This economic environment makes us even more mindful of the cost of living and our monthly expenses. When you or your parents begin to need additional care, it is tempting to try to save costs by doing the care yourself or hiring services to come into your parents’ home to provide the care. The current conventional wisdom seems to be that it is less expensive to stay at home for as long as possible than it is to move to a Retirement or Assisted Living Community. But, conventional wisdom like that could deplete your emotional AND financial resources faster than you can say, “Curse you, Wall Street!”
It is more prudent to determine the REAL cost of being cared for at home and compare those costs to moving into a Retirement or Assisted Living Community. The first step is to make an objective assessment of the real costs of living at home. Make a list of ALL of your or your parents’ monthly expenses and calculate the total cost. Some expenses are listed below. You may need to add or subtract others based on your personal situation:
• MORTGAGE/RENT
• ELECTRIC
• GAS
• TELEPHONE/CABLE
• WATER/SEWER
• TRASH/RECYCLING
• MEALS/GROCERIES
• MAINTENANCE/REPAIRS
• LAUNDRY
• AUTOMOTIVE UPKEEP and REPAIRS
• IN-HOME SERVICES (NURSE AIDES, COMPANIONS, OTHER)
• TAXES and/or INSURANCE PREMIUMS
When you add up the total you may be very surprised. On average, actual monthly expenses can range from $3,000 to $5,000! If you compare that amount to the rental expense in a Retirement or Assisted Living Community (especially a Retirement Unlimited, Inc. community that includes utilities, telephone, cable TV, maintenance, laundry, housekeeping, scheduled transportation and meals in the monthly rent), you may find that the difference between staying home and living in a community is much less than you think. Combine this difference with the added benefits of increased socialization and amenities that many Communities provide, and you or your parents could very well flourish in this environment more than at home!
So, I ask you again, Is Staying At Home REALLY Less Expensive Than Retirement/Assisted Living?