"We can't believe how much we received from the estate sale profits. We paid for Mom & Dad's move to the senior living facility and added some $ to their savings which is great and the estate sale comapany did the work"

Types of Senior Living Specifics

Independent Living: These facilities can be a house, condo or apartment which has amenities built and designed for seniors. These can range from luxurious to bare bones and there are many being built every day. It is very difficult to tell the difference from the outside between a senior apartment complex and a hip single one.

Assisted Living: This is step between independent living and a nursing home. The difference between an “assisted living” resident and a nursing home patient is that MOST of the days they can take care of themselves but sometimes need help. These can be anywhere from two bedroom apartments to studios and the residents have access to 24 hour care if needed. Average price for assisted living is $40k per year.

Nursing Home or Skilled Care: This is the traditional nursing home and they also range in cost and services. Some now offer a “memory care” section or wing that is designed for patients with dementia and have more designated caregivers and security precautions. The average nursing home is approximately $75k to $100k per year and it is NOT covered by Medicare (unless it is used for rehab after a hospital stay).

CCRC’s (Continuing Care Retirement Center): This is a combination of the above. Some will have all three and sell you on the concept of seamless transition to each facility, which has some nice advantages. There is almost always a buy in fee that can range from $10,000 to $500,000 (sometimes refundable).

Action Step: Do your homework and do not be afraid to “kick the tires”. Some locations will let you stay the night to get an idea on how it feels to live there. If meals were a part of it, I would try at least two different meals.

Golden Nugget: Ask yourself what is important in a living environment.

Make sure it is a good fit and let’s not forget religion and hobbies. If Catholic, there are facilities with daily Mass and many other religions have such residences. If you love to play bridge, make sure they have a daily or weekly bridge game you can join. I would also ALWAYS ask the average age of the residents.