When our parents reach a point in their elder years where they can no longer live alone, it comes time to consider moving them to a retirement community where they can receive more streamlined care. However, this transition can be a significant concern for many when figuring out how much living in a retirement home will cost.
Several cost parameters may differ depending on the type of care home you require, the amenities and services provided, the type of apartments available and the province and location. Check out the following article link to learn more.
Below, we’ll go over these factors in more detail to give you a better idea of what to expect depending on the care you seek for your older loved one, so keep reading to learn more!
Type of care
There are several types of retirement communities to choose from, all of which provide different levels of care. These include Independent Living, Assisted Living, nursing home care and memory care homes.
Independent living is the most inexpensive type of retirement home available, as these communities are set up for older adults who can still get through their daily lives with little to no assistance.
In contrast, the most expensive retirement homes will be nursing or memory care centres, requiring round-the-clock supervision and medical assistance. In other words, the more hands-on care your older loved one needs, the more it will cost.
Location
Another essential factor to consider is the locations of the homes you’re considering. The cost of residence can be impacted by province, region and municipality.
For instance, living in a large city may cause the cost of a retirement home to spike, while a country home in a small town may be more affordable.
In this case, the difference in cost primarily comes down to the real estate market in your area and whether a particular home is in higher demand than others.
Amenities
When you look at the monthly cost of a retirement home, these numbers usually include more than the cost of living in one of the apartments. They also have different levels of service offered to residents, like cleaning, meal preparation and other amenities.
Different retirement homes will offer different amenities; generally, the more amenities provided, the more expensive it will be to live there.
For instance, some retirement homes offer private balconies, gourmet meal options, fine dining, state-of-the-art fitness centres, pools and hot tubs and other high-end provisions.
However, lower-cost retirement homes will generally limit their amenities to community recreational centres, internet and TV connections, primary fitness centres and an events calendar offering some of the abovementioned entertainment options.
In this case, compile a list of amenities you consider essentials and amenities you can reasonably do without to determine what is worth paying for.
Floor plans
Another factor that can affect the cost of a retirement home is the floor plan of your potential residence.
Older adults moving into Independent Living will generally have more options in this area and are usually given the choice of a studio, 1-bedroom or 2-bedroom apartment.
If they wish to prepare their meals rather than have them provided by the on-site staff, their apartment will also include a full kitchen, increasing the cost. Furthermore, if you wish to have a storage unit or a balcony available for your personal use, this will again increase the price.
Services provided
As touched on above, the level of care your older loved one requires will affect the services they receive.
Independent Living centres usually offer basic housekeeping, apartment maintenance, meal preparation options and 24/7 emergency response services.
However, older adults who require more hands-on accommodation with day-to-day tasks will be provided more help, such as hygiene assistance, laundry, medication administration, regular supervision, full meal preparation and on-site medical services.
If your older loved one is moving to a home due to issues with mobility, cognitive function, or another ailment that poses a risk to their well-being if left unattended, expect the cost to increase significantly from what is offered in an Independent Living home.
Costs by province
Finally, one of the most significant considerations when looking at the cost of a retirement home is which province you or your loved one live in.
As mentioned above, the price of real estate in a city vs a small town can vary drastically, often with higher city prices. However, this factor is further impacted by the cost of living in each province.
Currently, Ontario, British Columbia and Alberta rank as the most expensive provinces to retire in, while Quebec, the Prairies and the Atlantic provinces have some of the lowest prices.
If you already live in one of the more inexpensive provinces, you may be well ahead in searching for retirement homes in your area, which may lower not only the cost of residence but also the cost of moving across multiple provinces.
Further, if your loved one hopes to stay close to friends and family, it’s essential to consider how convenient it would be for them to remain in their current province or move elsewhere.
Conclusion – common retirement living cost factors
Many factors affect the cost of moving to a retirement community, from the apartment floor plan to the location to the level of care and service provided to residents.
Considering these factors is essential when deciding what you require regarding care and service versus what you can afford.
If there are certain comforts you can’t do without, consider the cost of amenities when making your final decision. By being as thorough as possible with your needs and financial situation, we’re certain you’ll find the right home for your needs and circumstances!
