Approximately 37% of seniors over the age of 50 believe that long term care will be necessary for them in the future. However, the reality is the number of older adults who will actually need long term care is double that at 70%. Choosing among the best retirement centers is a task that requires the utmost urgency in planning for your future or that of a loved one. How do you know which one to choose? Here is some helpful information to consider when it comes to picking the best retirement centers available where you live.
There are many types of retirement centers that go by various names. The kind you choose will depend on your specific needs. Active adult centers are an option for those over 55 who are looking to downsize because they can no longer handle the chores involved in maintaining a larger home. An assisted living facility provides services such as laundry, cleaning, meals, bathing, and dressing. Caregivers are on staff 24 hours a day.
Continuing care retirement communities act as a hybrid of all the other types of top retirement centers. As an aging person’s health begins to decline, staying in their own home is still an option. The care they need is provided in their own home. This includes help with medication, grocery shopping, meal preparation, bathing, and more.
Retirement centers are designed to keep its residents healthy and safe. Most centers restrict access or are gated to help protect vulnerable seniors from theft and scammers. Doors and walkways are built wide enough to accommodate wheelchairs. There are usually common areas for residents to dine, exercise, or engage in recreational activities. Caregivers are on hand to keep tabs on medication and help with hygiene as needed.
The absolute top retirement centers are almost built like a luxurious resort. These facilities feature amenities such as a swimming pool and state of the art fitness center. The services and accommodations you receive will depend on the location you choose and the amount of care provided.
Retirement center costs vary by location and the amenities and services offered. Rates are charged monthly and can range from $1,500 to $10,000 per month depending on what luxuries you choose. With the average mortgage around $1,000 for many Americans, these costs are quite expensive. Medicare only pays for medical expenses, not room and board.
There is also a one time fee charged to residents when they move into one of these facilities. These can range between $40,000 for an average retirement center to $1 million for a luxury resort residence. If you own a large home, you can use its equity to help pay these costs. It is critical to plan for retirement. Build a savings nest egg will go a long way in covering these costs.
Choosing among the best retirement centers will depend on the services you need, your budget, and what is available in your location. No matter which option you choose, you will need to plan ahead so you can receive the best care possible. The chances that you will need long term care in the future are incredibly high, so start preparing today.