What Is the Cost of Senior Living?
Senior living is an important decision for individuals and families alike, and one that can come with financial planning. With a wide range of options available and costs that vary from state to state, it’s important to understand the prices associated with senior living before making any decisions.
Types of Fees
Residents and their families can typically expect to pay two fees at a CCRC community: an entrance fee and a monthly fee.
The entrance fee is a one-time fee that is paid upfront when an older adult moves into a senior living community. The amount of the entrance fee varies based on the type of residence and the resident’s individual needs.
The entrance fee is typically non-refundable, but some communities may offer a refundable entrance fee option. The monthly fee, however, is usually non-refundable.
The monthly fee is a recurring fee paid each month to cover living costs in the community. The amount of the monthly fee also varies based on the type of residence and the senior’s individual needs.
Some communities may charge additional fees for meals, activities, transportation, and access to care. But at Concordia, all of these aspects of living are included in the monthly fee.
Covered Services & Amenities
While every community is different, most offer a variety of on-site services and amenities.
At Concordia, for example, our residents have unlimited access to:
- Elegant dining options with waited table service
- Weekly housekeeping and linen service
- Scheduled local transportation for easy access to shopping, healthcare appointments and social outings
- 24-hour security
- Utilities and fees (e.g. electric, gas, water)
- All maintenance of residences, grounds and appliances
- Activities Director to plan activities, events, programs and entertainment
- Convenient on-site beauty salon
- Health education, wellness programs and clinics
- Walking trails and exercise options including on-site exercise room and instructor-led classes
- On-site library, game room and creative arts room
When you consider these included services and amenities, senior living can be just as affordable as aging-in-place.
How Much Does Senior Living Cost?
The cost of senior living can vary significantly depending on the type of community and support the individual needs.
The average cost of independent living in the U.S. is between $1,500 – $10,000 per month. Independent living communities are generally the most affordable senior living option. This is because independent living residents don’t require any ongoing personal or medical care.
The average cost of assisted living in the U.S. is approximately $4,300 per month. Assisted living communities, like Concordia, are more expensive than independent living because they are designed to provide residents with higher levels of personal care. The cost of assisted living includes assistance with daily activities, such as bathing, medication management, mobility, and dressing.
The average cost of memory care in the U.S. is $6,935. Memory care communities, similar to Concordia, are designed to provide specialized care for individuals living with Alzheimer’s or dementia-related impairments. Memory care is the most expensive senior living option. This is because it provides specialized activities, therapy, and recreational programs designed to help improve the lifestyle of living with memory-related impairments. Additionally, memory care communities often provide more personalized care than other types of senior living communities.
Concordia’s Contract Options
Concordia is a Life Plan community, which means that residents have access to higher levels of care as they age. We offer three different types of contracts to choose from to give you more financial flexibility based on your personal needs as you prepare for the future ahead.
- The Life Care Plan: the Type A contract provides the greatest financial security and ensures you have access to care at below-market rate costs.
- The Modified Plan: this more cost-effective plan offers a lower entrance and monthly fee while still guaranteeing access to higher care for a reduced price.
- The Fee-For-Service Plan: this plan offers the most economical entry and monthly fee. This plan ensures that residents have access to our on-site supportive services at published market rates.
We discuss these pricing options for senior living in Oklahoma City in more detail here.
Factors That Can Impact Senior Living Pricing
The cost of senior living can vary based on several factors, including the type of residence and floor plan, the services offered, the location, and the resident’s own support needs.
The layout and size of the floor plan are two of the biggest factors that influence costs. Larger apartments typically cost more in a senior living community because they require more resources to maintain and operate. These resources include electricity, heat, water, and personnel costs for cleaning, maintenance and repairs.
Location can also have an impact on the cost of senior living. In general, residences located in urban areas tend to be more expensive than those located in rural areas. Additionally, some states may offer tax credits or other incentives for seniors who choose to live in certain areas.
Finally, the individual needs of the senior can also affect the cost of senior living. For example, seniors who require more assistance with daily activities or medical care will likely incur higher costs than those who do not.
Senior living can require some financial planning, but with proper research and support from family, older adults can find the right residence and the right plan to fit their individual needs. Our senior living cost calculator can help you find out what residential option may be best suited for you financially. Ultimately, the decision of where and how to live in retirement is a deeply personal one and one that should be carefully considered.
As you weigh your options, know that the Concordia team is here to answer your questions about pricing for our community as a whole. Feel free to contact us online or call us at 405-720-7200 for more information.
In the meantime, learn more about our community and upcoming events! We’d love to have you in attendance so you can get a better feel for our family-like community.