The U.S. has the most expensive healthcare system in the world. That’s not welcome news for seniors, who generally have higher healthcare costs than younger people.
What are the average senior living costs for healthcare? According to the Fidelity Retiree Health Care Cost Estimate, an average retired couple age 65 in 2021 needed approximately $300,000 saved (after tax) to cover healthcare expenses in retirement.
But maybe you’re in good shape now and think you’ll wait a few years before considering a move to a senior living community. Is life really that great living at home? Have friends decided to move closer to family or moved to a senior living community themselves? And what if something happens to you or your spouse in the interim? Then one of you will have to scramble, decide what to do, clean up the house, downsize, and make a move quickly.
Of course, we hope nothing does happen to you, but the risk is real. According to the U.S. Department of Health and Human Services, approximately 70% of adults 65 and older will need some type of long-term senior care services in their later years, with the average being three years of care.
Why not start planning now and move to a senior living community while you’re relatively young and healthy? It means your move will be easier and you’ll have time to acclimate to community life — which, in turn, can benefit your health in a number of ways.
And if you choose a continuing care community (CCRC), you could have a plan that lowers the cost of healthcare, if ever needed, in the years ahead.
A continuing care retirement community is designed for seniors to move to the community while they’re still active and independent. As independent living residents, they no longer have to worry about home maintenance and benefit from having more freedom to pursue whatever makes them happy. Hobbies, travel, volunteering, family — whatever you love to do, living in a CCRC such as Aberdeen Ridge gives you the opportunity to do more of it.
Residents also enjoy greater peace of mind knowing they have a plan in place for potential health care needs. Contract specifications vary from one CCRC to another, but they all stipulate that residents have priority access to higher levels of care — often at discounted rates.
At Aberdeen Ridge, our Unique Health Care Benefit offers on-site assisted living and memory care at significantly discounted rates compared to stand-alone providers.
When you consider the cost of a stand-alone assisted living facility, savings could be considerable. For example, the monthly median cost for a one-bedroom suite in an assisted living facility in 2022 in Colorado Springs is estimated to be $5,665, according to Genworth. Look ahead to 2030, and the monthly median cost for the same one-bedroom suite is estimated to be $7,905 (assuming a 4% inflation rate). That adds up to an eye-watering annual cost of $94,860.
At Aberdeen Ridge, the monthly cost of assisted living and memory care is substantially discounted for independent living residents. In addition, we offer a return option that refunds a large portion of your entrance fee to you or your estate, no matter how long you live in the community.
To learn more about senior living costs at Aberdeen Ridge, and how our Unique Health Care Benefit offers more predictable costs and added peace of mind, get in touch.
Guaranteed access to on-site care at less-than-market rates made sense to Meg Burke, a Charter Member of Aberdeen Ridge. She’s moving all the way from the Bay Area to Colorado Springs to start the next stage of her life at Aberdeen Ridge. As she says, “With this one decision, I’m set for life.”
