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Average Monthly Cost Of Retirement Home

average monthly cost of retirement home

When deciding on the right retirement home for a loved one, most families have many questions. 

They may start to think about accessible accommodation, access to social activities, age-related health concerns, and their budget and finances. 

For individuals and families considering retirement homes, the average monthly cost of a retirement home can significantly affect their decision. 

 

What is a Retirement Home? 

 

With a focus on independence and flexibility, a retirement home allows residents to enjoy an independent lifestyle and still access personalized services and care if and when they need it. 

In retirement homes, residents enjoy extra perks not available in their own homes, such as exercise classes, social activities, and outings. They also get to bond with their neighbours and create their schedules. 

Seasons Retirement provides the perfect environment for residents to live vibrant lives with peace of mind from the support services offered.  

 

What is the average monthly cost of retirement homes? 

 

The average cost of a retirement home ranges between $1,500- $6,000 per month. This rate covers the accommodation, selected amenities, meals, and other services set in most retirement homes. While most forms of government health insurance administered under the Canada Health Act do not cover time in a retirement home, you may still qualify for some provincial government funding in specific scenarios; you can read more about the different methods here.   

While people can choose to age in place, they will miss out on the perks that come with retirement homes. Depending on one’s personal needs, there is a wide variety of living arrangements for seniors. Some main types of care offered in retirement homes are independent living, assisted living, independent supported living, and specialized memory and dementia care. The retirement homes offered by Seasons Retirement allow the flexibility for seniors to switch retirement homes as their needs change.   

The cost of retirement homes is based on factors such as the following: 

  • The type of accommodation

Retirement homes offer different accommodation plans, depending on the level of assistance required for each individual. These varying accommodations affect the monthly cost per resident.  

  • Care inclusions

The fee structure of retirement homes can vary. What is included in the care offering primarily affects how much a resident pays per month. For instance, many retirement homes provide housekeeping and laundry services. Make sure to ask about what care is included in the retirement home cost, as these vary across retirement homes. Residents may pay extra for benefits, including medication management and personal health care services.  

  • The type of housing provided

The cost of retirement homes in Ontario depends on the type of housing. Seniors have various options, including private apartments, villas, and condos, among other housing plans.  

  • The geographical location of the retirement home

Specific retirement home locations may be more expensive than others.  

 

What are the pros of a retirement home?

 

  • Companionship is incomparable 

Retirement homes such as the variety at Seasons Retirement offer a community environment that allows residents to interact and make friends with co-residents during recreational activities, outings, meals, and more.  

  • No more household chores or home maintenance

When living in their own homes, older persons are in charge of daily household chores, repairs, and maintenance. In retirement homes, individuals enjoy the peace of not dealing with chores as the retirement home staff handles them.  

  • Availability of extra amenities

It is difficult for some older adults to go for an outing alone. And even if they do so, it is not as enjoyable compared to when done in a group setting. Residents of retirement homes likes Seasons get to enjoy regular amenities and outings. 

 

How can people adequately prepare themselves for retirement residence living?

 

As we have seen, the average monthly cost of a retirement home can be expensive for some people. This is why it is essential to plan ahead as much as possible and have an adequate retirement plan.    

One of the most important things an individual can do is take good care of their health. Getting enough sleep, implementing healthy eating habits, and getting regular exercise can help improve both mental and physical health. Good health will allow you to live the life you want and make the choices you wish to, either living independently in your own home or becoming part of a larger community in a retirement home of your choosing.   

If you’re starting to consider moving into a retirement home at some point, then it’s good to plan ahead. Spending or saving without a budget is not advisable. If you don’t have a budget yet, then you should start tracking your expenses and income for several months right away. This will help you figure what budget you’ll be able to allocate towards a desired retirement home and lifestyle. Once you budget, strive as much as possible to stick to the plan. Working with a financial expert may help you make a sound budget and work towards achieving it.

Use this budget planner to create your budget now 

 

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