Author: hawthornseniorliving

January 10, 2024 | Assisted Living - Independent Living - Levels of Care - Senior Living | by hawthornseniorliving

Deciding on the Right Level of Senior Care

Facing the need for senior care can be a complex and emotional journey. We all yearn for our loved ones to thrive in environments that nurture their well-being and offer the support they deserve. Yet, navigating the diverse landscape of care options can feel overwhelming, shrouded in uncertainty and anxieties about the future.

It’s natural to worry about the impact on your loved one’s independence, comfort and sense of self. These concerns are valid, and we acknowledge the vulnerability that comes with finding the right fit. We understand that choosing the right care level is not just about ticking boxes; it’s about honoring individual needs and aspirations while ensuring a life filled with dignity and joy.

Our goal is to provide you with the knowledge and understanding you need to make the best choice for your loved one. We’ll explore the different types of senior care, their benefits and limitations, and offer practical tips to help you evaluate each option through the lens of your loved one’s unique needs and preferences.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

What’s the best way to choose the right level of care?

Balance your loved one’s need for support alongside their desire for independence. Consider safety but give them the freedom to do what they can for as long as they can. Maintaining self-worth and personal agency boosts feelings of well-being and improves quality of life.

The key to success is thinking ahead. Know your senior care options and the kinds of needs they support. Having a plan in place will keep your family from being forced to decide under pressure.

What are the options for senior living?

Retirement communities offer maintenance-free living in safe, age-friendly homes designed for adults aged 55 and older. An enriching lifestyle along with healthy dining creates a nurturing, social atmosphere that promotes a positive quality of life.

Independent Senior Living

These communities feature a range of housing options, from apartments to freestanding homes, providing a comfortable lifestyle. Residents in independent living have the freedom to maintain autonomy in their lifestyle with the support of family or through services that allow them to achieve independence through outside care. Independent living empowers older adults to access assistance when they need it and stay fully in charge of their health decisions in the living situation that feels right for them.

Assisted Living

Assisted living residents benefit from the same amenities but have an individualized care plan that lists extra services to help them with the activities of daily living.

Senior couple walking and smiling

Skilled Nursing Facilities

Patients receive hospital-level care from trained medical staff. Skilled nursing can provide:

  • Physical therapy
  • Occupational therapy
  • Speech therapy
  • IV therapy
  • Post-stroke, after-surgery and cardiac care

Memory Care

This level of senior care provides maximum personal assistance in a structured, secure environment for those diagnosed with dementia, Alzheimer’s disease and other cognitive difficulties.

In-Home Health Care

For seniors choosing to live at home, trained professionals bring medical care to their door.

How do you determine the right level of care?

As you weigh what level of care your loved one needs, consider these five areas.

Care needs assessment questionnaire

Based on your answers to this informal needs assessment, you can determine if the best situation is:

  • Independent senior living. Your loved one desires the freedom to maintain autonomy in their lifestyle with optional support from family or third-party services. They remain in charge of their health decisions and can access their choice of assistance then they need it. 
  • Assisted living or in-home health. Your loved one needs minimal assistance and supervision with daily activities like preparing meals and medication management. They can safely move around their home environment with the help of a walker or wheelchair, and they have good thinking and communication skills.
  • Assisted living, in-home health or skilled nursing facility. Your loved one requires hands-on daily assistance such as physical lifting, bathing and help with the tasks of daily living.
  • Skilled nursing or a memory care community. Your loved one requires maximum support with a caregiver doing most tasks for them.

Key factors in choosing a senior care option

You’re not alone in making this decision. Get input from your loved one and family members.

Quality of life

Some older adults thrive on the buzz of a big, social community. Others look for quieter one-on-one times and even a touch of solitude now and then. Natural landscapes or city streets? Arts and crafts or sports and physical activities? Retirement communities have monthly calendars of activities that will show you the themes and types of wellness that community supports.

Senior woman painting flowers on canvas

Care and Support

In assisted living, skilled nursing and memory care facilities, health care professionals and staff members work together on a needs assessment to create a personalized senior care plan. Mobility, medical conditions, fine motor skills, mental acuity, mood and awareness all play roles in this assessment.

Budget Considerations and Financial Planning

The key to affording senior care options is thinking long-term. Plan for annual rises in costs. Combining retirement income, savings and investments, along with funding from Medicaid or Veteran’s (VA) benefits, will get you started on a realistic budget. As the need for more assistance arises, the cost of senior living increases.

Legal and Contractual Aspects of Care Arrangements

When hiring in-home health or moving into independent senior living, assisted living, skilled nursing facility, or a memory care community, you will be asked to sign contractual agreements that will cover what will be provided, the financial responsibilities, and liabilities. Although the documents are long, read them carefully and consult a lawyer if necessary.

Professional Advice

Talk to people you trust.

  • Start with your loved one’s health care team. Attend appointments and check-ups as often as possible. Many hospitals have social workers on staff who can provide resources and counseling.
  • Ask a lawyer to review senior care contracts, and know your rights.
  • Enlist the aid of a financial planner or other knowledgeable professional to help you determine how much of the out-of-pocket costs you can handle.
  • Your local Eldercare can provide advice and connect you to services. They can answer questions about insurance and benefits, support services, housing, and legal rights.

Now that you’re familiar with your options for senior care, schedule visits to see these communities in action. Bring along your loved one and other family members and friends. Whether independent living, assisted living, skilled nursing, memory care or in-home care turns out to be the best fit for your loved one, you’ll feel confident you’re making the right choice at the right time.

Many families formalize agreements with family members. Caregiver contracts provide hourly wages to a relative or friend for at-home services. Talk to a lawyer about setting this up.

Find a Community

December 27, 2023 | Finance & Planning - Managing Costs | by hawthornseniorliving

Comparing the Monthly Costs of Senior Living

If your loved one is 65 years or older, there’s a 70% chance they will someday need long-term care services. With the price of senior living continuing to rise, financial comparisons play a crucial role in deciding the right path forward.

As you search for the ideal retirement community, you’ll discover a wide range of choices, from luxury villas to modestly comfortable living spaces. You’re also going to encounter a wide range of senior living costs. So when considering what your loved ones will be paying for senior living, how do you find a community that fits their needs as well as their budget?

This article focuses on the average monthly costs of senior living for assisted living, memory care, skilled nursing and home health. Pinpointing an exact amount depends on the type of senior care community and the lifestyle that’s best for your loved one. The geographic location and the number of services provided will lower or increase the fees and monthly rates.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

What are the different types of senior care?

Retirement communities offer maintenance-free living in a safe, secure, age-friendly home. Healthy dining and enriching activities combine to create a social atmosphere that keeps residents physically, emotionally and mentally strong. The monthly costs of senior living increase as the individual’s need for personal care rises.

Independent Living

Independent living communities for adults 55 and older feature apartments, condominiums, townhomes and freestanding housing. Residents are able to live on their own without the need for personal care.

Assisted Living

Residents enjoy the same amenities as those in independent living, but they also receive help with the activities of daily living like dressing, bathing, toileting and mobility.

Memory Care

This type of senior care provides a greater degree of personal assistance in a structured, secure environment for those diagnosed with dementia, Alzheimer’s disease and other cognitive difficulties.

Skilled Nursing

While recovering from an illness, surgery or injury, patients receive hospital-level care from trained registered nurses.

Continuing Care Retirement Communities (CCRC)

Independent senior living, assisted living, memory care and skilled nursing are housed in one building complex. The fee structure is based on contracts that allow access to services and care.

Home Health Care

Home health care brings trained personnel to your door. These visits provide basic medical care for people recovering from an illness, surgery, injury and long-term chronic conditions.

How much does assisted living cost?

Across the United States, the average cost of assisted living is $4,774 per month. Missouri has the lowest median cost ($3,183 per month). Alaska and Rhode Island top the chart with $7,246 per month. See how your state compares by using the Genworth Cost of Care Survey calculator.

If you’re looking for ways to pay for assisted living, it will be mostly out-of-pocket, perhaps financed by the sale of a home and savings. Medicare and most health insurance policies don’t contribute to the cost of long-term care, although you may be able to claim the costs as a medical expense on your taxes. Talk to your accountant to be sure. Medicaid coverage varies by state.

How much does memory care cost?

A safe, supportive memory care facility for people with Alzheimer’s disease, dementia and other cognitive difficulties is expensive due to the intense level of assistance needed by the residents.

Memory care usually costs 20% to 30% more than assisted living. The National Investment Center for Senior Housing and Care estimates the average monthly cost to be $6,935.

Medicare covers some of the costs of a memory care facility with things like meals, medication, hospital supplies and general nursing care. Medicaid may also cover some or even all of the costs for qualifying individuals for this type of senior care.

How much does skilled nursing cost?

Skilled nursing provides round-the-clock medically intensive care and therapies by trained nurses. The length of stay, number of services and the geographic area determine costs for this type of senior care.

The median monthly cost of senior care in a semi-private room is $7,908, while private rooms are $9,034. By state, Alaskans pay the most at $31,512, while Missourians pay the least at $5,262. Costs rise every year, so use the Genworth Cost of Care Survey calculator for the most current rates in your area.

Medicare Part A covers up to 100 days in a skilled nursing facility. After that, a long-term care policy can help if you have purchased one. A nursing facility must be Medicaid-certified in order for your eligible loved one to receive benefits.

Comparing costs of senior living infographic

How do assisted living, memory care and skilled nursing prices compare to the cost of home health care?

Many older adults wishing to stay in their homes require health care assistance. Licensed professionals such as nurses, certified nurse assistants, physical therapists and occupational therapists can help with bathing, eating, wound care, therapy and other medical care for short- or long-term disabilities and chronic conditions.

As with assisted living, memory care and skilled nursing, home health care costs vary by state. The national median is estimated at $30 per hour. The cost of living in your area, your state’s minimum wage, and the amount of assistance provided will bring the price up or down from the median.

When health care services are prescribed by a doctor, Medicare will cover eligible costs if the person is homebound and unable to be transported to medical treatment.

If your loved one is still a homeowner or renter, add housing, food and transportation to the monthly cost of senior living.

What other monthly expenses should be included in comparing senior living costs?

To compare costs across key dimensions to aid in decision making for senior care costs, we must use a variety of other fixed and variable monthly costs associated with living alone versus living in a senior living community. These include:

  • Food costs
  • Transportation costs
  • Lifestyle costs
  • Maintenance costs

Food costs

For many seniors, food costs can be an overwhelmingly large part of their monthly budget, whether they cook at home or dine out. When you look at the monthly cost of senior living and the time and effort it takes to create meals at home, you’ll find that one is definitely a better option than the other.

In 2023, the average cost per meal is $4.31 per meal. When choosing to dine out, the average cost of a meal is about $20.37.  For seniors living at home, it can be a mental and financial burden to plan, shop and prepare meals and snacks each day. Those no longer able to easily cook for themselves may only be able to afford and prepare convenience foods, which are often not only more expensive, they are usually not as healthy or nutritious as freshly-prepared meals.

In senior living communities, meals are included in the monthly rent, with a dedicated team that assists with ordering, serving and the ability to customize for specific dietary needs and preferences. Meals are sourced from fresh ingredients and with a rotating variety on the menu, allowing for excellent culinary experiences during every meal.

Transportation cost

When a senior lives on their own, transportation may not be always readily available when a resident needs it. Some seniors may rely on community shuttles, which can be inaccessible or not readily available when needed.

Further, many city shuttles work on a fixed route, leaving seniors without access to return home or to go where they truly need to go.

When residing in a senior living community, transportation is included at a residents’ request, offering free or low-cost accessible transportation services to medical provider appointments, community outings, and more.

While the route is customizable, all destinations are available, the service is also free – saving hundreds per month on cab rides to important appointments.

Lifestyle costs

Recreational and social activities are included in the monthly fee for senior living communities and many offer robust activity calendars to keep residents engaged through enrichment activities. These activities are provided on-site, so planning ahead is minimal.

With built-in activities, it is easier for residents to create and nurture relationships in the community with neighbors, new friends and the dedicated team members that interact with them every day. These meaningful connections help reduce isolation and improve overall mood and morale, benefiting both physical and mental health in seniors. This alone is one of the priceless benefits of a community when looking at the cost of senior living.

The power of connection is a benefit to the senior living community that cannot be achieved easily while living alone. A study shows that weak social connections are linked to higher rates of later-in-life cognitive decline and increased mortality, so having that extra support system around seniors is not only good for daily life, but long-term health.

In addition to socialization activities, amenities such as walking paths, fitness centers, onsite beauty parlors and common areas are huge perks for seniors living an independent lifestyle. In senior living communities, amenities and services are included in the price of senior living – complimentary housekeeping, linen, and laundry services, plus round-the-clock caregiving support as needed.

Maintenance costs

Finally, additional variable fees such as home maintenance and keeping up with utilities can become more of a hardship for seniors living alone, and those who assist them. A senior living on their own would pay additional costs per month for cleaning, activities and other personal services, and those individual costs can become very expensive.

Professional woman talking with seniors

How can I find a community that fits a retirement budget?

Don’t just rely on brochures or ads. Visit the types of senior care communities in your area and talk to the management and residents. Researching and comparing the monthly costs of senior living will help you find the best combination of price and lifestyle.

Start the search for retirement homes before your loved one has a condition requiring them to move. Having to decide in the middle a crisis or emergency brings extra stress to everyone.

Is it possible to get a discount or negotiate costs?

It definitely pays to ask.

  • After an assessment, the community’s advisor will give you a list of assistance services your loved one will need. Each service increases the monthly cost of senior living. Review that list to see if all the suggested help is truly required.
  • You can get leverage if you find out the community’s occupancy rate. If there’s not a wait list, you may be able to get an entrance fee (if there is one) or other costs waived. The end of the month is the best time to do this.
  • If you’re not comfortable haggling about price, placement agencies can help. They can also help you find the type of senior care your loved one needs.
  • Ask about move-in offers and incentives. You’ll probably see those on their website. These discounts bring down the monthly cost of senior living for a limited time.
  • Would your loved one be willing to share an apartment with a roommate? Sharing costs lowers the financial burden for you and another family.

Are there ways to manage senior care costs long-term?

Planning, investing and budgeting are key factors in managing senior care costs.

Woman reviewing paperwork with seniors

Long-term care policies are a form of insurance. You will pay premiums and make claims for reimbursement on health care services. Your policy will state how much money you can receive daily or monthly. Many long-term care policies have limits on how much they will pay and for how long. The younger you are when you buy this policy, the lower your premiums will be but the more premiums you’ll have to pay. Be aware that rates can rise every year.

A Health Saving Account (HSA) allows individuals to put away money before taxes to cover health care costs. After the age of 65, these dollars can be withdrawn when needed tax-free. It will help pay for insurance deductibles and copays, prescription drugs, qualified long-term care services and more. Spouses and dependents can use these funds as well.

Withdrawals from 401(k) plans are penalty-free after the age of 59 ½. These amounts are subject to tax unless it’s a Roth IRA. Talk to a financial planner about your investments.

Your loved one may have a Power of Attorney in place that allows a designated person to act on their behalf if they are not able. If there is no power of attorney and you are concerned about your loved one’s ability to manage their assets, you can work with a lawyer to create a court-appointed financial conservatorship.

Looking into senior care costs may come with a bit of sticker shock in the beginning. By being realistic about monthly budget, weighed with the inclusion of benefits of one monthly fee, you may find that one level of care – for instance, starting with home health care, may be the right decision for your loved one now, with the flexibility to move as abilities and needs change.

A move to a retirement community comes with tremendous benefits. Older adults thrive in a safe, supportive environment designed to help them age well. But with all the services and benefits, come financial considerations that require careful planning. The price of senior living can feel overwhelming. By comparing the senior care costs of assisted living, memory care, skilled nursing and home health care, you’ll make an informed financial decision that’s right for your loved one’s needs.

Disclaimer: This content is not intended as financial advice, remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

December 20, 2023 | Finance & Planning - Managing Costs | by hawthornseniorliving

How to Create a Budget for Retirement

When you hear “retirement budget,” what’s your first thought? Giving up the good things in life? Let’s turn your thinking around.

Retirement budgets provide insight into your finances so you can make your post-career dollars count. The earlier you plan, the better your chances of achieving your goals. Even if you are already in your post-career years, maintaining a budget is the best retirement strategy there is.

Financial planners say you’ll likely need 80% of your pre-retirement income, but it can vary depending on your spending. 

You don’t have to be an accountant or financial genius to calculate a retirement budget based on a fixed income. This article will help you create a strong budget that will consider the unexpected expenses in retirement. By estimating your monthly retirement expenses alongside your anticipated income, you’ll be well on your way to knowing how much you need to save to make your retirement years truly golden.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

Disclaimer: We Trust Professionals, So Should You: We create amazing homes for amazing people, but we are not financial advisors. This information is not intended as financial advice. We recommend always reviewing your important financial decisions with a licensed and qualified professional.

How do I start creating a retirement budget?

Start your budget by identifying your priorities—what you need and what you want. Compare these against your current situation and future goals for a clear roadmap.

The purpose of a retirement budget is to make you feel secure in your ability to achieve your goals. So, what are you looking for? Time with family and friends? Travel? Continuing education? Hobbies? Do you plan on staying in the same area you are living in now? In the same house?

With those things in mind, let’s estimate your expenses and income.

What expenses should I prepare for during my retirement?

The monthly cost of living should add up to the total of your needs, wants and unexpected expenses. As you look at what you’re spending now, be aware that some of those bills – for example, your mortgage, loan payments and life insurance policies – may continue for only a limited number of years.

Adults 65 and older usually spend approximately $52,141 per year (averaging $4,345 per month), according to the 2021 survey by the U.S. Bureau of Labor Statistics. The cost of living tends to rise every year, but households aged 75 or more spend a bit less. Everybody is a little different, and you may have additional expenses. This list will give you an approximate idea of your income requirements for your retirement years.

THE ESSENTIALS (Your Needs)

Your essential needs can be divided into four categories: housing, transportation, food and health care.

Estimate Retirement Budget Expenses

Source: U.S. Bureau of Labor Statistics

Housing

Since housing represents the biggest cost, ask yourself:

  • Do you plan on moving out of your house and downsizing?
  • Will you have a mortgage? If so, for how many years?
  • How much would a senior community cost in your area? You can get a ballpark figure by using the Genworth Cost of Care Survey calculator.

If you are going to be a homeowner through your retirement years, include all your utilities, insurance premiums, maintenance and repair costs in your retirement budget. Figure 1% of your home’s value to estimate annual upkeep and repairs. If your home is worth $500,000, saving $5,000 annually for maintenance can safeguard your property without straining your finances.

Estimated Health Care Retirement Budge Infographic

Source: Fidelity Benefits Consulting

As reported in our research on protecting your retirement savings, a couple over the age of 65 should have anywhere between $315,000 to $587,670 in savings to cover their health care costs in retirement. A single person may need at least $157,000, according to a Fidelity Retiree Health Care Cost Estimate. 

Long-term care can be financially challenging, with the average cost of a stay at a long-term care center averaging $4,500 per month. Medicare coverage for long-term care is limited, and while Medicaid offers financial assistance to those who qualify, it does not cover the entire cost.

A long-term care insurance policy can help you pay for these expenses, but the premiums for these policies can be high. It is important to consider your individual circumstances and financial situation to determine the best way to plan for long-term care costs.

Food

Your food costs will keep pace with inflation. The inflation rate for the past ten years averages out to 2.47% per year.

The Bureau of Labor Statistics estimates that the typical American over the age of 65 spends $6,940 a year on food. Seventy percent of that amount is groceries, while the other 30% goes toward dining out. Adjust this amount according to your lifestyle in your retirement budget.

DISCRETIONARY SPENDING (Your Wants)

Entertainment, travel, and hobbies offer a realm of possibilities within your control during retirement. Depending on your supplemental insurance, you might even enjoy perks such as free gym memberships, enhancing both your physical and financial well-being. As you navigate the marketplace for goods and services, don’t miss out on senior discounts.

Senior woman exercising

Remember, while reducing costs in this area is beneficial, we don’t want to eliminate these expenses, as they contribute to overall well-being and fulfillment. Social isolation, according to The National Institute on Aging, is associated with increased health risks, including heart disease, high blood pressure and a weakened immune system.

While being mindful of your retirement budget, consider the invaluable returns that investments in entertainment, travel and hobbies can yield for your health and happiness. Finding that sweet spot where you optimize your financial resources while fostering social connections is key to a fulfilling and well-rounded retirement lifestyle.

What can I expect my retirement income to be?

Dive into your revenue streams and add them up.

Senior couple reviewing paperwork
  • Social Security is great, but your benefits will only replace 40% of your pre-retirement earnings. How much can you expect? Use the benefit calculator on the SSA website to find out.
    • If you’re retired and receiving Social Security benefits, you can work full or part time without any earning restrictions.
  • Add in your savings accounts and Certificates of Deposit (CDs).
    • Although the value of your stocks and bonds will fluctuate, look at your financial statements for the percentage of year-over-year gains.
  • Calculate the worth of your Treasury savings bonds.
  • If you worked for a company that offers a pension, read the annual statement for your pension, or if you don’t have access to it, reach out to your former employer’s benefits department to request a copy or assistance getting the information you need.
  • Now is when yourcontributions to traditional and Roth IRAs pay off.
    • After the age of 59.5, you can withdraw funds without a penalty.
    • Between the ages of 70 and 72, the IRS requires you to start taking minimum distributions (RMD). These amounts are taxed. Use the RMD Worksheet to calculate how much you will need to withdraw.
    • A Roth IRA does not require withdrawals, nor do you have to pay taxes on the money you take out.
  • If you have a personal retirement annuity that offers additional savings opportunities beyond your IRA or 401(k) contributions, consult with your financial advisor to develop an optimized withdrawal strategy that minimizes your tax liability.

The earlier you retire, the less time you have to build up your golden nest egg. You’ll also need more money to carry you through those extra years. A certified financial planner can help you estimate what your total worth will be at your desired retirement age.

How can I make sure my retirement budget is realistic?

Before you start a sample retirement budget, take a few months to track spending and savings trends. Look at your financial picture over time rather than a quick snapshot.

As you forecast the income you will realize from your investments, use The Rule of 72. Divide 72 by the expected annual rate of return on your investment. For example, if your rate is 8%, it would take nine years until that amount would double. (72 divided by 8 equals 9.) If you invested $10,000 at a rate of 8%, it would take nine years to turn that amount close to $20,000.

To understand how much money you can safely withdraw from investments each month, use the 4% Rule.

  1. Start with the retirement balances from your investments. Let’s say you have an IRA account that has $300,000 at your retirement date.
  2. Multiply that amount by 4% (0.04). $300,00 X 0.04 = $12,000.
  3. Divide the 4% by 12 months. In our example, that would be $12,000/12 equaling $1,000 per month.
  4. Add the 4% ($1,000 per month) to your other sources of income.

The next year you can withdraw 4% again but add in a small increase for the cost of inflation. This retirement budget strategy should help your investments last.

Many financial websites have a retirement budget planning tool or you can talk to a certified financial planner. The more you know, the better you’ll understand, empowering you with knowledge for a bright retirement.

How can I plan for the unexpected costs in retirement?

You can’t foresee life’s challenges, and retirement can bring unexpected expenses just like before. Medical costs, long-term care, losing a spouse, investment market changes, inflation and even a grandchild’s wedding can strain your retirement budget.

Life throws us curveballs, and that’s okay. When unexpected expenses pop up, it’s time to revisit your budget. Think of it like giving your financial plan a tune-up. You might need to temporarily tighten your belt or explore ways to boost your income. But don’t panic; it’s just a matter of getting your budget back on track. Remember, your budget is a living document, meant to adapt to life’s ups and downs.

Here are some proactive tips to help you prepare for unexpected retirement costs:

  1. Establish a cash reserve in a high-yield money market account.
  2. Set aside three to six months of living expenses in emergency funds.
  3. Diversify your investments with the help of a certified financial planner.
  4. Consider buying long-term care insurance.
  5. If you’re under 65, contribute to a health savings account (HSA). These are available through your employer, banks and other financial institutions. You can withdraw money before taxes for medical expenses. These expenses include long-term care, doctor visits, prescriptions, ambulance costs, psychiatric care, and more.

How do I keep my retirement budget on track?

Review your budget periodically and even try it out for several months. If you’re not retired now, see if you can live comfortably on the amounts you have set. Put the extra dollars into your savings or pay off debts. If you are retired, track your expenses and income every month and compare the amounts. 

A financial planner can help you manage the economic factors that might affect your income. Low interest rates, changes in the stock market and inflation can all put a dent in your savings. Rebalancing your portfolio will help keep you on a positive course. 

Young woman reviewing paperwork with seniors

Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

December 13, 2023 | Finance & Planning - Managing Costs | by hawthornseniorliving

How to Cut Costs for Retirement

How do you know if you’re saving enough for retirement? It’s a question we ask ourselves often. We all want our golden years to be stress-free, but the financial planning part can be confusing. If you’ve ever wondered how to ensure your retirement nest egg not only lasts but thrives, you’re in the right place. This isn’t about pinching pennies; it’s about finding ways to make your money go further.

Financial planners estimate that you will be spending 70% to 80% less during your retirement years than while you were working, so now you must consider if your savings, investments and Social Security will add up to the lifestyle you desire.

What is a realistic budget for retirement? There’s no one-size-fits-all strategy that will work for everyone, but we can all use a good financial tune-up from time to time. In this blog, you’ll learn practical strategies, smart budgeting tips and lifestyle adjustments that empower you to trim unnecessary expenses while safeguarding your retirement goals, even on a fixed income.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

Cost-Cutting Strategies: Living at Home or Moving to a Retirement Community?

Aging in place

The desire to remain at home as we age, also known as aging in place, holds great appeal. But certain costs come with it. If you are seeking to remain in your home, you’ll have to budget for groceries, transportation, home safety and accessibility modifications, social activities, and home health care. While aging in place can be a viable option, it’s crucial to approach it with realistic expectations and careful planning.

Another idea to consider is downsizing in the retirement years. Housing costs represent the biggest personal budget expenditure. A smaller home comes with lower utility and maintenance costs. Using assets to pay off a mortgage eliminates a hefty monthly bill.

Senior living

A move to a retirement community can be rich in financial, physical and emotional benefits. Some independent living communities offer an all-inclusive monthly fee that covers rent, meals, amenities, transportation and recreation.

Not only will you know what you’ll be spending monthly, but you’ll be enjoying an active lifestyle in an enriched environment created especially for older adults. The proceeds from selling a house is one way to pay for a senior living community.

What Does Long-Term Care Insurance Cover?

Long-term care is for individuals who need help with the activities of daily living such as eating, dressing and bathing. These services can be provided through in-home support agencies or given in a residential community. A long-term care insurance policy pays for the services that Medicare doesn’t cover.

The younger you are when you purchase long-term care insurance, the lower your premiums will be. However, getting a policy at an older age – for example, 60 to 65 – may offer better affordability with higher premiums but less total dollars paid. In other words, while premiums may be higher if you purchase a long-term care policy at an older age, you may still save money in the long run because you will pay premiums for a shorter period of time.

Senior woman reading paperwork

How can I cut the costs of long-term care?

  • Enroll in Medicare as soon as you qualify. Your initial enrollment period begins when you turn 65. You can start the process as early as three months before your birthday, and the period ends three months after the month you turn 65. Medicare will pay for care in a skilled nursing facility for 100 days.
  • Read more about Medicare benefits by downloading Medicare and Home Health Care.
  • Explore Supplemental and Advantage insurance plans. You will pay monthly premiums based on the policy you choose, but they help pay for medical costs that Medicare does not. Some plans offer extra coverage for hearing, dental, vision and even gym memberships.
  • Medicare drug coverage (Part D) can help with the cost of prescription drugs. Review your plan to see if your specific prescriptions are covered. Ask your pharmacist about coupons and other savings programs you can use.
  • If you’re under 65, contribute to a health savings account (HSA). This is available to you through banks, credit unions and other financial institutions even if you’re not working. Your pre-tax contributions can be withdrawn tax-free and used for qualified medical expenses that include long-term care, doctor visits, prescriptions, ambulance costs, psychiatric care and more.

What Is the Best Fixed-Income Strategy?

The simple answer is planning and budgeting.

People spend the most money on housing, transportation and food. No surprise there, but in order to understand where your dollars are going, write down every purchase and payment you make, no matter how small. Whether it’s a cup of coffee or a major home improvement project, keep track.

Divide your expenses into Needs, Wants and Savings/Debt Payment.

What is your income? Add up:

  • Social Security
  • Supplemental Security Income (SSI)
  • Pensions
  • Withdrawals from 401(k) or 403(b) plans
  • Part-time salaries
  • Income from rental properties and other sources

With your income total, allocate 50% to Needs, 30% to Wants and 20% to Savings/Debt Payment. How do your spending and income numbers match up? This exercise can be a real eye-opener and point to areas where cost-cutting is needed.

If you’re still employed, start saving early and contribute to individual retirement accounts that work to your tax advantage.

How Can I Cut Back on Spending When I’m on a Fixed Income?

If you’ve created your budget, you know where you’re spending your money. Now you can make thoughtful changes, not painful ones.

  • If you’re living with a spouse or partner, do you really need two cars anymore? Now that you’re in your post-career years, you can easily cut the cost of gas, maintenance and insurance in half.
  • You can lower your home and auto insurance by paying a higher insurance deductible. If that’s a risk you’re willing to take, you’ll pay less each month. Shop around for a less expensive policy. The insurance business is highly competitive, and the differences in rates may surprise you.
  • Now that you have a fixed income, make your best effort to pay down any debt. Refinance your mortgage if there’s a lower rate available, downsize or move to a senior community within your means.
  • Are there life insurance policies you no longer need? Cashing those in may give you the extra funds to pay off other debts.
  • You may be paying for fees that are taking money out of your investments. Review your financial statements, and if the fees aren’t stated plainly, give the bank or institution a call.
  • Internet, cable and streaming costs keep creeping up. If you’re not enjoying or watching some of those channels, cancel them. Call your provider and ask if you’re eligible for the Affordable Connectivity Program. The ACP is a federally funded program that could decrease your bill by $30 or more.
  • Vacations are not out of the question. Significant savings can be had if travel time is scheduled during the off-season. As a bonus, there will be fewer tourists competing to see the same attractions.

How can I help my loved one adjust to living on a fixed income?

After all their years of nurturing support, you want to be there for your loved one during these important years. Here are five ways to help without becoming responsible for their bills.

Fixed income adjustment tips gardening infographic

Unlock Your Financial Security

No grand secret exists to maximizing your retirement savings. Safeguard your hard-earned dollars by using common-sense budgeting strategies and trimming unnecessary expenses. Arm yourself with knowledge and take advantage of the benefits and financial programs designed for older adults living on a fixed income.

November 29, 2023 | Finance & Planning - Managing Costs | by hawthornseniorliving

How to Protect Your Retirement Savings From Health Care Expenses

Retirement is a time to relax and enjoy life, free from the demands of work. It’s also a time when we naturally focus more on our health and well-being, both physical and financial. One important aspect of retirement planning is anticipating and managing health care costs. While we can’t predict exactly how much we’ll need for health care expenses in retirement, it’s helpful to consider factors like insurance premiums, potential out-of-pocket expenses and common medical costs. Fortunately, there are strategies to proactively manage and potentially reduce these expenses.

Our goal is to empower you with the knowledge and tools needed to make informed decisions, so you can plan for your health care expenses with confidence. Whether you’re about to retire or have already taken that leap, this guide will provide valuable insights and strategies that can help you achieve a secure retirement.

Statement of Fairness: Considering senior living options for yourself or a loved one?  We’re here to help at every step.  And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer.  When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

The Importance of Health Insurance in Retirement

Health insurance is your safety net. As we age, health risks increase, and so do medical care costs. That’s why it’s important to have health insurance in retirement. Health insurance can help you cover the costs of a wide range of medical expenses, including:

  • Doctor visits
  • Hospital stays
  • Prescription drugs
  • Preventative care services
Senior sitting on examination table with doctor in front of her

Without health insurance, you could be on the hook for thousands of dollars in medical expenses, which could quickly deplete your retirement savings. There are several different health insurance options available to retirees. You can purchase a plan through the Health Insurance Marketplace, or you may be eligible for retiree health insurance through your former employer. If you’re not sure which option is right for you, you can talk to a health insurance agent or broker.

Here are some tips for choosing a health insurance plan in retirement:

  • Consider your health needs. What are your current health concerns? Do you have any chronic health conditions? Who is your current health provider, and do you want to continue seeing them? What extra benefits are important to you (i.e., dental, vision, hearing, etc.)?
  • Compare different plans. Once you know what you need, compare different plans to find the one that’s right for you. Consider the cost of the plan, the benefits it covers, and the network of doctors and hospitals it includes.
  • Talk to a financial advisor. A financial advisor can help you understand your health insurance options and choose a plan that fits your budget and retirement goals.

Medicare and Medicaid Coverage

Understanding the intricacies of programs like Medicare and Medicaid is crucial to ensuring comprehensive and affordable health care. These two government programs can help you pay for essential health care costs, but they have different eligibility requirements and benefits.

Medicare and Medicaid infographic
Medicaid infograph

What is Medicare?

Medicare is a federal health insurance program for individuals aged 65 and older. The Initial enrollment period to sign up for Medicare begins three months before you turn 65 and ends three months after the month you turned 65. Visit Medicare.gov for more information about the enrollment process. You can even answer a few simple questions to determine when you should sign up and how to sign up.

Medicare consists of different parts, each covering specific services:

  • Part A – Hospital Insurance: Covers inpatient hospital stays, skilled nursing facility care, hospice care and some home health care.
  • Part B – Medical Insurance: Covers outpatient care, doctor visits, preventive services and some home health care.
  • Part C – Medicare Advantage Plans: Private insurance plans approved by Medicare, often covering Part A, Part B and sometimes Part D benefits.
  • Part D – Prescription Drug Coverage: Helps cover the cost of prescription medications.
4 points of medicare infographic
Resources to reduct level of care infographic

Since Medicare doesn’t cover all expenses, many adults purchase Medigap policies to fill the gaps in coverage. These supplemental insurance plans can help with copayments, deductibles and other out-of-pocket costs.

How are the insurance premiums and deductibles linked? In most cases, if a health plan has a higher deductible, it comes with a lower monthly premium. By being prepared to cover more of your health care costs up front when necessary, you can reduce your monthly expenses.

Prescription drugs: Prescription drugs can be another significant expense in retirement. Medicare Part D helps cover prescription drug costs, but it has a monthly premium and deductible. You may also need to pay copays and coinsurance for some drugs. Research generic alternatives to save on costs whenever possible. The Food and Drug Administration (FDA) has a searchable database of all FDA-approved drugs. You can search by brand name or active ingredient for availability of generic alternatives. Then, you can talk to your doctor and pharmacist to make sure you’re getting generic prescriptions when possible.

Long-term care: Long-term care is the type of care you need if you are unable to perform activities of daily living (ADLs) on your own, such as bathing, dressing, and eating. Medicare does not cover long-term care, so you will need to pay for it out of pocket or with long-term care insurance.

Dental and vision care: Medicare and other forms of insurance do not cover dental or vision care. This includes importance services like routine dental check-ups and cleanings, eye exams, prescription glasses and extensive procedures. Dental and vision insurance plans can help to offset the cost of preventive care and major procedures. There are a variety of plans available, so it is important to compare coverage and premiums before choosing a plan.

Out-of-pocket expenses: Even with insurance, many adults may have to pay for over-the-counter medications such as pain relievers and allergy medications; medical equipment, such as a wheelchair or walker; hearing aids; and transportation to and from medical appointments. While these expenses may seem small, they can add up over time. It is important to include these costs in your financial plan so that you are prepared to pay for them.

Long-Term Care Insurance Options

As mentioned above, Medicare does not cover long-term care. While we think we won’t need it, having long-term care insurance (LTCI) is a wise decision for the future, especially if the need for long-term care arises unexpectedly. The best time to buy LTCI is when you’re healthy and relatively young. Premiums are lower for younger people, and you’re more likely to be approved for a policy. LTCI policies can help you cover the expensive costs associated with skilled nursing care, assisted living and in-home care.

There are two main types of LTCI:

  • Traditional LTCI: This type of policy covers the cost of long-term care services up to a certain amount of money, usually per day or month. You can choose how long you want to be covered for, and you can also choose a waiting period, which is the amount of time you must wait before your coverage begins.
  • Hybrid LTCI: This type of policy combines LTCI coverage with another type of insurance, such as life insurance or an annuity. Hybrid policies can be more complex than traditional LTCI policies, but they can also be more flexible and affordable.

Ways To Reduce Health Care Costs in Retirement

The average American couple aged 65 and older can expect to spend an estimated $300,000 on health care expenses in retirement. The good news is that there are steps you can take to reduce your costs. Here are a few tips:

  1. Plan ahead. The earlier you start planning for health care costs, the better. This will give you more time to save money and find ways to reduce your expenses. You can also estimate costs by using a retirement calculator. This will help you determine how much money you need to save for health care in retirement.
  2. Enroll in Medicare as soon as you are eligible. Understanding the enrollment periods and signing up on time ensures you have comprehensive coverage.
  3. Shop around and compare prices of services and medications. By comparing prices, you can identify more affordable options, potentially saving you hundreds or even thousands of dollars annually.
  4. Prioritize your health and wellness. This means eating a healthy diet, exercising regularly and getting regular preventive care checkups.
  5. Take advantage of discounts, coupons and loyalty programs. Pharmacy chains often have loyalty programs that reward you for your patronage. These programs provide discounts on medications, vaccinations and even daily essentials. Understanding how to access and use these programs can make a big difference in your budget.
  6. Tax Deductions. Certain health care expenses are tax-deductible. Learn which medical expenses qualify for tax deductions and how to maximize your savings during tax season.
  7. Invest in an HSA (Health Savings Account). An HSA allows you to save pre-tax money for medical expenses, providing a financial cushion for health care costs.

Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

November 22, 2023 | Finance & Planning - Independent Living - Managing Costs | by hawthornseniorliving

How Independent Senior Living Can Stretch Your Retirement Budget

Choosing independent senior living can be a smart financial decision for many adults. With the rise in the cost of living, it’s important to find ways to save money while still maintaining a high standard of living. Independent senior living communities offer a range of benefits that can help you do just that.

Explore how choosing all-inclusive independent living can save you money in the long run, from reduced maintenance costs to included amenities and services. The key to gaining financial freedom in your retirement is to find a balance between your desired lifestyle and financial security. We will explain the benefits of independent senior living and how it can stretch your retirement budget, providing not just a comfortable home but also financial freedom.

Statement of Fairness: Considering senior living options for yourself or a loved one?  We’re here to help at every step.  And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer.  When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

Disclaimer: This content is not intended as financial advice. Remember to review your plans and budgets with a licensed financial professional when making significant financial decisions.

What Is Independent Senior Living?

Independent senior living refers to residential communities designed specifically for adults over the age of 55, and in some cases over the age of 62, who can live a lifestyle without the intervention of care services offered by the community where they reside. These communities may offer a range of housing options, from apartments and condominiums to cottages or patio homes, where individuals are able to maintain their independence and access various amenities and services.

Unlike assisted living communities, residents in independent senior living communities do not receive care and assistance with activities of daily living as coordinated by the community, but they may promote their own independence through the assistance of third-party providers or family members. The social opportunity and added convenience of a maintenance-free lifestyle can be a highly appealing introduction to senior living for many people.

Why Choose Independent Living Sooner Rather Than Later

Imagine a community where you don’t have to worry about cooking meals, washing dishes or mowing the lawn. Where exercise classes, social activities and clubs are offered on-site. And where your friends live right next door. That’s independent living. And choosing independent living when you’re younger allows you to take full advantage of all the great offerings. These communities are not just places to reside; they are vibrant hubs of activity, social connection and enrichment.

Seniors sitting by firepit

Independent living communities offer a myriad of benefits to residents, including maintaining independence, enhancing social interactions, focusing on health and wellness, ensuring safety and security, enjoying a stress-free living environment, and achieving peace of mind through careful financial planning. By making this choice early, older adults can truly embrace the freedom and fulfillment that their well-deserved retirement years have to offer.

How Can Independent Senior Living Make My Money Go Further?

One of the biggest expenses in retirement is housing. If you own a home, you’ll have to pay for property taxes, homeowners insurance and home maintenance. Even if you don’t have a mortgage, these costs can add up, especially as you get older and need more assistance with home maintenance.

Social and Recreational Opportunities

Maintaining an active social life and engaging in recreational activities are essential aspects of a fulfilling retirement. Independent living communities offer a variety of social events, clubs, and classes, often at no extra cost. These activities not only enrich your social life and promote health and wellness, but they also prevent the need for costly entertainment options outside the community.

Seniors putting together a puzzle

Downsizing and Cost Efficiency

One of the significant advantages of independent senior living is rightsizing, also known as downsizing. These communities often offer smaller, easier-to-manage apartments or cottages. By downsizing, you reduce maintenance costs, property taxes and utility bills, freeing up a considerable portion of your budget for other necessities or leisure activities.

How To Pay for Independent Living

Most adults pay for independent living using personal funds, such as retirement savings, pensions and income from investments. Some may also be eligible for government assistance or private insurance programs that can help cover the cost of independent living. Here are some of the most common ways to pay for independent living:

  • Personal funds. This includes retirement savings such as 401(k)s and IRAs, as well as pensions and income from investments.
  • Government assistance. The U.S. Department of Housing and Urban Development (HUD) offers several programs that can help low-income seniors afford independent living, including Section 202 subsidized housing and the Section 8 Housing Choice Voucher Program.
  • Private insurance. Some long-term care insurance policies may cover the cost of independent living, especially if you require some level of personal care assistance.
  • Life settlements. A life settlement is a financial transaction in which you sell your life insurance policy to a third party for a lump sum of cash. This can be a way to free up money to pay for independent living, but it’s important to weigh the pros and cons carefully before making a decision.
  • Consider a roommate. Choosing to share an apartment with a roommate in senior living cuts the cost of one of the biggest monthly expenses in retirement: rent. You’ll also get companionship and have less space to take care of.
  • Talk to a financial advisor. Ultimately, navigating your retirement journey with confidence requires expert guidance. Connecting with a seasoned financial advisor is the most proactive step you can take. These professionals specialize in crafting personalized plans tailored to your retirement goals. By consulting with a financial advisor, you gain invaluable insights into structuring your finances effectively. They can assist you in formulating a strategy for covering the costs of independent living with a plan tailored precisely to your unique needs.

Tips for Saving Money in Independent Senior Living

Independent senior living communities offer a great way for adults to maintain their independence while enjoying the benefits of community and support. However, the cost of independent senior living can vary widely, so it’s important to plan ahead and save money where you can. Here are some tips to keep in mind:

  • Choose a community that fits your budget.Not all independent living communities are created equal. Some communities are more expensive than others, so it’s important to shop around and find a community that fits your budget.
  • Take advantage of discounts and promotions. Many independent living communities offer discounts to residents. For example, you may be able to get a discount on your rent if you sign a long-term lease.
  • Take advantage of community resources. Many independent living communities include various activities, amenities, and services in the monthly rent. This includes transportation services, wellness programs, and educational classes. Take advantage of these resources to save money and stay healthy.

It’s not just a matter of saving money – it’s about embracing a fulfilling lifestyle that enhances your overall well-being while securing your financial future. Consider exploring independent senior living options to make the most of your retirement years both financially and emotionally.

October 20, 2023 | Selecting Your Ideal Community - Senior Living | by hawthornseniorliving

What Is Short-Term Senior Living?

When it comes to senior living options, there’s no one-size-fits-all solution. Adults today are increasingly seeking flexibility and variety in their retirement years, and one option gaining popularity is short-term senior living. The decision to explore a short-term stay at a senior living community can be a transformative experience, offering a unique window into a world of possibilities. Whether you’re seeking respite care, a taste of retirement community living, or simply a change of scenery, short-term stays provide an enriching opportunity.

Let’s explore the concept of short-term senior living, its benefits and why it might be the perfect choice for active adults looking to embrace adventure and flexibility in their retirement years.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

What is short-term senior living?

Short-term senior living, also known as respite care or a trial stay, offers adults the opportunity to experience the perks of senior living communities without the long-term commitment. It’s a flexible option that can range from a few weeks to several months, allowing seniors to explore new communities, make new friends and enjoy the amenities and services offered by senior living communities. It’s like taking a “test drive” of retirement living without fully relinquishing the comforts of home. 

Short-term senior living is also an excellent option for various situations, including post-hospitalization recovery and caregiver respite. If family members are on vacation and regular supports at home aren’t possible, or if your home is being renovated and you don’t want to stay in a hotel, a short-term stay offers a solution.

You will stay in a private furnished apartment and have access to all the amenities and services the community offers. Short-term stays offer a range of services tailored to the individual’s needs, promoting independence and providing a safe environment for adults to thrive.

What are the benefits of short-term senior living?

The freedom to explore. One of the greatest perks of short-term senior living is the freedom it offers. You’re not locked into a long-term contract or commitment, which means you have the flexibility to explore different communities, locations, care levels and lifestyles. It’s an excellent way to try out different options and see what suits you best without feeling like you’re making a permanent decision.

Senior woman using ropes in the gym

Peace of mind for loved ones. Short-term senior living can also provide peace of mind to your loved ones. If your family is concerned about your well-being or need a break from caregiving responsibilities, a short-term stay in a senior living community can be a win-win solution. They’ll know that you’re in a safe and supportive environment, while you get the chance to relax and recharge.

Customized care. Many communities that offer short-term senior living also offer personalized care plans, which means you can receive the level of assistance you need, whether it’s minimal help with daily tasks or more comprehensive care. This will depend on the level of care offered at a community, whether it be independent living or assisted living or both. 

Seniors and staff talking at a table

How much does a short-term stay cost?

Every senior living community is different when it comes to rates, but expect to pay between $99 to $250 or more daily. In addition, ask for a copy of the community’s financial policies to see what is included in the rate versus additional fees. You may have price options based on meal plans, the amount of assistance needed and activities. Note that Medicare and Medicaid only cover specific types of short terms stays and it’s important to check with your program specifics. 

Is short-term senior living right for you?

Short-term senior living isn’t just for respite care; it’s a chance to enrich your retirement experience and explore new possibilities. Here are some factors to consider when deciding if it’s the right fit for you:

  • Flexibility. Are you looking for a flexible living arrangement that doesn’t tie you down to a long-term commitment? Short-term stays allow you to come and go as you please.
  • Social interaction. If you’re seeking a more social and engaging retirement lifestyle, short-term stays offer abundant opportunities to connect with others.
  • Support needs. Depending on your health and support requirements, short-term senior living can be a suitable choice. Many facilities provide varying levels of care to accommodate individual needs.
  • Temporary respite. If you’re a caregiver in need of temporary respite or if you’d like your loved one to experience the benefits of senior living while you take a break, short-term stays can be an excellent solution.

September 29, 2023 | Selecting Your Ideal Community - Senior Living | by hawthornseniorliving

Aging in Place: The Truth Behind the Trend

Home. If just the sound of that word makes you feel all warm and cozy, you’re not alone. Three out of four adults aged 50 and older say they want to live in their own homes and in the same community as they grow older. The concept of “home” often holds a special place in our hearts. It is where cherished memories are created, where comfort and familiarity reside. 

For many of us, the desire to age in place – to remain in our own home as we grow older – is a natural inclination. However, like any significant decision, there are both advantages and challenges to consider when opting for this path. 

Right now, you may think that your current home is where your heart is. But before you make that decision, let’s consider what staying in your home would mean for you. In this article, we’ll explore the realities of aging in place, empowering you with insights to make an informed decision that resonates with your unique journey.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in independent and assisted living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

What does aging in place mean?

According to the Centers for Disease Control and Prevention, aging in place is “the ability to live in one’s own home and community safely, independently and comfortably, regardless of age, income, or ability level.” Everyone wants to be in control of their own lives, and being able to make that decision for yourself gives you a sense of satisfaction and peace of mind.

Senior and daughter reviewing paperwork

The appeal of aging in place 

Aging in place holds undeniable appeal, as it allows us to stay in a familiar environment where we have likely built cherished memories over the years. The appeal extends beyond physical spaces; it’s about preserving the emotional sanctuary that home represents. Aging in place empowers individuals to maintain their independence, crafting routines and rhythms that resonate with their unique lifestyles. 

It fosters the continuation of community bonds, enabling the cultivation of enduring relationships with neighbors and friends. While most of us dream of living out our days in the homes we love, there are many factors that can make aging in place difficult, and choosing to do so comes with certain costs that many don’t consider. Staying at home requires thoughtful preparation to ensure a safe, comfortable and supportive environment that caters to your evolving needs. 

What resources are available if i choose to remain at home?

The services you will require depend on your health and your family support system. Check your local Area Agency on Aging. They can help with assistance finding resources such as:

  • Meal deliveries, like Meals on Wheels
  • Transportation options
  • In-home health care agencies that offer medical services within a person’s residence, such as nurses, physical or occupational therapists or aides to assist with routine tasks
  • Senior centers that offer events, programs and adult day services
  • Health and wellness programs
  • Referrals to legal agencies, contractors and more

Is aging in place a good idea?

When it comes to aging in place, every situation is different. You love your home for so many reasons. You’re proud of it. Living in your own home makes you feel independent and in control. But no matter how comfortable your home is, aging in place has its own challenges. So, if you aren’t sure aging in place is ideal for you, what should you do?

Having an open and honest heart-to-heart conversation with your family can be incredibly beneficial. This kind of dialogue can shed light on your loved ones’ thoughts and perspectives, which you might not have been aware of previously. 

Recognizing that their concerns stem from their love and care for you can make the discussion more comfortable and constructive. It’s essential to keep in mind that as your health needs evolve, exploring options like home health care services or long-term care becomes crucial to ensure you receive the necessary medical attention and support.

What are the disadvantages of living at home as an older adult?

Senior man using a leaf blower

Not all older adults encounter the same problems, but aging in place has disadvantages.

  1. Home maintenance. Household chores become increasingly challenging as both you and your home age together. Finding reliable help for household chores can be a hit-or-miss experience, making it harder to ensure your living environment remains comfortable and safe.
  2. Meals. Meal preparation becomes more complicated when cooking for just yourself or a small household. This often leads to skipping meals, resulting in inadequate nutrition and potential health issues.
  3. Transportation. As we age, transportation becomes a growing concern. Finding rides to appointments and going out to purchase essentials can be a daunting task, limiting our ability to maintain an active and independent lifestyle.
  4. Accessibility and safety. Getting older can cause our mobility and health needs to shift, making falls and accidents more prevalent. Aging in place may require you to implement safety measures to mitigate these risks. Modifying a home to accommodate these changes can be expensive and require extensive renovations, making it necessary to evaluate the feasibility of adapting the existing living space. 
  5. Limited access to care. While aging in place allows independence, it can become a challenge when access to necessary health care and caregiving services is limited. In case of emergencies or deteriorating health, being far from medical facilities can have severe consequences.
  6. Loneliness. Seniors may find themselves dealing with reduced mobility, which can lead to social isolation. Being confined to the home can limit opportunities for social interactions, leading to loneliness and feelings of detachment from the outside world.

These stressors can have a significant impact not only on your physical and mental well-being but also on the well-being of your loved ones who deeply care about you.

How will my finances be impacted if I stay in my home?

Senior man looking at credit card

Aging in place comes with costs. The things that are affordable now will only grow more expensive in five or 10 years. You’ll need to budget for the following major expenditures in addition to health care and other essentials.

More extensive remodeling can bring your bill up even further. While these changes make it easier for you to age in place, they may make your home harder to sell and affect its value.

How will my finances be impacted if I choose senior living?

That depends on your choice of retirement community. There are plenty of options to choose from, catering to almost every unique lifestyle and budget. To learn more choosing the right retirement community, read our blog. 

For seniors seeking an active and independent lifestyle with the added benefits of community amenities and services, independent living communities stand out as an ideal choice. Typically, these communities operate on a simple monthly rent basis, encompassing all the additional perks without any hidden charges. 

This transparent billing system provides a sense of reassurance, allowing you to embrace a worry-free experience. With a straightforward rental agreement, you have the freedom to relish the community’s offerings for both short- and long-term stays as part of your senior living journey.

Finding Your Perfect Balance

Ultimately, the choice between aging in place and alternative living arrangements is deeply personal and requires a holistic evaluation of the potential challenges and costs. It’s important to consider your physical health, support network, financial resources and personal preferences.

While aging in place can be a viable option, it’s crucial to approach it with realistic expectations. Balancing the desire for independence with the acknowledgment of potential obstacles is key to ensuring a fulfilling and secure future. Remember that you’re not alone in making this decision—reach out to loved ones, friends and professionals to help you navigate this journey.

By arming ourselves with knowledge, addressing challenges head-on and seeking appropriate support, we can pave the way for a rewarding future. As you contemplate this important decision, remember that there’s no one-size-fits-all answer. Your journey is unique, and your choice should reflect your desires, needs and dreams.

September 14, 2023 | Assisted Living - Selecting Your Ideal Community | by hawthornseniorliving

Assisted Living: Embracing Independence With Support

Is it time to make the move to an assisted living community?

As adults get older, it’s important to acknowledge and address changing health care needs. Assisted living is a popular senior care option that strikes the perfect balance between independence and support. However, families often delay making a decision to move until a crisis occurs. As a result, people are forced to make decisions under pressure.

If you’ve witnessed yourself or a loved one face physical hurdles with day-to-day tasks, like cooking, cleaning, or even bathing, it might be time for a positive transformation. Start exploring residential assisted living, and you’ll discover that older adults in these residences can still enjoy an engaging, active lifestyle.

In this comprehensive blog, we will delve into the essence of assisted living, exploring the diverse range of services it offers and understanding the financial considerations involved. Armed with this knowledge, you can make a well-informed decision that ensures you or your loved one thrive in a nurturing and compassionate environment.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebars.

What is residential assisted living for seniors?

Assisted living is a specialized residential option that bridges the gap between independent living and round-the-clock care. It is designed for seniors who require some level of assistance with daily activities, such as bathing, dressing and medication management. These communities provide a safe and supportive environment, ensuring that residents receive the personalized care they need while preserving their dignity and autonomy. Residents are encouraged to live as independently as possible and participate in engaging social and physical activities.

Is my loved one a good candidate for assisted living? 

Assisted living senior housing is ideal for older adults and individuals who:

  • Still want to experience a socially active lifestyle
  • Desire to stay independent despite chronic health conditions
  • Are unable to maintain their own home or drive safely
  • Can no longer cook nutritionally healthy meals
  • Need daily personal care
  • Require help with dressing, bathing, eating and toileting
  • Have mobility problems
  • Do not need ongoing clinical care
  • Feel depressed due to social isolation
  • Show signs of unsafe behavior, like leaving the stove on, not locking the doors, wandering, etc.

Independent living or assisted living?

Both independent living and assisted living retirement communities are dedicated to enhancing the quality of life for older adults, offering a maintenance-free lifestyle along with a range of planned activities and communal dining experiences.

While independent living communities feature safety modifications such as nonslip flooring, grab bars and wide hallways, they are specifically designed for older adults who maintain their mobility and independence in day-to-day self-care routines. It’s important to note that independent living does not provide staff qualified to oversee residents’ medications.

Memory care or assisted living?

Memory care residences provide a haven of safety and dedicated support for seniors facing challenges such as dementia, Alzheimer’s and other cognitive difficulties. Highly trained staff diligently monitor medications and extend compassionate personal assistance, ensuring residents’ well-being. Through comforting routines and thoughtfully crafted activities, these residences offer a structured and enriching daily living experience.

In response to the growing demand for specialized care, numerous assisted living communities have embraced the concept of memory care and incorporated designated spaces to cater specifically to the unique needs of residents facing memory-related conditions. 

Skilled nursing or assisted living?          

Currently, approximately 1.3 million people reside in skilled nursing communities across the United States. For individuals in need of comprehensive, round-the-clock care, skilled nursing facilities employ a team of dedicated professional and technical staff to meet those needs. This highly trained team includes physicians, registered nurses and licensed practical nurses who work tirelessly to monitor residents’ health conditions and administer rehabilitative therapies. For short-term care needs, Medicare Part A can often cover the associated costs.

In contrast, assisted living communities do not offer clinical care services. As a result, these communities place a stronger emphasis on providing a variety of social activities to promote engagement and foster a cozy atmosphere for residents.

Senior Living Community Amenities and Services

Senior living amenities

What are the advantages of assisted living?

The benefits of assisted living include the combination of compassionate care that helps individuals with activities of daily living, paired with a lifestyle full of social activities, wellness programs and community outings designed to help seniors thrive. These mental and physical benefits can help you and your loved ones look forward to your next chapter. Get ready – it’s going to be a good one.

Senior woman exercising

Mental Benefits

  1. Social engagement: Assisted living promotes socialization through various activities, outings and events. Regular interaction with peers fosters a sense of belonging and reduces feelings of isolation and loneliness, contributing to improved mental well-being.
  2. Mental stimulation: Engaging in stimulating activities like games, arts and crafts, and educational programs keeps the mind active and sharp, enhancing cognitive function and reducing the risk of cognitive decline
  3. Reduced stress: The availability of personalized care and support in assisted living can alleviate stress and anxiety, allowing residents to focus on enjoying their daily activities and pursuits.
  4. Emotional support: Assisted living communities provide emotional support and companionship, helping residents build meaningful connections with both staff and fellow residents.
  5. Freedom from household chores: By relieving seniors of household chores and maintenance responsibilities, assisted living allows them to focus on activities they enjoy, leading to reduced stress and increased emotional well-being.
  6. Improved quality of life: The combination of personalized care, social engagement and access to various amenities can significantly improve the overall quality of life for older adults in assisted living.

Physical Benefits

1.   Personalized care: Assisted living provides personalized assistance with activities of daily living, such as bathing, dressing and medication management. This level of support ensures that residents receive the help they need to maintain their physical health and hygiene.

2.   Nutritious meals: Assisted living communities typically offer well-balanced, chef-prepared meals tailored to residents’ dietary needs and preferences. Proper nutrition plays a vital role in maintaining physical health and vitality.

Squash soup with bread on a plate

3. Medication management: Trained staff help residents manage their medications, ensuring that they take the right doses at the correct times. This reduces the risk of medication-related complications and promotes better health outcomes.

4.   Regular health monitoring: Many assisted living facilities provide regular health checkups and monitoring of vital signs, enabling early detection of health issues and timely intervention.

5.   Fitness and exercise programs: Assisted living communities often offer fitness classes and exercise programs designed to improve mobility, strength and overall physical health. 

6.   Safe environment: Assisted living residences are designed with senior safety in mind, featuring features like handrails, emergency call systems and non-slip flooring to reduce the risk of falls and accidents.

The average cost of assisted living in the United States ranges from $3,500 to $7,000 per month. However, it’s important to note that the costs can vary significantly depending on the location and the level of care provided. 

How does one pay for assisted living?

Savings, investments, pensions, Social Security and proceeds from home sales combine to pay for this expense, although for some, that’s not enough. While health insurance doesn’t cover these costs, long-term care policies may. If your loved one has served in the military, check with the U.S. Department of Veterans Affairs (VA) for eligibility and benefits. 

Does Medicare pay for assisted living?

Neither Medicare nor Medicare Advantage will pay for assisted living senior housing.

Does Medicaid pay for assisted living?

Low-income individuals may be eligible to use Medicaid for some costs, but benefits vary from state to state. This federal program can help pay for assisted living and memory care services. These services include:

  • Personal care assistance like dressing, eating, bathing and toileting
  • Maintenance services, including grocery shopping, meal preparation, housekeeping and laundry
  • Transportation
  • Personal emergency response systems

Medicaid will not pay for room and board.

You’ll be given brochures explaining the community’s philosophy and the services it provides when you visit. But that’s just the start. Ask for a written copy of the following:

  • Residents’ rights
  • Emergency procedures
  • Financial policies
  • Contracts
  • State and local inspection survey results
  • Newsletters and calendars of events

 On your visit, look for the community’s safety features. You should see marked exits, handrails, grab bars, walk-in baths and showers, non-slip flooring and wide doorways. The community should be clean and cared for both inside and out. Also, expect to see comfortable shared spaces and smiles from residents and staff.

What questions should I ask when I visit? 

Here are our top 20 questions:

  1. How many residents live here?
  2. What is the staff-to-resident ratio?
  3. What kind of training do you give your staff? What are their credentials?
  4. What are your safety measures for building security?
  5. Can I see your emergency alert system?
  6. How are care plans determined, and who makes the assessment?
  7. What are the procedures for COVID-19?
  8. How do you help your residents manage medication?
  9. What amenities are there?
  10. Do you allow pets?
  11. Do you allow smoking?
  12. Do you have a calendar of daily activities? How often are those activities scheduled in the local community?
  13. How do you welcome new members into your community?
  14. How do you encourage your residents to participate in activities?
  15. Do you prepare meals in-house?
  16. Are there visiting hours? Can family members drop by anytime?
  17. What kind of transportation do you offer? Can residents schedule it to get to appointments? How far do you travel?
  18. How do you resolve residents’ or families’ concerns?
  19. How do you handle situations when residents want or need to move?
  20. How do you monitor resident and family satisfaction?

Download our Assisted Living Tour Questions List.

Live as independently as you want with as much support as you need

Assisted living is an empowering senior care option that enables older adults to maintain their independence while receiving the necessary support and care. The range of services and amenities offered in these communities ensures residents can lead fulfilling and enriched lives.

Understanding the costs involved and making an informed choice empower families to provide their loved ones with the best possible care and a nurturing environment where they can age gracefully and happily. With the right assisted living community, you can rest assured that your loved one will be well cared for, socially engaged and surrounded by compassionate individuals who prioritize their well-being.

See for yourself what assisted living can offer today!

Learn more about Somerset Assisted Living.

August 04, 2023 | Independent Living - Selecting Your Ideal Community | by hawthornseniorliving

What Is Independent Senior Living?

This educational article was written by the team at Hawthorn Senior Living.

Is Independent Living the right choice for you?

As we age, the idea of maintaining our independence becomes more and more important. That’s where independent senior living comes in. If you’re considering this retirement lifestyle choice for yourself or a loved one, you’ve come to the right place. In this blog post, we’ll explore the benefits of senior living.

From social activities to dining choices and unique floor plans, independent living offers a world of possibilities. So, let’s dive in and discover if it’s the right choice for you.

Our homes are filled with memories of family, friends and good times. Homes reflect who we are. Homes reflect our stories and our journeys. And while changing your living space, cleaning out your closets, and starting a new chapter can sound frightening, the move to independent senior living can be the catalyst that helps you live vibrantly while protecting your health, happiness and future.

Statement of Fairness: Considering senior living options for yourself or a loved one? We’re here to help at every step. And even though we specialize in Independent and Assisted Living communities, our goal is for YOU to find your best path to gracious retirement living, and part of how we achieve that is by providing reliable information on all types of senior living, not just the ones we offer. When our offerings serve as useful illustrations to a specific topic, you can find that information in the attached sidebar.

What is Independent Senior Living?

If you’re an older adult who doesn’t need help with daily living routines – like dressing, hygiene and medication management – independent retirement facilities were built with you in mind. These communities are designed to give older adults a sense of belonging, a safe place to live, social opportunities, and programs that meet their physical and emotional needs.

Can you relate to any of these common retirement concerns?

Being alone.

As we age, it’s not uncommon to find ourselves spending more time alone. We simply don’t have as many social connections as we used to, and being alone can be difficult.

Staying mentally and physically active.

A healthy lifestyle can prevent or slow down change to maintain energy, mental clarity and physical resilience.

Home upkeep.

If your home care still includes mowing the lawn, shopping for groceries, washing the floors, doing laundry and tidying up, your to-do list never ends. Finding reliable and affordable help takes time, research and scheduling.

Safety.

When someone rings your doorbell, what’s your first thought? If crime statistics have put you on alert, living alone can disrupt your sense of security, no matter how nice your neighborhood is or how long you’ve been living there.

Financial security.

Close up of woman putting money in a jar

Whether you’re a renter or a homeowner, rising housing costs and taxes can place a significant burden on your fixed-income household, according to a Bipartisan Policy Center study cited by the US Department of Housing.

If you’re nodding your head, you’re not alone. We talk to a lot of older adults who tell us the same things about the cost of living. The latest US census tells us that nearly a third of older adults live alone in America. That equates to about 14 million people who share your concerns.

We know the choices, research, and all the phone calls and visits can feel downright overwhelming, so let’s start with the facts about independent senior living.

What are the benefits of independent living?

Senior couple walking and smiling

Communities offer a long list of goodies. Adults looking for positive, healthy aging in independent living facilities enjoy:

  • Maintenance-free accommodations
  • Housekeeping
  • Transportation
  • Safety and security

Are there different kinds of senior independent housing?

Group of friends walking in the park

Depending on your lifestyle and budget and whether you require extra services, you can buy or rent a home, condominium, townhouse or apartment, along with extra storage space.

As you begin your research on your senior living options, you’ll find three kinds of housing.

55+ communities.

A 55+ community, also known as an active adult community, is a residential neighborhood in which you buy a home designed specifically for adults age 55 and older. These communities typically offer a range of amenities and services tailored to the interests of this age group, such as recreational facilities, fitness centers, golf courses, social clubs and organized activities. The goal is to create an environment for residents who are retired or nearing retirement age. Many 55+ communities also offer maintenance-free living options for residents who prefer to spend their time pursuing hobbies and interests rather than maintaining a large home and yard.

If you buy a home in a 55+ community, you’ll have far less maintenance to do, although you may find the homeowners association fees high, and your options can be limited.

Continuing care retirement communities.

Independent living in a Continuing Care Retirement Community (CCRC) offers seniors the opportunity to maintain their independence while also having access to a range of supportive services as they age.

CCRCs often have a tiered system of care that allows residents to move from independent living to assisted living or even skilled nursing care if needed without having to leave the community.

What is dining like in senior independent living?

What is there to do when you live in a retirement community?

Activity Coordinators put together a full schedule of things to do with lots of opportunities to socialize. Calendars fill up with arts, crafts, games, fitness classes, parties, holiday celebrations, outings, workshops, clubs and classes. The list goes on and on.

What services do senior living facilities offer?

Depending on where you live, light housekeeping and laundry services may be available as part of your monthly payments or for an extra fee. Washers and dryers are available in some residences.

Seniors can hop on the transportation bus to local events, appointments and shopping.