Assisted living expenses in Charlotte are difficult to predict with certainty. Tons of factors impact costs, and families will need to do their own research to determine expenses and cut costs.
According to the National Council on Aging, over 11,000 senior living communities serve more than one million older adults. This makes the cost of senior living extremely variable!
Charlotte, NC, is known as "Tree City USA" because of its commitment to bolstering the natural world by planting trees. To enjoy these natural wonders, older adults across Charlotte must have their needs met at a quality retirement community.
Read on to learn the costs of giving your loved one a well-appointed community that can meet their every need during their golden years!
The Federal Long Term Care Insurance Program reports that senior living in Charlotte costs an average of $190 daily. This amounts to $5,700 per month.
This is below the national average of $5,970 monthly, which is good news for Charlotte residents. However, since costs fluctuate based on your precise location and community, it's important to do more in-depth research.
Since there are several other factors that also play a role in senior living costs, the average is a very rough estimate of what you might pay. It's highly variable.
A resident's level of care will greatly impact senior living costs. Assisted living residents can get help with a diverse array of daily tasks, including:
Some residents will need help with more tasks than others. If one person only needs assistance with one or two tasks, labor costs will be lower, and families will pay less. Those who need help with all of these activities will have higher expenses because of more labor.
Seniors in memory care also often need more help than those in assisted living. This is because memory care is built for those with dementia and Alzheimer's. Those with severe cognitive decline need more help, so the memory care pricing NC communities offer will be higher.
Your apartment floor plan and size will also impact retirement housing costs. Those who live in studios will pay less than neighbors in one-bedroom apartments. More square footage means higher expenses.
The quality of your chosen community will also increase or decrease costs.
A small community with no lifestyle amenities and bare-bones living spaces will cost next to nothing. However, residents get a significantly lower quality of life.
A high-quality community like Summit Place of South Park may cost a little more, but it's worth it. The senior lifestyle services ensure that residents can age happily, and compassionate caregivers personalize care plans to ensure all their needs are met.
The services offered by retirement communities make the prices higher.
At home, an independently-dwelling senior would have to pay many bills. Groceries would cost a couple of hundred dollars a month. Every utility bill would be separate from rent.
In a senior living community, all expenses are consolidated into a single monthly fee.
This means that the bill will look bigger than aging in place would initially seem. However, senior living isn't much more expensive than living at home when you consider everything that's included in the flat fee.
There are several personal financial resources that families can use for senior living. Personal savings are the biggest.
If you have money in checking and savings accounts, that's an ideal way to pay for top senior living in Charlotte. You can also sell assets you no longer need for some extra cash.
Retirement income, like 401(k) accounts and pensions, also works wonders for senior living expenses. Since this cash comes in monthly, you can predict what you're going to get and how much you can put toward senior care.
Yes! You can use any personal loan to get immediate cash for upfront senior care costs.
Some people also choose reverse mortgages to finance long-term care.
If your loved one is selling a home before moving into senior living, think twice. Convert part of its ownership value into cash and get money for senior living now. When you eventually do sell the home, you will need to pay the money back then.
There are also special long-term care loans that families can take advantage of when transitioning to senior living. Banks and private lenders offer special terms to those who need money for this purpose, so look into your options and decide whether these loans are an ideal way to help you pay.
Long-term care (LTC) insurance is similar to any other insurance plan. You pay a monthly premium in exchange for a discounted monthly senior living rent.
LTC insurance can cover some assisted living costs or all of them, depending on your policy.
Traditional LTC policies don't offer a refund on past premiums. However, some hybrid policies come with a return of premium (ROP) rider.
This rider offers a full or partial refund on your premiums after the senior passes away. It can be used during an emotionally difficult time and decreases unnecessary stress. This makes the slightly higher cost worthwhile for some families.
Understanding the cost of senior living can be complex and challenging. Luckily, the best Charlotte communities are excited to answer your questions and determine how we can make senior care more affordable for your family.
Summit Place of South Park offers a wide range of floor plans and personalized senior care. This makes us stand out from ineffective communities that believe care is one-size-fits-all. It also makes affordable senior care easier since you can choose the apartment and services that best suit your budget.
We're excited to show you all the ways you can get your money's worth at our Charlotte, NC community. Contact us to schedule a tour and ask any remaining questions you have about family support for seniors!