The Hidden Costs of Aging in Place: Why Life Plan Communities May Be Better Than Staying in Your Home
As we age, you may have to ask yourself an important question: Does my home have everything I need right now, or is staying here causing more stress? Depending on your situation and the age of the home, maintenance issues and financial burdens could be piling up faster than expected. If you find yourself feeling more overwhelmed than overjoyed by living at home, it may be time to consider a Life Plan Community. To help make the decision easier, it’s important to understand the realities of aging at home, and compare them to life in a community like Roland Park Place.
The familiarity of the home you know may look like the easier choice compared to an unknown large community. Financial concerns are often a major factor for wanting to stay at home. The truth is, the longer you stay in your own home, the more costs add up. Even if your mortgage is paid off, there are other costs associated with home ownership, particularly for seniors. You’re still paying for utilities, housework and more. Your home may need regular maintenance — or if your health needs change dramatically, an entire home renovation could be required. At that point, in-home care services could become necessary, which could cost upwards of $4,800 per month. For more intensive needs like in-home memory assistance with 24-hour care, the monthly bill could exceed $10,000.
Is familiarity worth all that worry? Family and friends may be nearby, but you don’t want to feel like a burden to them with constant requests for favors, and their visits may have already become less frequent than they used to be as adult children work and raise families of their own. In fact, it could get even harder to connect with a lot of familiar faces, leaving you with more alone time than you’d like. Without someone around, what would you do if something like a sudden fall or injury happened and you couldn’t get help fast enough? Your comfort and happiness is worth so much, and there’s plenty of research to suggest that, overall, active senior living residents are happier and healthier with a greater sense of well-being than those who choose to remain at home.
The first of many reasons for that is the undeniable combination of a warm, welcoming environment and an eclectic collection of unique individuals from all backgrounds. Many of these new faces will quickly become as close as family, sharing their diverse stories, learning from one another and experiencing all that this chapter of life has to offer. While residents have the option to cook meals in their own kitchen, the chef-prepared dining options onsite are sure to satisfy any palette. Through the bustling social scene of Roland Park Place, residents can explore new interests, pursue passion projects and spend time doing what they love with the people they love, both on campus and in Baltimore.
Another benefit is the financial stability that comes with community living. In a Life Plan Community, residents pay a refundable accommodation fee and a monthly fee to cover their residence and a wide variety of services and amenities. While the costs may seem high up front, over time you’ll be pleasantly surprised at the savings compared to what you’re currently paying at home. In fact, the accommodation fee is comparable to the amount for which you’d sell your current home, and the monthly fees are often equal to or less than your current monthly expenses. Additionally, because residents essentially pre-pay for future healthcare costs, the amount paid is typically lower overall. Roland Park Place offers a helpful affordability calculator to walk you through the steps and determine if it would make financial sense for you.
Above all, our Life Plan Community would provide you and your loved ones peace of mind for the future. You’ll know that you’re taken care of should any health needs arise, from something as minor as medication management to more serious issues like a fall or surgery. With a skilled medical team right on campus, there’s no need to worry about arranging rides to and from appointments or having to find a pharmacy. Everything, including wellness programs, is right outside your door.
Ready to see Roland Park Place for yourself? Contact us today by calling 667-222-5116 to set up a private tour and get a clear picture of what your future could look like on our beautiful campus in the heart of Baltimore.
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