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Financial Benefits of Senior Living

What are the costs of senior living vs staying at home? Watch this video to learn the financial benefits of senior living.


Video Transcript

Terence O.: Obviously, the biggest concern for older adults, financially, as they age is the specter of running out of money. Outlasting their money, outliving their money, that weighs heavily on most senior citizens’ minds.

There are many financial benefits to living at a senior community. First of all, you have a set price so that at the beginning of the year, you can budget exactly how much money you’re going to spend over the course of the year. Virtually everything is provided for you. You get good nutrition. You got exercise programs, entertainment programs. Communities that have integrated the health component into the community really provide a great benefit and what I would consider to be priceless onsite healthcare.

When you live in a senior community, they’re generally not going to experience some unexpected large cost that they would otherwise experience if they lived in a house. For instance, you might have to replace a new water heater. You might have to repair the driveway. You might have to put on a new roof. Another thing that seniors are vulnerable to is having contractors come in and say, “Oh yeah. You know if you put this stair lift in your house or you put that track lighting in your house or you put in these grab bars or these handlebars, you do all these things to your house, you’re really going to increase the value of your house.” It’s just not true.

When you live in a senior community, they have wide hallways. They have elevators. They have lighting specially designed for senior eyes. High contrast carpeting. Things that help seniors. Sometimes it’s intangible. How do you place a value on when somebody opens a door for you or somebody is there to assist you in your immediate needs? How do you place a value on a concierge? How do you place a value on transportation?

Duane Mevis: I don’t have buyer’s remorse myself and I was wondering if I might. Nobody I know here has buyer’s remorse.

Elizabeth C.: We’re quite happy with our decision and so are our kids, knowing that we are happy here. It’s a large burden lifted from them.

Elizabeth C.: Where you live matters.

Bill Conley: Where you live matters.

Where You Live Matters is powered by the American Seniors Housing Association (ASHA), a respected voice in the senior housing industry. ASHA primarily focuses on legislative and regulatory advocacy, research, and educational opportunities and networking for senior living executives, so they can better understand the needs of older adults across the country.