Moving to a senior living facility is a great way to engage in a supportive and caring community. Many seniors look forward to the luxurious amenities offered in senior living communities. However, you may wonder what price tag comes with those amenities. Learn more about the average cost of a senior living facility and how it can fit into your retirement plan.
What are my options for senior living?
There are several different options for seniors approaching the next chapter of their lives. One possibility is to continue living at home with in-home care plans. This plan is excellent for seniors who are still very independent and comfortable in their homes. However, this option also requires significantly more help from family and friends, which may not be available to all seniors. Additionally, the cost of in-home care can add up quickly depending on what kind of care and accommodations are needed.
Independent senior living facilities are another great option for seniors. These communities are designed specifically for seniors who want to live independently without the labor of daily chores and other maintenance that being a homeowner requires. For example, The Woodlands includes amenities like chef-prepared meals, cable television, libraries, multipurpose and game rooms, and much more. Independent living facilities offer luxury amenities and great communities for affordable prices.
Another option for seniors is assisted living facilities. These facilities are excellent for seniors who require more assistance, such as support bathing and getting dressed. Like independent living communities, they also include various social and recreational activities.
How can I pay for senior living facilities?
You have many options for paying for senior living facilities depending on what care you choose. There are many Medicaid programs and waivers available for elderly or disabled individuals with limited income and resources. In New York, two Medicaid programs assist seniors in paying for assisted living and home care. These programs are the Managed Long Term Care Program and the Assisted Living Program.
Seniors can also pay for living facilities by working part-time. In fact, over 42 million people over the age of 55 will work part-time by 2026. However, there are many things to think about when considering taking a part-time job. We recommend learning more about how working part-time affects your retirement to decide if that’s the best option for you.
Is The Woodlands community right for you?
The Woodlands is an Independent Senior Housing community where the quality, convenience, and comfort of a caring community empower you to live your best life. We offer several affordable services designed for your enjoyment and community-building. You can also customize your Woodlands experience with our additional a la carte amenities. Contact us today with any questions or to request more information about if The Woodlands is affordable for you.