As much as we wish to make the most well-informed decision for our needs, finances are a factor you need to consider before transitioning to senior living. At SummerHouse Bay Cove, we are here to provide you with the financial resources you need to make a decision.
What Is the Cost of Assisted Living?
The Glenworth Cost of Care Survey, conducted in 2019, has revealed that you can expect to pay an average of $3,524 for assisted living in Mississippi. This is significantly lower than the national average of $4,051! Keep in mind that this figure encompasses all types of assisted living, from in-home care to residential assisted living and memory care.
If you find the monthly cost of assisted living to be higher than aging in place, think about all the different payments you have to make as a homeowner. From insurance premiums to utility bills and the cost of care, it can quickly start to add up. With assisted living, however, everything is included in your monthly rent, and you get services you may not have access to from home, such as a 24/7 security presence and concierge services.
What If Residential Living Is Not for Me?
Still not convinced? At SummerHouse Bay Cove, we are pleased to extend a rent lock and 100% satisfaction guarantee to all new residents. This gives you peace of mind that your rental rate will remain the same throughout your stay with us! On top of that, our satisfaction guarantee allows you to “try before you buy” – if you are unsatisfied with your stay within the first 90 days of moving in, your community fee will be refunded and you won’t be held to the terms of your lease!
How Much Does Memory Care Cost?
Referencing the average cost of $3,524 listed above, you can expect to pay slightly more for memory care than you would for assisted living. This is due to the more specialized care that is provided. Included in the monthly cost is everything you or your loved one could possibly need, including but not limited to:
- Assistance with daily living activities
- Use of a wide range of stylish amenities
- A calendar of events and activities that have been designed to encourage active engagement
- Specialized dementia and/or Alzheimer’s care that takes into account the individual needs of each resident
- Lifestyle services such as weekly housekeeping services
- … and more!
What Funding Sources Can I Tap On?
At SummerHouse Bay Cove, we understand that the unique financial circumstances of each resident will influence the way they fund senior living. Below are some common sources of funding our residents tap on:
- Proceeds from selling or renting out their previous home(s)
- Retirement savings and funding from friends and/or family
- Long-term care and/or life insurance
- Veterans’ benefits
- … and more!
Depending on your individual needs, you may qualify for certain types of aid that can go towards funding your retirement lifestyle. There may be more available sources of funding than you think – if you are keen to transition to senior living, find out more about them before dismissing the option!