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Comparing the Cost of Living at Home with the Cost of Living in Assisted Living Facilities

July 21, 2017 in: Comparing the Cost of Living at Home with the Cost of Living in Assisted Living Facilities,

When people compare living at home to living at assisted living centers, one major question arises in almost everyone’s mind; which option is more cost effective?

To give you an idea about the cost comparison of both options, here are some important elements to note down:

Cost for living at home:

Living at your own home comes with its own cost. Some of the expenses that will eat your finances are:

  1. At your personal home, you will have to pay for insurance, property maintenance and various taxes.
  2. There will be the cost of purchasing groceries and other utilities.
  3. You may have to get cleaning or landscaping services over the course of time.
  4. Sometimes the water heater will require repairs and other appliances will work up on you.
  5. There may arise some HVAC repairs, plumbing issues or various other problems which only be dealt by paying money to the technicians.
  6. Plus, if the house has any mortgage payment left, you will have to pay that as well.
  7. Additionally, you may require the services of a caregiver.

House modification costs will arise too!

As you age, you become fragile and prone to injuries. Some additions in your home will arise as a necessity for safety measures. These will result in onetime costs but nonetheless your finances will be affected by them. They may be as under:

  1. Installation of grab bar near the bath tub.
  2. Extensive costs like remodeling the bathing space, installing ramps or changing the doorknobs with handles.

Eventually a time will come when moving to a nursing place will become the best option for you. There you’ll find you will have to pay a cost of $3,000, $4,000, $5000, or as high as $6,000 per month.

Thus, by staying at home and keeping all the hassles and troubles of living individually in your pocket will not be financially viable for you.

Cost incurred at assisted living community:

Assisted living facilities usually have a monthly fee ranging from $2,000 to $6,000 depending on the location and services offered. There, you can at least be certain, that you will be receiving care, attentions and hospitality.

  1. There will initially be a onetime move-in fee which will be taken with your first month’s payment. It will be equivalent to one month’s rent.
  2. You will not have to pay for appliance repairs, and certain taxes.

Several other things that will be covered by your monthly fee typically include:

  • Three times meal
  • Entertainment and recreation
  • Library and newspapers
  • Barbershop and beauty salon
  • Transportation to doctor or departmental stores

Although, to find the actual cost you will have to visit local sales counselor, but generally, living at a normal assisted living center usually costs people around $4000 to $5,000 per month. You can compare that to your monthly expenses for assisting at home in your decision.

A suitable assisted living center is essential for best assisted life experience. To find more information about assisted living facilities, visit The Palazzo in Phoenix, AZ

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