Financial Benefits of Senior Retirement Communities

Senior retirement communities often come with a big price tag. Many seniors may wonder whether it makes more financial sense to continue to live independently instead of entering a full-service community. Depending on the amenities offered for the price, the senior retirement community may actually be cheaper. The key is to determine if you truly need these amenities and would spend money on them if you were living at home; only then can you compare the relative costs.

Maintenance

The maintenance of your home can become extremely burdensome as you age. You may currently maintain your home and yard yourself. If you can no longer do this, how much would it cost for you to hire assistance? Typically, the cost to maintain an independent property will be higher than the cost to live in a maintained community. In the community, costs are split between residents. The main exceptions are golf communities or ocean view communities; in these cases, the maintenance fees may be excessive.

Utilities

Your utility payments are typically included in your rent when you live in a senior retirement community. In exchange for the huge, bulk plan your community purchases from each utility company, you usually receive a lower cost for your share of the services. Paying for cable and Internet at your own home will be a larger expense than paying for it in a retirement home. Even utilities like water, track, electric and gas will usually be cheaper in a smaller space.

Dining

The simple fact is you will not be able to continue to prepare meals for yourself as you age. Most seniors dine out or order food more regularly than they cook for themselves. If you would like to keep eating hot, prepared meals without the expense of a restaurant, a dining plan at a senior community can be a life saver. Compare the cost of the dining plan to your average grocery bill, restaurant bill and the hassle of preparing your own meals each day.

Medical Care

You will still need to pay for medical care separately in a retirement community. However, you may have access to medical services such as nurses, prescription medication delivery and other help. This beats going to the doctor or pharmacist every time you have an ailment. You should also consider the safety of living in a retirement community as you begin to age; this factor alone can be worth a tremendous cost to many individuals who are without others to care for them in their own homes. 

Insurance Savings

You may forget to think about the reduced cost of insurance if you live in a senior community. Your home owner's insurance will be eliminated. Your automobile insurance can decrease significantly if you rely on the community provided transit the majority of the time you travel. Many seniors even ditch their cars once they move into a facility with driving services. Finally, your medical insurance costs can also decrease significantly since there is a greater chance you will receive the treatment you need in the case of an emergency.

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