Financial Planning for Senior Living: Understanding Costs and Care Options

Moving into a senior living community is a major life decision that requires careful consideration, especially when it comes to financial planning. Understanding the types of senior living communities, assessing the costs, and budgeting for the future are all essential to making an informed decision.

Senior living communities come with a range of services, amenities and costs. Identifying the type of community that best suits your needs is the first step in planning your finances for senior living.

Independent or Active Adult Communities: 

These communities provide a residential environment with many amenities and activities but tend to offer minimal medical care. Their costs are generally lower than other communities since they do not include healthcare services.

Assisted Living:

Assisted living facilities offer more extensive health care services, including assistance with daily activities, bathing or dressing. The cost may be higher than other communities due to the level of care provided. If residents require more care than the assisted living community can offer, they may need to hire additional assistance or relocate to a skilled nursing facility, which can further increase expenses.

Continuing Care Retirement Communities (CCRCs): 

CCRCs provide a full continuum of care, including independent living, assisted living and skilled nursing care, all within the same community. These communities may be more expensive than others, but offer considerably more health care services, amenities and life enrichment opportunities.

Assess the costs

If you added up the cost of all your monthly expenses, what would the total be?

Many seniors are surprised to find that when they add up all of their current expenses, they are already spending as much, if not more, than what the monthly fee at a senior living community would be. Living at home requires you to pay separate bills for most expenses, such as your mortgage, utilities, home maintenance and other services. You also have to budget for groceries, health care, entertainment and travel expenses.

Imagine how much easier managing your finances would be if your expenses were bundled into a single monthly payment. That is exactly the kind of structure senior living communities can provide.

At communities like Hoosier Village, your monthly fee covers all essentials, including rent, utilities, maintenance, housekeeping and more. But the value goes beyond just the basics—this fee also includes a wide range of life-enriching activities, from educational workshops and happy hours to musical performances and excursions. Plus, residents enjoy access to many on-site amenities like the fitness center, swimming pool, golf, walking trail, and more. With a variety of apartments and villas available, there’s a home to suit every preference. 

Prior to becoming a resident of Hoosier Village, you will have the opportunity to select a residency agreement with the financial plan that best suits your situation and preferences.