{"id":2289,"date":"2019-03-25T07:00:13","date_gmt":"2019-03-25T12:00:13","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=2289"},"modified":"2019-03-25T14:21:35","modified_gmt":"2019-03-25T19:21:35","slug":"understanding-the-costs-of-senior-living-communities","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2019\/03\/understanding-the-costs-of-senior-living-communities\/","title":{"rendered":"Understanding the Costs of Senior Living"},"content":{"rendered":"

Understanding the Costs of Senior Living<\/h1>\n

Last Updated:<\/strong> March 25, 2019<\/p>\n

If you, a parent or senior loved one is contemplating a move to a senior living community, affordability factors heavily into the decision-making process. Communities can estimate the overall costs of specific living arrangements by using factors like a senior\u2019s age, assets and monthly payments from Social Security, pensions and more.\"Understanding<\/p>\n

Learn more about the costs of senior living so that you and your family will be prepared when the time comes to begin your search.<\/p>\n

The Top 3 Types of Senior Living Costs<\/h2>\n

There are three main costs of senior living that your family should be aware of:<\/p>\n

1. Entrance fee versus month-to-month costs.<\/h3>\n

There are a number of senior living options available to older adults, from independent living to skilled nursing. With a wide range of community styles and health care offerings, comes a wide range of payment structures.<\/p>\n

Some communities offer a month-to-month residence and service agreement, which means you could rent an apartment and receive amenities for a monthly fee. These agreements are common among communities that offer higher levels of care such as assisted living or memory care.<\/p>\n

Continuing care retirement communities<\/span><\/a><\/strong>, which offer multiple levels of care all on one campus, tend to use an entrance fee-based payment structure. The initial entrance fee is akin to a down payment and must be paid in full before you enter the community. Residents who pay an entrance fee then typically encounter smaller monthly fees than residents who choose the month-to-month option.<\/p>\n

Entrance fees<\/span><\/a><\/strong> are largely based on the type of apartment that\u2019s selected \u2014 smaller units carry less of an entrance fee than larger ones \u2014 as well as other factors, such as property views and meal plan options. The fees can vary from the price of a mid-size car to $1 million-plus.<\/p>\n

There are usually two types of entrance fees:<\/p>\n