If you or a loved one is beginning to explore senior housing options, the number of choices can be overwhelming. The best choice will depend on budget, the level of care needed and the facility's distance to family and friends — as well as proximity to quality health care and desired cultural amenities. Here's a quick guide to help you decide what's right for your situation.
Most elderly people are able — and would prefer — to live in their own homes. The appeal of this option is understandable. Seniors remain in a familiar place and maintain some level of independence, although they may be aided by family members, in-home nursing care or a housekeeping service.
Staying at home can also be less expensive than other options. Aging in place tends to work best for seniors who are relatively mobile, have friends and family nearby, and are actively involved in their communities.
For active seniors, age-restricted or adult retirement communities are another popular choice. Typically, at least one person in each residence — which may be a house, apartment or condominium — has reached a certain age, such as 55 or older. The communities may offer exercise rooms, pools and other amenities. Most don't provide help with personal tasks or medical care. And costs usually rise as the number and quality of amenities increase.
Similar are independent living communities, which often go by names such as "retirement communities" or "senior housing." The residences usually don't have staircases but otherwise vary by size. The community usually handles maintenance and may also provide meals and transportation services. However, independent living communities generally don't help with personal tasks or provide health care.
Older seniors and those needing assistance may want to consider an assisted living residence. Typically, residents live in their own apartments or condominiums, yet they can access help with such tasks as bathing or dressing, if necessary. Some assisted living facilities may stop short of providing full-time help or medical care. Nursing homes or extended care facilities generally offer the highest level of assistance with daily tasks, as well as medical care. Often, a nurse or medical professional is available around the clock. Other medical services, such as physical therapy, also may be accessible. As the level of services provided increases, so does the monthly cost, especially if you prefer a private room.
Finally, continuing care retirement communities or campuses offer several options under one umbrella. These multiple-facility communities are becoming increasingly common and can feature options ranging from independent living to assisted living to extended care.
Seniors can move from one facility to another if their physical condition changes while remaining within the community. Costs vary depending on the facility and level of care needed, but usually include both an initial entrance fee and ongoing monthly fees. This option can be particularly attractive for family members of seniors who don't want to have to seek new housing every time their loved one's condition changes.
Senior housing can be expensive. So, as you explore options, pay close attention to your budget. Your financial advisor can help you project costs over different time periods based on various options and help you determine how you'll pay for them.