It seems like the cost of living is going up everywhere. From fuel prices, to housing, to the cost of eggs, prices keep going up and up. Unfortunately, this has been a fact of life for all of us recently. But with all of these things continuing to rise, is it possible that relief is on the way? According to one resource, the cost of senior care might actually be going down.
This claim stems from research that was conducted by BBG Real Estate Services’. The study looked at property expenses that included active adult communities, assisted living facilities, skilled nursing facilities, independent living communities, and other types of retirement communities. The focus was on property costs and operating expenses and focused on an investor point of view. They also took into account that some states have implemented rate caps when it comes to what insurance can cover.
They also concluded that although the cost of property ownership is likely to go down, the cost of renting is likely to remain the same or go up. The implications of this are not quite clear for those that are looking for senior care in a residential facility just yet. The cost of care in a residential setting doesn’t always perfectly mirror the rental business. If it did, it would make senior care costs much easier to predict and prepare for. However, care costs don’t always reflect these costs with a high correlation. Instead, they vary from community to community and based upon the type of care that you are looking for.
This doesn’t necessarily mean that care prices are going up, either. The U.S. economy has been on a downward slope recently. People have less expendable income, and this means that some portions of the economy will adjust accordingly in order to keep cash flows moving. Exactly how this will impact the world of senior care remains to be seen–but much like other portions of the economy, it is location sensitive. Costs will vary from state to state and community to community.
Being prepared for the cost of aging and the required care is helpful. Between retirement savings and insurance policies, you might already have a good start on these things. If you haven’t started planning yet, right now is the best time to begin. You can’t go back in time and start over, so the sooner you start, the better.
Hopefully, you and your family already have a clear plan put together when it comes to preparing for senior care, all of the logistics of this, and you’ve created a solid plan regarding how it’s going to be paid for. If not, you have resources on your side that can help.
We could be one of those resources. We offer a free consultation service that can help with this. So, if you’re just starting out on your care journey, or if you’re already well on your way but could just use some extra guidance, please let us know. One of our trained professionals would be happy to help you out as you continue to help your family in the best possible manner.
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