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Category: Planning for Your Family

4 Huge Benefits of Selling Your Home to Pay for Senior Living

 February 22, 2022

Home is where the heart is, and that makes the decision to sell your home not just a difficult—but also emotional—one. Homes are full of memories of laughing children, Thanksgiving dinners, late nights chatting on the porch…the list goes on. Yet, there comes a time when home is quieter and lonelier than before, particularly for older adults. Many seniors live by themselves after the loss of a loved one. Aging in place can also become expensive with upkeep costs for maintenance, taxes and utilities, not to mention the cost to renovate so your home is safe for your changing needs. After a while, what was once a place of joy can start to feel like a burden.

This is when selling your home to pay for senior living could help you combat loneliness and give you the freedom to live life to the fullest. Losing what’s familiar is never easy, but moving into a senior living community doesn’t mean you have to give up your hard-earned independence. In fact, it opens a whole world of stress-free living full of joy, purpose and companionship. And that’s just one of the huge advantages of selling your home to pay for senior living. Here are a few other big ways you can benefit from selling your home and moving to a senior living community.

Hot housing market = more money in your pocket for an active senior lifestyle

It’s no secret that the housing market is booming. According to the National Association of Realtors, home prices are up 15.8% on average year-over-year across the country as the demand for new homes continues to far outpace supply. Still, you might be wondering, should I hang onto my home as prices rise, or have they peaked? The important thing to remember is that it’s impossible to predict the top of the real estate market and playing the waiting game could backfire. With home prices already at record highs, selling now means you’ll likely come out ahead with a hefty sum that will make senior living far more affordable.

Lock in equity now to pay for future senior living needs

The future is hard to predict, especially when it comes to your home’s value and your health. Delaying a decision to sell leaves open the risk of both taking a turn for the worse. However, if you do your homework now, you can determine based on your current home value whether it can pay for some or all the costs of senior living. Consider the money like stock. Unless you’re selling, the increase in market value isn’t money in the bank. Only if you sell can you plan on how to leverage those dollars.

No more mortgage bills and home maintenance

You’ve worked hard to reach your retirement years and finally relax. There’s just one problem. Your home won’t let you. Cleaning, cooking, running errands…keeping up with it all your at-home to-do lists can feel like its own 9-5. If you don’t own your home outright, there’s also a pesky mortgage payment that keeps chipping away at your savings for that cruise you always dreamed of. By selling your home, you can knock out your to-do lists and mortgage payments all at once and never have to worry about them again. That means more time—and money—for doing the things you enjoy with the people you love.

Experience stress-free senior living

As attached as we get to the space we live in, it’s easy to forget that home isn’t a place, it’s a feeling. It’s the comfort of being part of a close-knit community, the joy of waking up with a sense of purpose each morning and the peace in knowing you’re right where you’re supposed to be. That’s why so many seniors refer to their senior living communities as “neighborhoods” where they’ve found their “home sweet home.” Without the burden of owning a home weighing them down, residents enjoy the freedom to live life on their own terms and explore an exciting new chapter full of rediscovered passions and companionship. The best part? The money you make selling your home doesn’t just cover your rent in a senior living community. It also includes other big home expenses like meals, housekeeping and utilities. It’s like having all the comforts of home—plus a whole lot more—without all the hassle.

Five Star Senior Living — welcome home

Everyone deserves a home where they feel cared for and treated like family. That sentiment is at the core of Five Star’s mission to help every senior find their new “home sweet home” in communities across 27 states. With living options that include independent living, assisted living and memory care, Five Star is able to deliver award-winning hospitality, innovative programming and signature health services that meet your specific needs and preferences. To learn more about how selling your current home can help cover the cost of senior living at Five Star, call one of our senior care experts at (757) 797-6866 or complete the form below.

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What are ADLs and IADLs and What’s the Difference?

 January 26, 2022

A big source of pride for many folks is being able to take care of themselves without assistance. Whether it’s home upkeep, managing medications or personal hygiene, being able to do these tasks independently can be very fulfilling. Yet, as we age and our bodies aren’t able to function like they used to, many of these once routine tasks can become more and more challenging. Knowing when additional help is required—and how much of it you need—can also be difficult. That’s where Activities of Daily Living (ADLs) and Instrumental Activities of Daily Living (IADLs) come in.

ADLs and IADLs are both services offered by senior living communities that help residents—particularly those in assisted living—stay independent for longer. Though they have nearly identical names, ADLs and IADLs have key differences in the services they include that together form a holistic level of care. Here’s what you should know about both terms so you can determine how much extra care you or your loved one needs to maintain independence.

What are Activities of Daily Living, or ADLs?

Activities of Daily Living (ADLs) are routine tasks most people are able to perform on a daily basis without assistance. Most senior living providers and health professionals group ADLs into the following categories:

Common Categories of Activities of Daily Living (ADLs)

Dressing

Being able to dress and undress, choose appropriate clothing for the weather and have the dexterity to manage buttons, zippers and other fasteners.

Eating

The ability to feed oneself (not including cooking).

Bathing or Showering

This includes grooming activities such as shaving and brushing teeth and hair.

Continence

Being able to control bowels and bladder or to manage incontinence independently.

Toileting

The ability to use the toilet and get to the toilet independently.

Transferring

This refers to functional mobility. For most people, functional mobility is being able to walk, get in and out of bed, and into and out of a chair. If the person is not ambulatory, they should be able to transfer from bed to wheelchair on their own.

What are Instrumental Activities of Daily Living, or IADLs, and how are IADLs different from ADLs?

Instrumental Activities of Daily Living (IADLs) are more complex tasks that often build on basic ADLs, but require a certain amount of physical dexterity, sound judgment and organizational skills. IADLs are not essential functions of living like ADLs, though they are key to being able to live independently. Instrumental activities of daily living typically include the following:

Common Instrumental Activities of Daily Living (IADLs)

Managing finances

Paying bills and managing financial assets.

Managing transportation

Either by driving, using public transportation or by organizing other means of transport.

Shopping and meal preparation

Grocery shopping, cooking and any other activity required to prepare your own meals.

Housecleaning and home maintenance

Keeping one’s living space reasonably clean and tidy and overall maintaining of the home.

Managing communication

Using the telephone and managing mail.

Managing medications

Obtaining medications and taking them as directed.

How do I know if and which ADLs and IADLs are needed?

The signs that it’s time to consider help with ADLs and IADLs can take a while to appear and be difficult to spot. It’s common to need a little more assistance with our day-to-day as we get older and we’re not as spry as we used to be. That’s why one of the best ways to evaluate the need for ADLs and IADLs is through a functional assessment performed by a doctor, rehabilitation provider or senior living specialist.

Difficulty managing instrumental activities of daily living is often an early indicator of other health problems. This assessment can help seniors determine what kind of assistance is needed on a day-to-day basis. An inability to perform two or three activities in a functional assessment is often a sign that one would benefit from outside help, or by considering moving to an assisted living community where ADL and IADL services are available.

Five Star Care: All the services you need, when you need them

In our Five Star Senior Living communities, no two residents are alike, so we personalize our level of care to fit your needs. That includes any help with ADLs and/or IADLs that you or your loved one needs to embrace and enjoy their best life and live stress-free. Call one of our senior care experts at (757) 797-6866 or complete the form below to find a Five Star community near you.

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How to Know When to Move to Assisted Living

 December 21, 2021

You’ve earned your retirement, and you deserve to kick back, relax, and enjoy your golden years without the challenges of working. But getting older can pose challenges of its own. If home upkeep, hygiene, and other activities of daily living have become difficult for you or a loved one, it may be time to consider moving to assisted living, also known as personal care in Pennsylvania and Georgia.

When older adults (or their caregivers) hear the words “assisted living,” the image that comes to mind is often an institutional facility that marks the end of the road—a cold place where seniors are meant to live out the final years of their life. But the truth is that transitioning to assisted living can be the start of a wonderful new chapter of life where the to-do list is tossed out and the focus is on what brings joy.

What is Assisted Living?

Falling between independent living and full-time nursing care, assisted living offers a stress-free lifestyle where extra help with activities of daily living (ADLs) is always near so residents can maintain much of their independence.

Signs It’s Time to Move to Assisted Living

No two situations are exactly alike, and there are a lot of factors to weigh when considering moving to assisted living, whether for yourself or a loved one. Here are five signs that it might be time to start thinking about making the move to assisted living.

You Want to Expand Your Social Circle

As you or your loved one gets older and enjoys retirement, social circles can sometimes feel like they’re shrinking. Your friends may have moved away to be closer to their children or relationships you had during your working life have drifted apart.

Moving to an assisted living community is a great way to enjoy a stress-free lifestyle while meeting new people and making new bonds. The life enrichment and wellness activities offered at assisted living communities give you the opportunity to meet people with similar interests and experiences. Five Star takes a holistic approach to active community living with LifeStyle360—whether it’s in art class, on a cultural excursion, or during happy hour you’re bound to make new friends.

Accidents and Falls are More Frequent

As the leading cause of injury among older adults, falls are often caused by an older home that isn’t designed with senior safety in mind. Car accidents also pose a major risk for serious injury for older adults. Especially if you or a loved one lives alone, making driving a necessity.

It can help to reflect on the past year. A question to ask yourself if you’re thinking of moving to assisted living is: have you made two or more trips to the hospital due to a fall or an accident? If you notice any pattern of injuries, you may benefit from moving to an assisted living community where bedrooms and communal areas are made with safety in mind plus trained staff to assist you.

Home Maintenance Struggles

Aging often causes physical strength to decline. This can make it more difficult for you to keep up with housework and yard maintenance. Mowing the lawn, shoveling snow, and cleaning out the refrigerator can be difficult and even unsafe.

If taking care of your home has become increasingly difficult it might be time to look at an assisted living community. The stressors of home upkeep, housekeeping, and laundry are all handled by welcoming and trained staff letting you focus on your hobbies and pursue stress-free living.

Difficulty Leaving Home

Whether it’s mobility impairment or a lack of transportation, getting out of the house can become difficult as you or a loved one gets older.

If you are having difficulty leaving your home you may benefit from moving to an assisted living community. Most communities offer expert staff who work with your needs. Plus all kinds of life enriching activities, fun programs, and transportation services are included to keep you engaged and comfortable.

Getting the Right Nutrition

One of the best things about assisted living communities is the restaurant-style dining rooms with well-balanced chef-inspired meals, snacks, and catered meal plans. You or a loved one might benefit from an assisted living community if you find yourself skipping meals or relying on unhealthy convenience foods.

Enjoy The Freedom of Stress-Free Assisted Living

Still not sure if it’s time to think about assisted living? Take your time and reach out to a family member, friend, or an assisted living community directly to start the conversation.

Moving to an assisted living community is a major life decision for you or a loved one to make. There’s a misconception that assisted living means giving up your independence or that someone is watching over you 24/7—this couldn’t be farther from the truth.

At Five Star, assisted living is designed to enhance independence. With no more chores or errands to worry about, you have the freedom to do what makes you happy and rest easy knowing your every need is met at a cost you can afford. Most importantly, though, you are welcomed into a new home sweet home where you’re treated like family from the moment you walk in. Find out if there’s a Five Star community near you or contact us to learn more.

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How Much Does Assisted Living Cost?

 December 3, 2021

Growing old can be a beautiful thing, full of new experiences and joys like finally taking that trip you always planned on or helping raise grandchildren. Yet, there comes a time for many seniors when worsening health conditions make basic daily activities—like bathing or managing medication—require assistance. These may be signs it’s time to consider moving into an assisted living community.

Moving into an assisted living community can be a difficult—and emotional—decision. It doesn’t help that searching for assisted living costs online brings up all sorts of confusing fees, contracts and services that vary widely. You might be wondering:

  • How much does assisted living actually cost? And is it worth it?
  • How does assisted living cost compare to the cost of in-home care?
  • How can I pay for assistance living?

Here’s the good news: there’s no need to keep searching. We’ve got you covered with simple and straightforward answers to the most asked questions about the cost of assisted living. Here’s what you need to know about assisted living costs so you can make the best choice.

What is an assisted living community?

Assisted living communities are far more than just places that provide senior care. They should also be a home where everyday burdens—like transportation and chores—are taken care of so your loved one can stay active and engaged doing the things they love most. Assisted living can be best thought of as a busy, involved community atmosphere that lies on the continuum between independent living and full-time, nursing-provided care. It’s best for seniors who need a little extra help with some activities of daily living (ADLs) like dressing and medication reminders so they can live their most independent life.

What is the average cost assisted living?

Assisted living costs can vary greatly depending upon what area of the country you live in. The size of the apartment you choose, and the types and number of services also impact the monthly cost of assisted living. According to Genworth Financial, the average cost of assisted living in 2020 was $4,300 per month. Compare that to the cost of hiring a home health aide and housekeeper in 2020: an average of $9,000 a year! While the monthly cost of assisted living may cause an initial senior living sticker shock, the services and amenities included in the monthly cost make a move to an assisted living community a smart financial decision.

What is included in the average monthly cost for assisted living?

The true value of assisted living goes far beyond a new place to call home. Assisted living communities offer a wide variety of amenities and services included in the monthly cost to meet your loved one’s needs like:

  • Housekeeping, maintenance and laundry services.
  • Nutritious, chef-prepared meals served restaurant-style in the dining room.
  • Utilities and basic cable television.
  • A full calendar of life enrichment programs to participate in each day.
  • Transportation services for errands, appointments and other community outings.
  • Wellness programs and senior-friendly fitness activities.
  • Emergency call systems in apartments and/or an emergency call pendant option.

How can I pay for assisted living?

Most seniors pay with private funds; however, the monthly cost of assisted living can become much more manageable through senior living financing options like:

  • A Bridge Loan or Senior Line-of-Credit: These short-term, “interest-only” loans help fund assisted living costs until the necessary money comes in.
  • Deferred Annuity with Long-term Care Rider: Rather than making monthly insurance payments, the investor places a lump sum of money into a deferred annuity. They can then withdraw the money, tax-free and without any IRS penalties, to pay for assisted living.
  • Life Settlement Accounts: With a life settlement agreement, a senior sells their life insurance to a third party and receives a lump sum payment.
  • Veteran’s Benefits: US veterans and the surviving spouses of veterans can receive monthly benefits to pay for assisted living through the Aid and Attendance Benefit.

The Five Star Difference: Stress-Free Assisted Living

We know how hard the decision to move into an assisted living community can be, especially when it comes down to figuring out the cost and how to pay for it. That’s why Five Star’s senior living experts are happy to help answer your questions about assisted living costs and work with your budget so you can make the most informed decision. In a Five Star assisted living community, our residents receive the services they need in an engaging, active lifestyle they deserve at a cost they can afford. Most importantly, though, they are welcomed into a new home sweet home where life is stress-free, and friends become family. Download our FREE Guide to the Cost of Senior Living eBook and find out if there’s a Five Star Senior Living community near you to learn more.

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Home Care or Assisted Living: A Comparison

 October 28, 2021

Exploring different senior living options for you or an aging loved one can feel overwhelming. You want to make the right choice for you or your loved one’s health and happiness, while also respecting your family’s desires regarding staying at home or transitioning to a senior living community. Both senior living arrangements have benefits and drawbacks worth considering. In this article, we’ll help clarify your options when choosing between assisted living and non-medical home care for seniors so that you can make the best, most informed choice for you and your family.

What is Non-Medical Home Care?

When you hire non-medical home care, a home care aide will come to you or your loved one’s home and stay—either round-the-clock or on a pre-determined schedule. This person, sometimes called a senior care companion or home aide, can help perform daily tasks provide companionship.

Non-Medical Care versus Skilled Home Health Care

It’s important to note the difference between non-medical care and home health care. Nearly anyone—even without a medical license—can perform non-medical care. In fact, the burden often falls on a family member, who isn’t paid for these services.

On the other hand, home health professionals are skilled medical professionals who can often administer medications, offer occupational therapy services, change wound dressings, and assess overall health. If you or your loved one is experiencing health concerns or if you’re worried about moving safely around the house, home health care is worth considering. Unfortunately, home care for seniors, both medical and non-medical, can be expensive and the costs can quickly add up to thousands of dollars a month, particularly if round-the-clock care is needed.

What Is Assisted Living?

In an assisted living community, staff is available 24/7 to provide non-medical care services. You or your senior loved one receives care and companionship she or he whenever it’s necessary.

In addition, an assisted living community often provides social activities from group yoga classes to movie night to keep residents engaged with life. Many also offer wellness programs, healthy meal options and transportation. If you opt for in-home non-medical care, you’ll have to pay separately for these types of services.

Non-Medical Home Care or Assisted Living?

Caregivers and seniors often believe non-medical home care is a suitable, more cost-effective option to assisted living. They might even believe non-medical home care gives a senior more freedom. For an older adult who wishes to age in place, in-home care may be the right option. Here are some of the key differences between the two to consider:

Assisted Living vs. Home Care Comparison Table
 

Assisted Living

Home Care
What types of care are provided? In assisted living, residents may need some help with transportation, medication management, housekeeping and other specific activities of daily living such as dressing and personal care, but still live independently. Care may include:

  • Bathing and personal hygiene
  • Medication reminders (although in most states they cannot administer medication)
  • Getting dressed
  • Help eating
What other services are offered? Residents receive three nutritious meals each day and access to life enrichment programs and social activities like yoga classes and movie nights to keep residents engaged with life. Services may include:

  • Light housekeeping
  • Cooking
  • Transportation
  • Companionship
What is the living situation like? Assisted living communities are designed to feel home-like and residents typically live in their own apartments or suites with private baths and kitchenettes. Home care allows for aging in the comfort of your own home, but modifications to the home might be necessary to maintain independence.
How much does it cost? The median cost of assisted living in the United States in 2021 was $4,300 per month, according to Genworth’s most recent Cost of Care Survey. In 2021, the average cost of a home health aide $5,148 per month.

Another major benefit of assisted living is that your care is spread out across an entire team instead of one individual. If your home health aide calls in sick or needs to care for someone else, few alternative options are available. Assisted living means your loved one will always have the care they need, when they need it.

Note: Your money may go further in an assisted living community since large expenses like rent and dining are included, along with a wide variety of activities and close companionship with other older adults you can’t get with a home aide. Download our FREE Guide to the Cost of Senior Living eBook to learn more about how assisted living may be more cost effective than you think.

When analyzing all factors, including costs, it’s important to remember the following:

  • A senior who uses non-medical home care must pay the home aide, along with all the usual expenses such as meals, mortgage, taxes, and utilities
  • Assisted living includes non-medical care, as well as a place to live, transportation, some meals, home maintenance (including lawn care), and utilities
  • Assisted living provides services when you or your loved one needs it, round-the-clock

Move or Stay?

The decision to move to assisted living or to age-in-place with help from a home aide is a difficult one. Find a Five Star Senior Living community near you to see if the environment, services and amenities would be the right fit for you.

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When to Move from Assisted Living to Memory Care

 October 21, 2021

It can seem like just another one of those “senior moments” at first. Maybe your dad is starting to have more difficulty with familiar tasks at his assisted living community. A team member calls to tell you he hasn’t been participating in activities due to losing track of time and his way around the community. One of the harder to accept explanations is that your dad may be showing signs of dementia, leaving you and your family with a difficult choice: should he move from assisted living to memory care?

Dementia is a scary word that many associate with a loss of control and the ability to live a fulfilling life. It can be heartbreaking to watch a loved one struggle to recognize their grandchildren or recall that beloved family vacation. A dementia diagnosis, though, doesn’t mean your loved one still can’t find joy and purpose in life. It may just be a sign that it’s time to move them into a community with specialized care and a team that understands how to meet their growing needs with compassion and understanding. This is where memory care comes in.

What is Memory Care?

Alzheimer’s and other forms of dementia affect people differently. Over time, it can progress from new problems with words when speaking or writing to issues that affect your loved ones’ safety and quality of life. That’s why the team in a memory care community is made up of memory care specialists trained to help each memory care resident enjoy a life filled with dignity, purpose and moments of engagement.

Memory care isn’t just for helping residents be safe, it is for creating moments of joy by building on each resident’s personal narrative to help them feel successful and connected. Making your loved one feel at home—and offering plenty of opportunities for fun and belonging—are at the heart of a dedicated memory care community. Five Star Senior Living’s award-winning, innovative Bridge to Rediscovery program provides those moments of joy and stimulation, and so much more. Whatever your loved one’s passions and abilities, Bridge to Rediscovery tailors their surroundings and activities around them. Meeting all the resident’s needs is the mission, from basic tasks to helping them find a sense of purpose and connection.

How is Memory Care Different from an Assisted Living Community?

Assisted living and memory care communities offer some similar services, help with the activities of daily living, dining, programs and more. Memory care communities are designed to provide specialized care for residents with dementia. Memory care team members have additional training and experience caring for seniors with dementia who can sometimes express challenging behaviors.

At Five Star, we use the phrase relate, motivate and appreciate. Memory care should relate to each resident’s life experiences so they feel connected to the world around them. We motivate people by focusing on what they enjoy, and we appreciate by inviting participation and giving choices. Programs that include the five domains of wellness: cognitive, sensory, group, motor and purpose help individuals with dementia flourish. A variety of therapies such as music therapy, aroma therapy, art therapy, pet therapy and horticultural therapy are quite helpful to encourage those with memory conditions to engage in the world around them. The activities of daily living (ADLs) offered in assisted living—like bathing and grooming—are still available, but memory care goes the extra step to give your loved one the specialized attention they need to continue to live a healthy and enjoyable life in a safe, secured environment.

4 Ways to Know It’s Time to Move from Assisted Living to Memory Care

It’s not uncommon for people to be more forgetful as they age. That’s what makes dementia so difficult to spot. It can seem harmless at first—a slight disorientation to time and place or stumbling on certain words—before escalating. Those signs of dementia could mean it’s time to make the move to memory care. Here are four key things to watch out for that could signal that it’s time to transition.

  1. Regular Confusion: We all forget to do the dishes or take out the trash every now and then. If your loved one is frequently losing track of time, having trouble expressing themselves or wandering, memory care will be the best choice.
  2. Less Active in the Community: Was your dad once a pool shark in the billiards club, but hasn’t shown up in a while? Maybe he stops by the activity room every now and then but seems distant and disinterested in whatever is going on. Dementia might be making these activities more challenging, and they would benefit from gentler, more cognitively stimulating activities.
  3. Requiring More Help: Is your loved one experiencing difficulties with the daily activities and are they exhibiting a decline in their cognitive abilities and decision-making skills? For example, a parent who has always done a good job managing finances and now their bills are overdue.
  4. Wandering: Becoming lost or exit seeking behaviors can occur at all stages of dementia and there are a variety of causes. Wandering is a sign that your loved one requires a safe and controlled environment.

Your loved one deserves to live an engaging, purposeful life in a setting that is custom tailored to their strengths and abilities. And you deserve the peace of mind that comes with knowing that your loved one lives where they are safe, and have a sense of purpose and belonging. A dementia diagnosis is difficult to grapple with, but you and your loved one don’t have to face it alone. Moving them into a memory care community can help them receive the specialized care they need to live a meaningful life full of joy and laughter.

If you think your loved one is showing signs of dementia and it might be time to move them from assisted living into memory care, find a memory care community near you and meet with the team there to discuss your questions.

Is Assisted Living Tax Deductible?

 May 11, 2021

Creating a realistic budget for a parent’s move to an assisted living community involves many factors. Once you have a reasonable expectation of how much the monthly fee will be, you can begin to outline financing. For many, this becomes a family affair.

It’s common for adult children to pitch in and help pay for care if a parent’s income and assets fall a little short. When that happens, a question that often arises is if assisted living is tax deductible. Unfortunately, the answer is more than a little complicated.

Assisted Living Expenses and Tax Deductions

While some families aren’t aware that they may be entitled to a tax deduction, others who do know about it, find the process too confusing to navigate. Much of the uncertainty stems from the challenge of determining what portion of a senior’s monthly fees are considered medical care. Another difficulty is figuring out if a senior meets the criteria to be a dependent.

There isn’t a quick answer to either of those issues. Some senior living providers can offer a breakdown on which monthly expenses are considered as medical care and which are custodial. This can help address the first issue. The second will be a bit more complex.

Since we aren’t in the business of offering tax advice, we generally suggest families enlist the services of a tax advisor with knowledge of the senior care industry. Before your meeting, it may be helpful to review several areas of the tax code that pertain to senior care and tax deductions:

  • IRS Tax Publication 502: This publication outlines the medical and dental expense regulations. It will give you a better understanding of what the IRS considers to be medical care and what financial threshold you must meet. This section of the IRS code also includes the rule on what a “qualifying relative” is. That’s important for to help determine if the relationship to your family member meets the criteria.
  • IRS Tax Publication 503: Like publication 502, IRS publication 503 further explains what dependent care expenses are. It also outlines which expenses you can deduct for a loved one’s medical care.

Other Ways to Fund Assisted Living for a Loved One

There are other programs that may help pay for a senior’s move to an assisted living community:

  • Aid and Attendance Benefit for veterans
  • Long-term care insurance, which often helps pay for more than just nursing homes
  • Bridge loans to cover expenses while families liquidate other assets
  • Life-settlement funding that pays you for greater than face value of a life insurance policy

The team at Five Star Senior Living can review these and other options in greater detail when you visit. You might also find it helpful to download our Senior Living Funding Guide. This free eBook is a great resource for families to read and share.

How Much Does Independent Living Cost? And is it Worth it?

 April 26, 2021


Retirement is something most people look forward to for years. Trips abroad, seeing the country, rediscovering hobbies and reawakening passions long submerged during the childrearing and working years is a vivid image for many. Once you retire, however, things might not go as hoped or planned. The household chores and maintenance that kept you busy all those years haven’t gone away, and sometimes they’ve become harder to do. A bigger portion of your budget goes toward hired services, such as lawn care. Those costs and the cost of upkeep for your home can then limit your travel plans, and you may feel ready to direct your time and energy toward your family and living life in retirement to the fullest without being burdened by the stress of home upkeep. This is where independent living comes in.

Moving to an independent living community can be a big transition, and it’s easy to feel overwhelmed by different amenities and fees when looking for the right independent living community for you. This article will provide answers to all of your questions, including:

  • How much does independent living actually cost, and is it worth it?
  • How does the cost of independent living compare with staying at home?
  • Can I afford independent living? How can I pay for it?

Read on to learn more about what living in an independent living community is like, how much it costs, and how you can make it work (financially and otherwise!) for you.

Table of Contents

What is an independent living community? 

Independent living communities, also known as retirement communities, are senior living neighborhoods designed especially for older adults. They are a good option for folks in their sixties, seventies, eighties and beyond who want to spend more time living and less time ‘doing,’ as in handling the burdens of home ownership.

Are independent living communities expensive?

You may be under the impression that independent living communities are expensive, but you may be surprised by the value they offer. In fact, once you consider all you get when you move to independent living, you might consider it a best buy.

How much does independent living cost? 

The average cost of senior independent living in the US is between $2,000-$5,000 per month, but varies widely depending on several factors like location, services, and amenities. Five Star communities come in all shapes and sizes and are located across the country in rural and urban settings. Each community offers unique amenities, but they all offer the same dedication and excellence to residents.

Factors that Affect How Much Independent Living Costs

Type of independent living community. A stand-alone independent living community, for example, might offer fewer features and amenities but be more cost effective. Many independent living communities are priced similarly to a typical apartment in the area. An independent living community located on the campus of a continuing care community, however, will likely come with more services and amenities, which may result in a higher price tag.

Location. The location of an independent living community has a big impact on its cost, as cost of living varies widely in different areas of the country. Major metropolitan areas typically have multiple senior living options but a higher cost of living. That translates to higher monthly fees. Cost of independent living will be higher in the more desirable neighborhoods. Size matters, too. Square footage of your independent living floor plan will influence the monthly fee.

Services and Amenities Included in Independent Living. The financial, physical, and emotional costs of caring for your lawn, keeping up with home maintenance, and cooking every meal can add up. What’s important to remember is that the services provided by an independent living community come at a cost that is actually a bargain when you consider what it could cost to purchase services separately. Lawn care, upkeep, housekeeping—these costs can add up quickly.

What is included in the average monthly cost for independent living?

The true value of independent living goes far beyond a new place to call home. Independent living communities offer a wide variety of amenities and services included in the monthly cost to make your retirement as stress-free and enriching as possible. Amenities and fees vary by community, but here is just a sampling of what may be included in your monthly costs when moving to an independent living community:

  • Housekeeping, maintenance and groundskeeping services One aspect of independent living communities that cannot be overstated is the convenience factor. There are team members to take care of chores, such as housekeeping, maintenance, snow removal and lawn care.
  • Spacious floor plans including studio, one, or two-bedroom apartments. When it comes to senior living housing, there’s a misconception that rooms are small, institutional, or look like college dorms. This couldn’t be further from the truth. Five Star independent living apartments are charmingly designed, comfortably spacious, and come in a variety of sizes and styles. Plus, every apartment comes equipped with great amenities to make you feel right at home.
  • Nutritious, chef-prepared meals served restaurant-style in the dining room. Older adults sometimes say their relationship with food has changed with age—not just eating but cooking as well. That’s understandable when you consider that some medications decrease appetite and special diets limit options. Chronic medical conditions such as diabetes or heart disease also play a part. Take out the salt and sugar, and suddenly food becomes less interesting. Most independent living communities are aware of this and offer a variety of healthy meal options that still please the palate. Some communities accommodate restricted diets. For those who love to cook or make their own food for health reasons, some offer a kitchen or kitchenette in each apartment to give the home chef a culinary playground.
  • Utilities. The cost of utilities is different in every community, but often are included in the monthly room costs. These utilities can include cable television, electricity, internet, housekeeping, and water all bundled together for one convenient monthly cost.
  • A sense of community and a full calendar of active senior activities and clubs to choose from. Moving to an independent living community can significantly improve older adults’ quality of life. Residents in these communities are often close in age and share similar interests with their neighbors. Communities also offer both formal and informal opportunities for connecting. A morning cup of coffee and conversation in the lounge or garden is a great way to start the day. Joining friends for restaurant-style lunch or dinner makes mealtime more enjoyable and meaningful. And playing a game of cards in the den can end the day with a smile. There’s no shortage of activities to dive into. (In fact, you may find you have too much to do, but in a good way.)
  • Transportation services for errands, appointments and other community outings. Independent living communities at Five Star offer you the ability to get where you need to go. Transportation services offer scheduled rides to doctor’s appointments, grocery stores, and fun community outings to museums and entertainment.
  • Wellness programs and senior-friendly fitness activities. Onsite senior fitness classes build not just strength and flexibility but social connections. Feel refreshed after a sit and stretch class, head to the pool for water aerobics, or join a walking club to make your mornings active.
  • Safe and secure environment where medical care is easily accessible if needed. Because safety is often a concern—especially as people age and walking becomes more difficult—residences are designed with the needs of older adults in mind, such as handrails, grab bars, emergency call systems and good lighting. If a medical emergency does occur, there are systems in place to summon help.
  • Access to on-site amenities. Enjoy life at home with movie nights, game clubs, barber shop/hair salon, heated pool, library, physical therapy services, and more.

How much does independent living cost compared to aging in place?

The cost saving benefits of independent living don’t stop at utilities and home maintenance. Independent living at a senior living community gives you the freedom and purpose to pursue hobbies, make meaningful social connections, and stay engaged with an array of activities. Many communities offer independent living and assisted living under the same roof so you can age in place if you require more medical and daily assistance. The transition from independent to assisted living can be smooth while you reap the benefits of a stress-free lifestyle focused on enhancing your independence.

How can I pay for independent living?

Most seniors pay for independent living with private funds; however, the monthly cost of independent living can become much more manageable through senior living financing options like:

  • A Bridge Loan or Senior Line-of-Credit: These short-term, “interest-only” loans help fund assisted living costs until the necessary money comes in.
  • Deferred Annuity with Long-term Care Rider: Rather than making monthly insurance payments, the investor places a lump sum of money into a deferred annuity. They can then withdraw the money, tax-free and without any IRS penalties, to pay for assisted living.
  • Life Settlement Accounts: With a life settlement agreement, a senior sells their life insurance to a third party and receives a lump sum payment.
  • Veteran’s Benefits: US veterans and the surviving spouses of veterans can receive monthly benefits to pay for assisted living through the Aid and Attendance Benefit.

The Five Star Difference: Stress-Free Independent Living

Moving to an independent living community is much more than a real estate decision; it’s a quality of life decision. The programs, services and amenities our independent living communities offer can take away the worry and add a lot of joy—not a bad tradeoff. Five Star’s independent living experts are happy to help answer your questions about independent living costs. In a Five Star independent living community, our residents enjoy the value and the active lifestyle they deserve. Most importantly, though, they are welcomed into a new home sweet home where life is stress-free, and friends become family. Download our FREE Guide to the Cost of Senior Living eBook and find out if there’s a Five Star community near you. Contact us to learn more.

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What is Shared Living? Would It Work for You?

 April 19, 2021

You know it’s time. Your aging mom or dad has had a few falling episodes, sounds confused about their medications, is becoming more isolated—or there are other red flags. You worry they’re no longer safe living alone. So, even though most older people prefer to stay put, if you’re like a lot of children of aging adults, you propose the next best thing: have Mom or Dad move in with you. It’s an arrangement sometimes referred to as “shared living.”

It’s tough to know for sure just how many older adults are living with family, but a Pew Research Center survey estimates that almost 79 million adults in the United States reside in a shared living situation. In other words, nearly one in three.

So you wouldn’t be alone by any stretch. However, if you’re thinking about inviting a loved one to live with you, it’s worthwhile to pause and consider what that might really look like so you can decide whether it’s right for you, your parent and your family. There are five key questions to ask yourself.

Will they be any safer in a shared living situation with us?

Safety is usually a leading reason families opt to consolidate homes. But will an older adult really be any safer living in yours? While it may be more convenient for you, which is an important factor to consider, it’s important to honest about any potential safety risks. Does your house present hazards that might pose challenges for someone with mobility issues?

For example, are the doorways wide enough to accommodate a walker? Is there a stand-alone shower in the house? Will Mom or Dad need to navigate stairs throughout the day? True, you can hire a home remodeler who specializes in “aging in place” renovations, but they often come with a high price tag.

Will your home isolate your loved one from others?

When a parent is on their own, sometimes for the first time in their life, they may feel lonely and isolated. This is especially true for older adults who are reluctant drivers or who’ve hung up their car keys for good. The health risks of isolation are serious and range from depression to early mortality. So it’s an important issue to address.

It may seem like moving them in with your family solves the problem—but will it really? Families tend to be busy, with a lot of coming and going. Will schedules and work responsibilities mean Mom will be alone much of the time? Are there other older adults nearby to socialize with? What happens when you can’t be there? Is there another family member or friend who would be available? All of this can be addressed, but it requires planning.

Are other members of the household in agreement to a shared living environment?

For a worried, worn out adult child, moving a parent in may seem like an ideal solution. It can save you time and energy running back and forth from their house to yours. That can be a big help when you are a family caregiver. But it’s important to take everyone’s feelings into account. Are other members of your family open to the arrangement? Is your spouse or partner’s relationship with your parent healthy enough to survive a shared living situation?

How about your siblings? Will they pitch in to help with caregiving tasks so your own family can take needed breaks? While any big change requires a period of adjustment, you don’t want to risk inter-family squabbles along the way that harden into permanent rifts.

How much privacy will you have to give up when considering shared living with a parent?

Unless your home has a separate in-law suite or second master suite, privacy may be hard to come by when an aging parent moves in. A tight living space can result in stress for everyone, pleasing no one. Not only can the loss of privacy prove tough for another adult used to having their own space, it can for couples and grandchildren as well.

Here’s a smart move for making the most of limited space: Before you invite your parent to move in, do a careful walk-through of your home. Can you rearrange rooms to give everyone their own private space? And separate your parent’s bedroom from yours?

Is this a short- or long-term shared living solution?

When an aging parent or other family member is recovering from illness, injury or surgery, having them stay with you while they recover might make sense. However, if they require additional care beyond what you can provide, a respite or transitional stay in a local senior living community, where professional support is available, might be the better option. Tip: Ask if the community has in-house rehab services, which may be covered by Medicare and can help maximize recovery.

Likewise, if one of your parents has passed away and the other is grieving, a short-term stay in your home can be a wonderful way for the entire family to lend support. Long-term, however, especially if you and your kids are coming and going a lot, your surviving parent’s loneliness may be compounded.

An independent senior living or assisted living community may be a better option. In addition to providing a safe environment with well-balanced meals, these communities offer 24/7 assistance with personal care and—most important for your loved one’s emotional wellbeing—a wide range of social activities to enjoy with people their own age, many of whom have probably been through similar life changes.

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How to Move a Parent with Dementia into Assisted Living

 February 19, 2021

When a parent has Alzheimer’s or another type of dementia, adult children may struggle to keep them safe and engaged at home. It is a difficult condition to navigate, especially if family members work outside the home. From nutritional struggles to concerns about wandering, caring for a loved one with dementia can be all-consuming. It sometimes leads families to explore memory care assisted living programs in hopes of improving the senior’s quality of life and their safety.

A specialty dementia care program, like the Bridge to Rediscovery at Five Star, meets the  residents where they are – looking at their current abilities to create a lifestyle that supports engagement so that they  can enjoy their best quality of life. These programs also provide a secure environment that supports freedom while reducing the risk of wandering.

But for many adult children, the idea of moving a parent with memory loss to an assisted living community can create stress and anxiety. It can also lead loved ones to feel guilty about their inability to manage a parent’s care at home.

How can you help a senior loved one with dementia successfully transition to a new environment? We have some tips you might find useful.

4 Tips for Moving a Parent with Dementia

  1. Make it familiar: For people with memory loss, being surrounded by familiar things helps to decrease their stress and anxiety. This becomes more difficult to do as the dementia progresses, so it takes thoughtful planning. Think about the items your parent uses and touches most often. Maybe it’s a throw they cover up with in their favorite chair. Or it could be a cherished photo from their wedding day. Try to recreate their home environment in their new assisted living apartment or suite. Hang their bathrobe up in a place they immediately notice it. Cover their bed with a quilt or comforter they might recognize. Place family photos all around the apartment before they arrive. Whatever belongings signal “home” to your parent are important to incorporate into their new space. One of the signatures of Five Star’s Bridge to Rediscovery Memory Care program is the keepsake box that includes special mementos. Our community team will teach you how to create one for your loved one.
  2. Moving time matters: Adults with Alzheimer’s and other forms of dementia usually have good and bad times of day. While the disease can be unpredictable, it will help to schedule a move to coincide with their best time of day. For many seniors with dementia, morning is the easiest time, especially if they experience sundowner’s syndrome. If possible, have a relocation company or loved ones move belongings while you keep your parent occupied. Once the new apartment is settled, you can introduce them to their new residence. We have shadow boxes displaying our residents’ pictures and item of personal interest by the entrance to their residence to make it easy to locate and to give a reassuring feeling of belonging.
  3. Create a reminiscence board: When a senior has dementia, they may have difficulty with verbal skills. This makes it more challenging for the staff to get to know them. You can help by creating a reminiscence board or scrapbook with photos of family members along with names and descriptions. Share it with the team members  ahead of time so they can look it over before your parent’s arrival. Once they move in, you can keep it in a prominent place in the apartment to share with staff and visitors. Our Bridge to Rediscovery neighborhoods help the family to complete a detailed life narrative. We learn all about each individual’s story, their career, their hobbies, their like and dislikes and more. This helps make the transition much more comfortable for everyone.
  4. Music as therapy: Many people find the healing harmonies of music to be beneficial. This is true for adults with dementia, too. During this time of transition, play some of their favorite music softly in the background. This can help decrease the anxiety your loved one is likely feeling and unable to verbalize. Set up a small CD player with a few of their favorite musicians. Ask the care team to turn it on when you can’t be there.

When to Make a Transition to Dementia Care

Finally, if you are wondering how to tell if it is time for your parent to move to a memory care community, we have a resource that can help you decide. When to Transition a Loved One to Memory Care outlines signs and concerns that indicate a senior should make a move to dementia care assisted living.

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