Comparing Costs of Senior Care Options
Assessing, preparing for and financing the costs of senior care is not always easy. Even when you have a firm grasp on pricing models and the costs you might expect, you still need to actually choose a community.
That is why we compiled insights to help you compare different senior living communities — so that you can feel confident you made the right decision for the long term.
1. Compare Experiences, Not Just Price Tags
When searching for senior living, it’s easy to focus on pricing—but it’s just as important to pay attention to customer service. Notice how attentive the staff is to your search, whether in person or remotely. When you take a virtual tour or visit a community in person, observe how the tour guide interacts with you before, during and after the visit. How are you greeted when you call on the phone?
During your tour—virtual or in person—take note of how the property looks and how both staff and residents present themselves. Don’t hesitate to ask for a better view or a 360° perspective during a virtual tour to get a more complete picture.
Comparing price should come after comparing value. After all, a higher-priced community may have a higher value to you than one that costs a little less.
2. What is Included in the Price?
Make sure you fully understand what is included in the cost of senior living communities so that you can compare apples to apples in your senior living search.
Ask these questions:
- What pricing model do they use to set the cost of senior living?
- If the community uses all-inclusive pricing, is there a limit to that all-inclusiveness, such as if you need extensive care on a daily basis?
- Are there exceptions to it?
- What is involved with each level of care?
- How are care needs and levels of care determined? Is there an assessment process?
- Who does the assessment? How often do assessments occur?
- What happens if you or your parent needs more care?
- Will I ever have to pay more for more care and how much will it cost?
- To what level does that care go?
- What is the highest level of care available?
- What happens if my care needs exceed what can be provided?
The basic point is, do not take prices at face value. Dig deeper.
For example: If the top care level at one assisted living provider costs $100 a day and another costs $80 a day, what are the two providers doing differently? Care can be vastly different between Assisted Living providers. If the $80-a-day community provides a lower level of care, it may actually end up being more expensive as you add on more services.
3. Evaluate Short- & Long-Term Senior Care Solutions
When comparing costs, it is important to think about future possibilities. Have an honest conversation with the senior living provider. Be realistic about your financial situation. It may have to be a bit of a balancing act.
Sometimes the right solution is a short-term solution, or a hybrid solution. Perhaps you can only afford a certain community for a few years. If you plan for that, the transition can be much more palatable. Just be sure to work with the community to get a good alternative lined up months before you move out to avoid any crisis management.
Another alternative would be to consider a few years of home care first, then look at moving to a senior living community. Consider creative solutions that will extend your assets and give you flexibility.