The cost of a senior living community is generally driven most by what level of care is being provided, with care levels ranging from no care in independent living to high levels of care in memory care and skilled nursing facilities, with other factors such as location, room size, and other amenities also playing a role in determining monthly cost. Even if you or a senior loved one are not yet actively looking for senior living, it’s important to get a rough sense of monthly cost so that you can start planning and saving. Senior living provides an amazing alternative to home ownership for older adults, and with the sometimes high monthly costs associated with senior living it’s never too early to start saving. 

How much does Independent Living cost?

The cost of independent senior living can vary significantly depending on various factors, primarily the location and the level of amenities and services offered by the senior living community. In more affordable areas, seniors can find independent living options in the range of approximately $2,000 to $3,500 per month. This cost typically covers rent, utilities, and some basic services like maintenance and dining facilities. However, it's important to note that prices can fluctuate even within this range based on the specific features and services provided by the community, with communities with more amenities and services generally charging more per month.

In contrast, in pricier regions or communities with more extensive amenities, the monthly cost of independent senior living can exceed $4,000 to $6,000 or more. These higher costs often include additional services such as housekeeping, transportation, recreational activities and resort-style amenities, and access to on-site healthcare facilities. The overall expense is influenced not only by the level of services but also by the size and quality of the living space. It's essential for seniors and their families to carefully assess their financial resources and priorities when considering independent senior living options.

How much does Assisted Living cost?

The cost of an assisted living facility can vary significantly based on several factors, with location, the level of care needed, and the amenities provided being the primary considerations. In more affordable areas, seniors can expect to pay around $3,000 to $4,000 per month for basic assisted living services. This cost typically covers room and board, assistance with activities of daily living, and access to communal facilities such as dining areas and social activities. However, prices can fluctuate within this range based on the specific services and accommodations offered by the facility.

In contrast, in more expensive regions or facilities with a higher level of care and more extensive amenities, the monthly cost of senior assisted living can exceed $5,000 to $7,000 or even higher. These higher costs often include additional services such as medication management, specialized care for individuals with dementia, and access to recreational and wellness programs. The overall expense is further influenced by the size and quality of the living space, as well as any personalized care plans tailored to the resident's specific needs. It's crucial for seniors and their families to assess their financial resources and the level of care required when considering assisted living, as assisted living rates can be quite high throughout the country.

How much does Memory Care cost?

Much like independent and assisted living, the monthly cost of a memory care facility varies based on factors like location, the specific level of care required, and the amenities provided. In more budget-friendly regions, individuals can anticipate monthly expenses in the range of approximately $4,000 to $6,000 for basic memory care services. These fees typically cover accommodations, 24-7 specialized care tailored to residents with memory-related conditions, and access to communal spaces and activities. 

In pricier areas or facilities offering a more extensive range of memory care services and amenities, the monthly cost can surpass $7,000 to $10,000 or potentially even more. These higher expenses often include supplementary services required to help patients suffering from more advanced forms of dementia, and are often related to the round-the-clock nature of the care provided.

How much does a skilled nursing facility cost?

Finally, seniors may expect to pay approximately $6,000 to $8,000 per month for basic skilled nursing facilities in less expensive parts of the country. These expenses generally encompass accommodation, around-the-clock medical care, rehabilitation services, and access to trained medical staff.

In regions with a higher cost of living or facilities that offer a broader array of specialized medical care and rehabilitation services, the monthly cost of a skilled nursing facility can surpass $10,000 to $12,000 or even more. These higher costs often include additional services such as physical therapy, occupational therapy, speech therapy, and access to specialized medical staff. Oftentimes seniors and their families will use a combination of private funds, long-term care insurance, and government assistance from programs like Medicare or Medicaid to cover the cost of skilled nursing.

To learn more about how Sunbound can help make senior care more affordable for you or your loved one, send us an email at info@sunboundhomes.com or request more information on Sunbound. Sunbound is the best way to pay for senior living and senior care and is on a mission to make senior living affordable for everyone.