When deciding on senior living for yourself or a loved one, it’s crucial to compare the costs of moving to a community with staying at home in order to make an informed decision. Many families assume that senior living costs more, but you’ll often spend additional funds on securing in-home care services or adapting your home to meet your needs. This blog weighs the costs you can expect for both living situations and provides a helpful cost comparison worksheet so you can get an accurate look at your options.
The cost of senior living versus staying at home
Although senior living isn’t cheap, aging in place at home can also be costly, depending on your care needs. Here’s what you can expect based on the 2023 Genworth Cost of Care Survey:
Average monthly costs:
- In-home care
o Homemaker services: $5,720. Help with household tasks that cannot be managed alone. o Home health aide services: $6,292. Hands-on personal care, but not medical care o Adult day services: $2,058. Social and support services in a community-based, protective setting.
- Senior living
o Assisted living: $5,350. Private, one-bedroom suite with attached private bath, including meals and activities. o Skilled nursing: Semi-private room: $8,669; Private room: $9,733. 24/7 medical care for a chronic condition or recovery from illness or surgery. o Independent living and memory care: costs vary greatly depending on your geographic location, services, care needs, and amenities. Take a short quiz: Is it the right time for senior living? >>
Use this cost comparison worksheet for a side-by-side assessment
As costs can differ based on several factors, it’s important to use a worksheet to compare the exact costs of your current living situation with the costs of your preferred senior living community. Remember to factor in the value of the peace of mind your family gains with the improved quality of life your loved one can expect in a senior living community.
Cost comparison worksheet
| MONTHLY EXPENSES | COSTS AT HOME | SENIOR LIVING COSTS |
| Mortgage/rent | ||
| Caregiving | N/A | |
| Property tax and insurance | N/A | |
| Home maintenance and repairs | included | |
| Lawn care and yard maintenance | included | |
| Housekeeping | included | |
| Utilities (electricity, gas, water, trash removal, etc.) | included | |
| 24-hour security | included | |
| Transportation (insurance, gas, registration, repairs) | included | |
| Dining | included | |
| Social activities and entertainment | included | |
| Exercise classes and wellness services | included | |
| 24-hour emergency alert system | included | |
| TOTAL ACTUAL COSTS |
Building a budget
Once you have a better idea of your expected costs, take time to build your budget. We advise breaking this process down into three steps:
- Step #1: Gather and organize financial documents, including bank account information, deeds and mortgage papers, insurance policies, monthly bills, Social Security payment information, and stock and bond certificates.
- Step #2: Create a financial plan that lists your wishes, needs, and goals for your future care. Discuss how bills, benefit claims, and investment decisions will be handled.
- Step #3: Consider consulting a financial advisor or estate planning attorney specializing in senior care planning.
You can also draft a list of your funding sources and the amount you have for each to serve as an overview of your budget. Get 3 tips for funding senior living >>
Feel at Home at Frontida Assisted Living
Frontida Assisted Living values transparency and trust in each of our Wisconsin communities, and our team is ready to answer your questions, offer support, and provide resources to help you make a confident and informed decision for your future care. Our compassionate team strives to create a sense of community and purpose for each resident through personalized programming, life-enriching activities, and special events. Learn how we care for our residents:
- Private suites, bedrooms, and companion rooms
- Fully accessible bathrooms
- Spacious living rooms and engaging indoor recreation areas
- Cozy fireplaces and open-plan seating in living spaces
- Beautifully maintained outdoor areas
- Delicious, home-cooked meals and snacks
- 24-hour personal care and supervision
- Comfortable spa and salon (in specific locations)
- Dedicated memory care communities
- Specialized behavioral health care communities
- Housekeeping and laundry services
- Individualized care plans
- Life Enrichment Coordinators to plan and schedule meaningful activities for all residents
- Nursing staff to oversee the health and wellness of each resident
We value honesty, trust, and open communication to build relationships with our residents and their loved ones. Together, we form a partnership to ensure your loved one lives a fulfilling life, feeling a sense of belonging and purpose. When you’re ready, contact any of our 11 Frontida assisted living and memory care communities to gather more information, or to set up a personalized tour. We’re here for you whenever you need us. We understand that transitioning into assisted care can be an emotional, stressful and often confusing journey. That’s why we’re dedicated to helping you and your family navigate the complex world of care. Download our free “Family Decision Toolkit” to learn more.
