Senior Living or Staying at Home: Which Is More Affordable?

Despite understanding and accepting the human life cycle, you can’t help but feel emotional seeing your parents age. Over time, you’ll see the changes in their cognition, mobility, and function. As time goes by, their health will slowly deteriorate. What used to be easy for them has now become a struggle. Luckily, affordable senior living in Highland Park can ease all your worries. You’re sure to find a place for your loved ones with various housing and care options.    

Family members often dismiss the idea of senior living because it’s an added expense. They don’t realize that remaining at home also comes with costs, which may already be familiar to you, such as medications, insurance, taxes, etc. If money is an issue, you should consider pricing out the costs.  

Comparing the Cost of Staying at Home Versus Moving to Senior Living

What Is a Senior Living Community?  

A senior living community is an umbrella term that describes various care and housing options for the elderly. The level of care will depend on the senior's needs, lifestyle, and budget.  

Residents of senior living communities enjoy many perks, such as forming new friendships, engaging in leisurely activities, learning and discovering new hobbies, taking advantage of nutritious and tasty foods, and fully enjoying the place's amenities.    

It is disheartening that many family members are incognizant of what goes on inside these communities. One of the major misconceptions is they’ are only exclusive to the affluent.    

If your opinions are based on stereotypes and not on facts, you’ll miss out on a great opportunity for your aging parents to enjoy their lives in a place that offers safety, tranquility, socialization, and much more. Older adults living in these communities say they thrive better compared to when they’re at home.  

Is Staying at Home Costly?

After weighing the pros and cons, ultimately, the decision lies in the cost. How much will it cost to live in a senior living community? And let’s say you could afford it, are your parents interested in the activities and amenities being offered? Because if the offers don’t meet their expectations and needs, then it’s not going to be worth it even if the price is right.  

One mistake families make is thinking that living at home is free since the mortgage was paid off years ago. Don’t forget that food, transportation, utilities, insurance, taxes, electricity, grocery, repairs, and maintenance still need to be considered.  

According to financial experts, aging at home can be costly. In fact, it can cost the family twice as much compared to senior living communities, especially if your parents need medical assistance.  

Will There Be Hidden Costs?

Don’t compare the mortgage to the cost of a senior living community because if you do the math, it will probably show that you’ll pay less with a mortgage. However, the mortgage doesn’t include living expenses, in-home care, and ongoing home maintenance. These expenses may not seem much upfront, but eventually, they’ll add up.  

For a fair comparison, start by checking for hidden costs. If you want to keep your parents at home because it’s less expensive, you may want to ask the following questions first:

1. Is there a high chance the home will need major repairs in the next ten years?

2. Will your parents still be able to socialize and join activities if they can no longer drive?

3. How much does entertainment cost to keep your parents happy?  

4. Were there home modifications I wouldn’t have to pay for had I brought my parents to a senior living community?  

5. Is the home they are living in safe?  

6. How much is the cost of installing safety features in their home?  

7. Does the budget include in-home care?  

8. If your parents require in-home care, is it covered by their insurance policy?  

Will a Senior Living Community Save My Family Money?

The cost of senior living in communities varies depending on the amenities the place offers, the type of housing provided, the geographical location, monthly fees, and other miscellaneous fees for utilities, housing, etc. Typically, the more services and amenities offered, the higher the cost. If it’s in an upscale neighborhood, the price may hike up.  

What If I’m Unsure and Can’t Decide?

First of all, there is such a thing as affordable senior living. Although it’s not free, it’s important to emphasize that it can be affordable, and the services are customized based on your parents’ unique needs. These communities know affordability is a concern for most families, which is why their pricing is justifiable. Some families prefer to consult with professional financial planners for assistance. You can also use an inaction calculator tool to see how much is spent daily at home and compare it with the costs of senior living communities.  

Is There a Program for Low-Income Seniors?

If your parents belong to the low-income bracket, they may qualify for the Illinois Supportive Living Program administered by the Illinois Department of Healthcare and Family. This program aims to provide services that Medicaid does not cover.  

You’ll need to submit a waiver form to the Medicaid program to know if your loved ones qualify. Once approved, the Illinois Supportive Living Program will cover the costs of your parents’ needs apart from room and board.

Who Is Qualified for The Program?

To apply, the resident must be 65 years old and above or between 22 and 64 without physical disabilities. They must also have an income of more than the SSI of $750/month. The program also requires the resident not to have cognitive or behavioral disabilities to qualify.  

Looking for Affordable Senior Living in Highland Park?

We know that choosing a community for your loved ones can be overwhelmingly stressful. If you don’t know where to begin, we can guide you.  

At Senior Living Experts, we offer our consultation completely free of charge. We specialize in advising and assisting our clients in making the best possible decision for their loved ones. We don’t want you to worry about the potential financial burden of senior living, which is why we do everything we can to find affordable options for you and your family.  

Our expert advisers will sit with you to discuss your parents’ needs, wants, and budget to ensure we find the best place for them. Contact us today to get started.