Senior living expenses explained: Understanding costs and financing options

One of the first questions you may ask as you start your journey toward independent living is, “How much does it cost?” There are many factors that go into assisted living expenses, from level of care needed to how much space you want. At FellowshipLIFE communities, we offer several options to help you find the best fit for your financial plans.

FellowshipLIFE residency options

As an incoming independent living resident, your senior living expenses will vary based on which fee structure you choose. Our communities offer three different options to choose from. The numbers included are examples of costs for Fellowship Village.

• The Traditional Refund Plan: This plan includes an abundance of amenities and services at a lower entrance fee. Entrance fees range from $219,300 to $889,900 with no second person entrance fee. Monthly fees for this plan range from $3,811 to $7,511 for singles and an additional second person monthly service fee of $995.
• The 50% Refundable Traditional Plan: This plan provides a return of 50% of the entrance fee and includes the same amenities and services, but at a higher entrance fee. Entrance fees range from $427,625 to $1,735,300 with no second person entrance fee. Monthly fees are from $3,811 to $7,511 for singles and an additional second person monthly service fee of $995.
• The 80% Refund Plan: provides a return of 80% of the entrance fee so long as the resident never moves to long-term care. Should a resident move to long-term care, a 10% discount is applied to the then current per diem rate. Entrance fees range from $328,950 to $1,334,750 with no second person entrance fee. Monthly fees range from $2,900 to $7,511 for singles and an additional second person monthly service fee of $995.

For the first two plans, you may also benefit from a significant upfront and an annual medical deduction on your tax return, which can be used to help fund your senior assisted living costs. Consult with your tax professional to learn more about what options are best for you.

FellowshipLIFE communities are Life Plan Communities, which can also help safeguard against rising healthcare costs.

How to pay for assisted care living costs

There are five main options to pay for senior living. Any combination of these options can see you living the retirement of your dreams:

1. 1. Private funds, such as savings, Social Security payments, pension, retirement funds, etc.
2. 2. Selling a home
3. 3. Long-term care insurance
4. 4. Veterans’ aid
5. 5. Life insurance

H2: Find your new home at FellowshipLIFE

Finding the right community for your budget can take plenty of research. We’d love to have you come for a visit. Contact us today to learn more about our communities and which one meets your retirement and financial needs.