Senior living costs are currently at an all-time high across the US. Senior housing reports show that costs for semi-private and private rooms have respectively gone up by 4.92% and 4.4% between 2023 and 2024. This was the last reporting year available.
The cost of assisted living may sound daunting, but it’s manageable and worthwhile for most families. Read on to learn these costs, how to mitigate them, and why they’re worth it.
The Cost of Assisted Living in Indiana
The average cost of assisted living in Indiana is $5,013.
Reports from ElderLife Financial note that those seniors in some parts of Indiana may pay as low as $3,108 for care.
People in other parts of the state may pay up to $7,245 monthly.
Of course, costs will vary depending on your specific situation and budget. However, these figures give you a good starting point in knowing what to expect.
Tips for Managing Assisted Living Expenses
Setting a budget is the first step toward managing elder care pricing.
A financial advisor might be able to help you determine how much money you have. They can help you think of income and savings sources that you might be unaware of. Experts can also help you figure out what constitutes a reasonable rate based on all your other expenses.
Some sources of personal financing may include:
- Funds in long-term savings accounts
- Pensions
- Social security income
- Money obtained from selling personal property before transitioning to assisted living (such as a house or a car)
Long-Term Care Insurance
Some families choose to get long-term care insurance to help with the cost of assisted living.
These insurance plans pay for a part of the community’s monthly fee in exchange for a premium.
This premium will be lower the further in advance you begin to purchase the policy. If you think your loved one will require assisted living in the future, looking into plans now might save money.
Assisted Living Loans
Some private banking organizations may offer assisted living loans. These loans give families money to pay for senior care.
If you take out these loans, you will be expected to pay them back in the future. However, your rate will depend on your credit and individual circumstances.
Factors Influencing Senior Housing Costs
The primary factor that can shift the cost of senior living is the community that you choose.
Some retirement communities will have fewer features and amenities for a quality lifestyle. They will naturally cost less than high-quality communities that encourage a great quality of life.
When looking into retirement community fees, don’t just look at the baseline price. Choosing the least expensive community may land your loved one in an uncomfortable or even unsafe situation.
Instead, look at the value of your expenses vs what you get. Paying a little extra is well worth getting your loved one a comfortable furnished apartment and having all their basic needs met. It’s even more worthwhile when residents unlock community amenities, activities, and events.
Location
We already brushed on location as one contributing factor to senior living costs.
In Portage, community living costs about $3,907 monthly. This figure encompasses those in independent living, assisted living, and memory care.
It’s $1,106 lower than the statewide average!
Living Options and Level of Care
Rittenhouse Village at Portage is committed to providing the best-value care for Indiana seniors. Because we’re excited to meet every resident’s specific needs, we offer three different senior living options.
In senior active independent living, residents can access:
- Spacious, open-floor-plan apartments
- Multifunction community amenities for discovering new hobbies
- Landscaped outdoor areas with gardens and walking paths
- A clubhouse for relaxing alone or with friends
- Concierge services
- Housekeeping and laundry services
- Attached one-car garages
Independent living is usually the least expensive senior living option. The lower level of care means that caregivers won’t require as much payment. Rent primarily pays for the resort-style apartment, chef-prepared meals, and community events.
Assisted living residents get most of these same benefits, but they also get help with daily care tasks like:
- Dressing and changing clothes
- Personal hygiene (including brushing teeth and hair)
- Using the bathroom
- Cleaning up messes
- Changing sheets and laundry
- Moving throughout the apartment and community amenities
- Managing necessary medications
Finally, those in memory care get day-to-day care as well as additional help for dealing with cognitive decline. In these communities made for those with Alzheimer’s and dementia, seniors get:
- Activities and exercises meant to boost cognition (like games and puzzles)
- Sensory-stimulating experiences that get all parts of the brain working
- Data-driven approaches to work through common problems with cognitive decline
Memory care is more expensive than assisted living.
At Rittenhouse Village at Portage, this is partly because the Alzheimer’s Association has presented us with a National Certificate of Recognition from the. You can count on getting the highest quality of memory care possible.
Apartment Floor Plan
Assisted living expenses will also rely on whether your loved one moves into a:
- Studio suite with a hotel-style layout
- One-bedroom private apartment
- Two-bedroom apartment with a private bedroom and a common area shared with one other resident
Choosing the appropriate floor plan to meet your financial needs is a critical step in the research process. Look into how much each option costs. Weigh the prices with what your loved one wants for themselves.
If you’re unsure of what you’re getting, schedule a tour of Rittenhouse Village at Portage. This will give you and your loved one the chance to see spacious apartment layouts and make an informed decision.
Find an Affordable Senior Living Community
Understanding the cost of assisted living can greatly help with financial planning for seniors. Now that you know basic senior housing costs, it’s time to get the best value for your dollar.
Rittenhouse Village at Portage offers the most robust senior amenities in Indiana. Our compassionate caregivers are excited to get to know all residents on an individual level and provide the best care possible.
We’re committed to listening to your family’s specific financial needs, so contact us to discuss our payment plans and what comes with our monthly rates.
