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Experts offer tips for combatting rising costs of senior living

Pets Senior Living
Posted at 2:08 PM, Nov 16, 2022
and last updated 2022-11-16 15:41:05-05

The cost of senior living homes is rising, and it's putting a strain on families and older adults on fixed incomes.

Assisted Living Locators helps families find senior living and says typically it sees a minimum of a 2 percent increase in prices a year.

This year, it's been close to 10 percent.

Previously, you'd see monthly specials, incentives and move-in fees reduced or eliminated. These things aren't happening as much.

Senior housing advocates recommend looking at small assisted living residences for your loved one versus commercial large communities depending on how much care they need.

”In an assisted living residential, you're going to have more of the cost of the care; it's going to be incorporated in that monthly price,” said Angela Olea with Assisted Living Locators. “And the higher the care that's needed that is going to present the potentially the best pricing option.”

She says to consider need versus want when it comes to your room.

Prime room locations can be double the cost.

“How important is a patio? How important is being in an ideal next to the dining room on the first floor, without the view of the walkways,” said Olea.

Shared living spaces are an option. She says one incentive you may still find is reductions in room rates at the end of the month or the end of the quarter.

Senior care facilities have the potential for vacancies then and will be looking to hit certain occupancy numbers.