Assisted Living Costs Vs. Staying In The Home Costs

Assisted Living Costs Vs. Staying In The Home Costs

So you’re considering a move to assisted living and you’re wondering about the financial implications.  Let’s compare the costs of each option:

Staying In The Home:

  • Rent or mortgage and property taxes
  • Utilities (gas, electric, phone, cable, internet, etc.)
  • Yard maintenance (mowing, plowing, fertilizing, tree trimming, etc.)
  • Garbage removal, water
  • Home maintenance (roof, siding, interior and exterior painting, furnace, air conditioning unit, hot water tank, etc.)
  • Insurance
  • Groceries and meal preparation
  • Personal care supplies
  • Housekeeping and laundry expenses
  • Entertainment expenses
  • Hours of in-home care needed X caregiver hourly rate
  • Transportation costs (car payment, gas, insurance, tires, maintenance, Uber, Lyft, etc.)
  • Home Owner Association fees

Some of these costs may not apply (mortgage and car are paid in full, no HOA fees, etc.) but this list should give you a pretty good idea of what your monthly costs are.

Assisted Living:

  • Rent
  • Personal care supplies
  • Additional fees for the necessary level of care
  • Entertainment expenses above and beyond the entertainment options offered by the community.
  • Cable TV and internet costs might not be included in the rent - each community handles these items differently
  • Transportation costs (most communities include the cost of necessary transportation in the rent, but you might want to visit friends, attend an off-campus concert, etc.)

Again, every situation is different but these lists should help you get a clearer financial picture of these two living options.

Next week I’ll take a look at some of the other factors that should be considered when making a comparison of staying in your home or transitioning to an assisted living community.

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