New York City is home to over a million older adults, who comprise 13% of the city's population.
As with many older adults around the country, there comes a time when you must consider what's best for your loved one in New York. Assisted living has many benefits, but the overall goal is to help seniors enjoy their golden years as much as possible.
If you're thinking about assisted living for a loved one, you may be wondering how much it's going to cost. In today's post, we'll look at retirement home costs to help you budget for your loved one's future.
So much goes into senior living costs, from location and rooms to the amenities on offer. Keep reading and we'll lay it all out for you so you can make the right decision for your loved one and the rest of your family.
Before you can start looking at the more specific factors affecting assisted living costs, you need to think about the different types of assisted living. This overarching decision is based on the type of care that your loved one needs, but it also plays the biggest role in how much you'll be paying.
There are 3 main types of senior care - retirement homes, assisted living, and assisted living with memory care.
Retirement homes, or "independent living communities" are best suited for healthy seniors who want to enjoy a simpler lifestyle alongside people their age. They'll have their own rooms, access to in-house dining, as well as community-specific amenities.
The goal of a retirement home is to provide residents with a life of leisure. It functions as a sort of dormitory, but residents are able to live independently, coming and going from the community as they please.
An assisted living community is meant for seniors who are dealing with age-related health issues. The community is staffed with qualified and compassionate professionals who help residents with their unique needs, such as dressing, bathing, cleaning, and taking medication.
Residents have access to similar features to retirement homes. They'll enjoy various amenities, daily activities, and dining, among other things.
If your loved one is one of the 7 million Americans suffering from Alzheimer's, then they'll benefit from memory care. This specialized form of assisted living gives residents access to specially trained staff who can help them navigate their complex and evolving symptoms.
The community itself is also geared towards dealing with memory issues. There are programs and therapy available to help residents with their unique needs, in addition to all of the services that assisted living provides.
Which type of the above senior care options you end up choosing will be a major factor in how much it'll cost. Because of the more intensive nature of assisted living and, even more so, memory care, these services are more expensive than a standard retirement home.
That's just the beginning, however. Here are a few more factors that will affect senior care pricing.
Senior care prices differ greatly depending on the state and municipality you're in. You can often determine the relative cost of senior care by looking at real estate prices.
Communities that are situated in upscale neighborhoods are more likely to have higher costs. Those that are located in smaller communities with more affordable real estate are more likely to be cheaper.
The grounds that the community is on factors in as well. If the community is surrounded by beautiful scenery or local amenities, that'll factor into the cost for residents.
One of the things you'll have control over when you're searching for a retirement care community is the room size. Most good communities will offer a few different options to accommodate the needs and budget of each resident.
Choosing a room that's smaller and has fewer in-suite amenities will allow you to save a bit of money. The Watermark at Brooklyn Heights offers studio, one-bedroom, and two-bedroom rooms for independent living and assisted living residents. We also offer studio apartments for memory care residents.
The amenities that the community has invested in will play a major role in how much residents pay. Every community offers something a bit different and amenities are often a big deciding factor in what community your loved one chooses.
Some communities offer outdoor amenities, such as walking paths and gardens. Others offer things like entertainment and fitness rooms to help residents prioritize their health. A community that offers a bit of everything will cost residents more.
The activity and event calendar is an important part of daily living for assisted living residents. They should include things that account for residents' physical, mental, and emotional health. They should also boost socialization among residents to decrease feelings of isolation.
When a community goes above and beyond with its event programming, it'll benefit all residents. Depending on what these events include, however, it could increase the community's spending, which will result in higher fees.
Nutrition is another essential component of senior health. Great senior living communities should have in-house dining that offers nutritious and delicious meals for residents.
Some communities allow residents to opt in or out of the in-house dining program. If your loved one is capable of cooking for themselves, you could lower costs by opting out of in-house dining. We offer a flexible spending program that makes it simpler to budget for meals.
Budgeting for retirement home costs can be overwhelming. Now that you know what areas of assisted living cost the most money, you can make decisions to choose services that fit your budget.
Getting your loved one the care that they need should be the number one priority. The Watermark at Brooklyn Heights makes it easy to find the right type of senior care for an affordable price.
We offer independent living, assisted living, and memory care options in a convenient and affordable setting. Contact us today to set up a tour of our community and learn more about our features and pricing.