that you would like us to discuss in our blog, contact us!