What Should I Expect When Evaluating Retirement Community Costs?

A decision as large as moving into a retirement community comes with a lot of questions and that is ok, and actually encouraged! Every senior’s needs are unique; their family’s expectations are different. The goal is to find a safe and sustainable living solution for themselves or a loved one. Ultimately, we want everyone to be on the same page and confident in the move-not only physically and emotionally but also financially.

Understanding retirement community costs can be overwhelming, and we’ve helped seniors and families navigate these scenarios and many others on their path to finding the right senior living solution for them.

First: Let’s dive into some of the most frequently asked questions when it comes to evaluating retirement community costs:

• How much is this going to cost us?
• Not ready to move yet, but how can I prepare financially?
• What happens if funds run low eventually?
• What will I actually get out of my monthly rent?
• Are there any more affordable options that would meet my needs?

These are great questions, and there are many answers. Plus, there even may be some follow-up questions to get the prospective resident or family in a spot where they find peace of mind and confidence in the next step.

Do the Home Work, Ask the Questions

Crunch and Compare the Numbers

We often hear from residents and their families that retirement community costs at Ecumenical Retirement Community are comparable, if not more affordable, than what they spent before moving in. When factoring in mortgage or rent, utilities, home maintenance, food and entertainment, or maybe even in-home care support, to name a few, it all adds up. Often times, people aren’t familiar with their daily, monthly or yearly expenses so outlining the data in this way can be an eye-opening experience when considering retirement community costs. Try this tool to start your comparison.

Make a Pro/Con List of Desired Amenities or Community Features

Pro/Con lists come in handy with a decision of this importance to understand the values (not always monetary) that are important to the resident and family. For example, what is the campus’ proximity to family, friends or even current medical providers? Is having outdoor spaces for walking important? Are their furry, feathered or finned friends also making the move into the pet-friendly community? Are there additional charges for access to some amenities?

Understand …

What is included in the retirement community costs?

Not all retirement community costs are structured the same way, so it is important when doing your research and visiting communities to be aware of what their payment structure involves, such as community fees, buy-ins, rental agreements, financial aid assistance, all-inclusive payment or more of a pay-as-you-go set-up and costs based on apartment style. It’s important to find a solution that aligns with your financial needs and goals. Also understanding what is all included is key to getting a full picture of the financial experience, such as meals, housekeeping, social and fitness programming, entertainment and technology (cable/wifi).

At Ecumenical, retirement community costs are personalized to meet the specific needs and preferences of each resident, and includes a one-time refundable administrative fee upon move-in and a fixed monthly rate, with no buy-in required.

What do changes in care needs mean to the retirement community costs?

Everyone strives for an independent lifestyle, but know: independence comes when our residents receive the proper care that they need. Maybe a resident moves in after a fall and needs assistance with activities of daily living and would benefit from care in an assisted-living neighborhood. Or another resident recently lost her spouse and the family home has become too much to manage so downsizing into an apartment-style experience could be found in an independent-living program. In any discussions about a move, being honest about abilities, mobilities and health conditions is critical for proper placement in a neighborhood in which the resident receives the appropriate support. Additional care needs require more oversight from the experienced team of caregivers. The more involved the care, the more costs involved.

Ecumenical offers three levels of care right on our campus in Harrisburg. Meaning, if health concerns arise, or an unexpected medical event occurs, there are services available right here. Transitioning to another level of care can come with changes to retirement community costs and are discussed with residents and families during the regular care meetings.

How are retirement community costs communicated?

Hopefully with transparency! When working with an advisor, request an itemized rundown of anticipated expenses or ask to see an example of what a monthly invoice looks like. This not only helps you get a full picture but also allows you to plan for what to expect each month. Also ask when and how rate increases are communicated. Typically, this is something assessed by the community annually and communicated with a written letter or email.

Remember: Feeling Prepared May Take Time

This feels like a lot of homework, but in all these exercises, it’s about growing confidence in knowing a move into a senior living community can be smooth. Our team of advisors is here every step of the way, wherever you are on the journey. Reach out to start the conversation today. We look forward to meeting you!