Senior Living Communities Are Cost-Effective Choices in a Challenging Economic Environment

How to Get Past the Myths about Senior Living

Classic Residence by Hyatt

Moving to a senior living community continues to be a smart and cost-effective choice—even in this challenging economic environment. Despite the current market, progressive retirement residences are rolling out more flexible pricing and move-in options, debunking major myths about senior living and educating older adults as to why now is an ideal time to move into a community.

Senior living communities have responded sensitively to what’s important to older adults, including, “Staying put is more affordable than moving”; “I don’t want my family to worry about me anymore”; “My costs are going up and I can’t predict how high”; and, “I am most independent in my own home.”

Dispelling the most prevalent myths, particularly about price and maintaining independence (see below), is a critical part of the education process and is central to helping older adults and their families understand the value that senior living communities provide, particularly in this economic climate.

• At innovative senior living communities, services, amenities and meals are included for a more predictable monthly fee than the unexpected costs of home ownership. Fees include light housekeeping; home, building and grounds maintenance; choice of meal plans, scheduled transportation, concierge assistance, professional community management, 24-hour staffing, and an emergency call system.

• Residents enjoy more predictability, unlike remaining at home, where costs could average as much as $5,000 monthly for routine expenses, and more for unexpected repairs or assessments. Add in the potential cost of care, and many people cannot afford to wait.

• A continuing care retirement community (CCRC), which provides a resident with a combination of housing, dining and certain healthcare services in return for a monthly fee and, in many cases, an entrance fee, may have entrance fee options that return a portion of a resident’s entry fee upon move out or re-sale, which can help with estate planning.

• Independence means being able to live life on one’s own terms, including making choices about care and costs before a situation arises. Most people prefer not to put the burden on their children or other family members, which requires planning.

• Social benefits include neighbors who share interests and lifestyle opportunities that include lifelong learning, social occasions, clubs and discussion groups, cultural and recreational opportunities, fitness and art classes, and other programs and events—all just steps away from your own apartment, which makes it easier to stay engaged.

• Residents are freed from home upkeep concerns so they can develop new friendships, pursue their talents and interests, and enjoy life to the fullest.

• For qualified residents, at recognized continuing care residences, contracts include access to assisted living, mild-to-moderate Alzheimer’s care, and basic skilled nursing care at the on-site care center.

• There is no way to predict the future of home values. Conservative estimates indicate very modest, if any, increases in the near future.

*Figures outlining the costs of staying at home versus moving to a senior living community are available upon request.

**Figures outlining the costs of care on an annual basis are available upon request.

Classic Residence by Hyatt

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