Whether you are thinking of hiring home healthcare, or whether you are considering moving to a senior community, money and finances are always part of the decision. What you may not realize is how making the choice for Providence may end up saving you money, and certainly help you maintain your level of independence longer.
How Independent Living Can Save You Money
Carol and her husband had also invested some money making the house accessible when Carol’s husband developed mobility issues. “We installed a chair to help him upstairs to his bedroom. The bathtub had to be fixed because it was too dangerous for him to step into for a shower,” she says. “One day, he said, ‘We can’t keep fixing up this house for me.’”
Carol also thinks about how expensive the inevitable home repairs and monthly bills were. “Now I don’t have to worry about replacing a sump pump or a roof or a furnace,” she says. “I don’t have to pay for water, electricity, gas, garbage, or property taxes. Everything is part of my monthly fee.”
Terri Maxeiner, RN, CECM, CDP, and Vice President of the care management service Providence Solutions, says that many people are making the move to an Independent Living community like Park Place of St. John when they realize that their monthly all-inclusive rental fee is less expensive than the monthly cost of living at their homes.
“Property tax alone can be a burden,” Terri says. “And part of the bill-paying burden is just keeping track of everything you have to pay. Seniors appreciate that they can just pay one bill and be done with everything for their home.”
Besides saving money, Terri says she believes people who make the move to Independent Living communities actually stay independent longer.
“It’s an unfortunate truth that, as we age, we are more at risk for certain health conditions,” Terri says. “Living in a community where people check on you daily means you’ll get the medical help you need more quickly after a stroke or injury.”
How Home Care Services Can Save You Money
Robert never planned for Parkinson’s Disease to come into his life, but when it did, he refused to take it lying down. He does as much as he can on his own, and he walks every morning, all with the help of his Providence at Home caregiver.
“Getting care at the level you need does so much for you,” Terri says. “The problem families run into is delaying the services. They miss the window of time they have to stay at their own home, or to live in an Independent Living or Assisted Living community.”
Many seniors don’t get the healthcare assistance they need when they need it, which leaves them only one option: a skilled nursing community.
“Skilled nursing is a fantastic option for people,” Terri says. “But it’s also a last resort, and the most expensive option. Hiring Private Duty services at home can delay your need for skilled nursing care indefinitely.”
Private Duty caregivers can help with a variety of personal services: bathing, dressing, exercising, medication reminders, light housekeeping, meals, laundry, and other errands. They also offer companion services, short one-hour or more visits, and even live-in help. All these services allow people to stay in their own homes for as long as possible.
How Assisted Living Can Save You Money
“It was getting to be too much for me to keep it up,” Sylvia says of the house she lived in before she moved to Emerald Meadows. She thought about hiring someone to help with the housework, but when she and her daughter looked at the numbers, and considered safety issues, it made more sense financially and practically for Sylvia to move to an Assisted Living community.
At Emerald Meadows, and at all of our Assisted Living communities, residents receive 3 hot meals a day, housekeeping, social opportunities, and more, in addition to the healthcare assistance they need. This is all included in their monthly rental fee.
“I thought staying at home would save me money,” Sylvia says. “But when I added up the cost of groceries, utilities, home repairs, and home healthcare, it was less expensive to move to Emerald Meadows.”
The decision was not an easy one. Sylvia had lived in her home since she was 9 months old. But Emerald Meadows turned out to be a perfect fit. Her daughter is only 3 minutes away, and the variety of activities and beautiful apartments made Sylvia feel good about the move.
“I’m grateful that we found such a nice place, so close to my family. There’s lots of different things here for everyone to enjoy. All those little things—they take care of you here,” she says. “And there’s no dishes for me to do!”
Terri says she sees many people avoid Assisted Living because they are worried that they will lose their independence. “In reality, they can keep their independence longer,” she explains. “Their fall risk drops with Assisted Living because they aren’t doing all the work they previously had to do at home. They really don’t have to worry about much of anything.”
Terri also says that Assisted Living communities add the important component of socialization. “Isolation and depression go hand-in-hand,” she says. “A good Assisted Living community has activities and events designed for people who need assistance, and the activities are planned according to what the residents like to do. You don’t have to do everything. But you have so many opportunities to make new friends, and that’s exactly what happens.”
Now Sylvia can relax in her chair and look out her bay window at the lovely view, or at the many photographs on her windowsill, and she keeps her door open most of the time to encourage drop-in guests because she loves visiting with her neighbors.
“Everyone here is different, but we have one thing in common—our hair is going grey,” she says. “But that’s what the beauty shop is for.”
If you’re interested in comparing your expenses with the cost of living in a senior community, use our handy Financial Comparison worksheet to make the options more clear.
Providence Solutions can help you find the best care for your lifestyle, healthcare, and budget. Contact them today at firstname.lastname@example.org or at (708) 342-8090.