While retirement communities can be incredibly helpful for those with busy schedules that do not have time to provide the level of care their loved ones need, one of the main concerns many have is its deceptively high cost. It is not a secret that retirement communities require residents to pay hefty monthly fees for all the services and amenities provided. However, what if we tell you that moving your loved one into a retirement community can actually help you save money? That’s right, senior retirement communities in Carmel, IN can save you money despite the monthly fees. Read on to find out how it works!
Types of Retirement Communities
There are various types of retirement communities in Carmel but in this article, we will focus on the two main types: independent living and assisted living.
The differences between the three are obvious based on the names. Independent living focuses on providing residents with a community where they can meet their social needs. Residents in independent living communities typically do not require a lot of medical support or daily assistance, allowing them to be self-sufficient. They may opt for independent living simply because they want to meet other like-minded people or wish to live in an age-restricted neighborhood. Assisted living provides residents with more support, ranging from bathing and grooming assistance to memory care and on-site therapy services.
One of the main draws of independent living is the fact that residents do not have to fuss over the little things. Matters surrounding the maintenance of the property, along with the utilities and tax will be handled by the team behind the retirement community. This not only frees up the time of the residents and allows them to live a leisurely and stress-free life, something that is arguably priceless, but it also means they only need to pay the monthly fee and nothing else.
Air conditioning, heating. electricity and water bills and other expenses can begin to add up. Furthermore, property tax can be devastating for one’s finances. Many older adults appreciate that they only need to pay one monthly fee in retirement communities.
For those with disabilities, independent living is also a godsend as the facilities would already be designed with accessibility in mind, meaning that you can save on renovation costs. With meals, bills, and other miscellaneous expenses over in one monthly bill, independent living is undoubtedly a fuss-free money saver.
As stated, those that can benefit from assisted living typically require more attention and care. This means they may require daily assistance due to mobility issues or other health conditions. This would usually mean that they need to hire various professionals separately if they choose not to live in an assisted living community, including housekeepers, nurses, and perhaps even physiotherapists. Needless to say, these professionals are not cheap, particularly if they have to come to your home. To make matters worse, medical conditions in older adults are usually long-term, meaning these expenses will need to be made routinely over a long period of time. The cost would inevitably add up.
Alternatively, they can opt for assisted living and save on these costs by simply paying a monthly fee. While assisted living communities can be more expensive than independent living, the professional nursing care and medical support you will be provided with more than makeup for the additional costs. Furthermore, residents are provided with 3 nutritious meals every day as well as an endless stream of activities to keep them occupied. No matter how you look at it, it is clear that retirement communities are much more cost-effective than their monthly fees may initially suggest.