How Much Does Senior Living Cost?
While looking into the cost of senior living, it’s not uncommon to feel a sense of “sticker shock.” On the surface and without proper context and information, it can seem expensive. But what if it’s more reasonable and affordable than you think? Yes, we’ll discuss actual numbers, but there’s much more to consider. Let’s explore the costs of senior living together!
Are You a Good Financial Fit?
Take this 2 minute assessment, powered by MyLifeSite, to learn which Independent Living option is the best financial fit for you.
Will You Need Long-Term Care?
- 87% of adults 65 years or older want to stay in their current home as they age*
- 70% of those same adults will need some kind of assisted living or long-term care*
- 7 out of 10 people reading this will need long-term care though only about 1 in 10 want it*
Would you agree that something isn’t making sense with those numbers? It’s important to consider all senior living options and their associated costs before crisis hits and choices become limited. Let’s look next at what options are available.
*According to a 2014 AARP study
What Options Do You Have?
Continue living at home without help
Move in with a loved one
Have a loved one move in with you
Hire a live-in caregiver
Hire a part-time caregiver or home health care agency
Move to a senior living community
What Does It Cost to Live at Home?
Costs based on a fully paid $200k home in metro Milwaukee.
Home values don’t always increase or hold steady due to neighborhood, wear & tear and the real estate market
Your health is your biggest asset! Make your home work for you, not against you.
* Not including $1000/month for mortgage
* Not including $4500/month for a caregiver or home health care
* Not including $10-100k in health care related home renovations
What Does It Cost to Live at Luther Manor?
Prices listed are base prices, per person, per month
Get priority access to long-term care with payment of an Entrance Fee
How Can You Pay for Senior Living?
Make Your Money Last
When you pay the Entrance Fee. Luther Manor collects interest on the monies, but 90% of the Fee is refunded to you (or your estate) upon departure of your apartment and is used to pay for your long-term care.
You won’t need to spring for unexpected fixes on your home, like a broken water heater, nor will you worry about replacing your roof, homeowner taxes, property values, etc.
The wide hallways, elevators, and handrails, among other features, ensure you’re able to stay independent as long as possible, without you needing to make any capital expenditures.
Luther Manor’s continuum of care means your future long-term care needs will be take care of by the same people you’re already used to on our campus. You and your children won’t need to make a frantic search if a health emergency arises.
Don’t Just Take Our Word For It
At a glance, it can seem the cost of a senior living community is more expensive than living on your own or hiring in-home help. But is that really the case? Listen to a recent podcast featuring Luther Manor residents regarding their own financial experiences in the world of senior living.