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Weighing the Costs of Assisted Living vs. Independent Living

Weighing the Costs of Assisted Living vs. Independent Living

These days, seniors have many different living options to choose from, compared to the conventional “one size fits all” approach of nursing homes. Senior living communities typically offer varying levels of care. Residents can choose the level of care and living arrangements appropriate for their medical needs as well as their physical and cognitive capabilities. Two affordable options for mostly independent seniors are assisted living and independent living.

Understanding the Entrance Fee

Independent and assisted living options each have their own fee structure, which is unique to the particular retirement community. Incoming residents can usually expect an entrance fee, which is a one-time charge payable upon moving into the community. Entrance fees are typically higher for independent living cottages compared to assisted living suites, as independent living residents will have their own separate house. The entrance fee will be higher for residents who choose larger homes, compared to those who choose smaller homes.

Comparing Monthly Costs

In addition to the entrance fee, residents can expect to pay monthly fees. The monthly fee for an independent living cottage is usually lower compared to the fee for an assisted living suite, since independent seniors need fewer services. Residents may choose to add on services or amenities at an additional monthly cost. For example, assisted living residents can choose to pay a higher monthly fee if they want an extra bedroom.

Paying for Senior Living

Don’t let the costs of senior living communities scare you away from moving to a safe, secure home with plenty of fun activities and new friends. Retirement communities typically accept private insurance, Medicare, Medicaid, and VA benefits. Getting the care you need and the fellowship you crave can be more affordable than you might think.

Franklin United Methodist Community is a dynamic retirement community that is pleased to offer a range of care options to suit every resident’s needs, including independent and assisted living, memory care, respite care, and hospice care. You can call their office in Franklin, Indiana, at (317) 736-7185 to find out more.

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