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Senior living is more affordable than you may think

When you compare living in a senior community to owning a home and all the expenses it involves, you may be surprised at how affordable senior living can be. From home improvements and safety modifications to lawn care and ordinary upkeep, maintaining your home is more than just your mortgage. We’re here to help you compare the costs of staying in your home versus senior living. Let’s get started.

What does senior living cost?

Rents vary depending on the community, location, living option, square footage and services needed. Generally, independent living is less expensive than assisted living, which is usually less expensive than long term care.
Some seniors may be eligible for financial assistance, depending on their income and assets. Individuals who do not qualify for financial assistance programs pay market-rate rents, which are rent levels determined by the prevailing real estate market.

Most living options include:

  • Utilities (Electric, Gas, Water, Sewer, A/C)   
  • Basic Cable & Phone
  • Exterior Maintenance (Lawn, Trash, Snow Removal, Paint)
  • Interior Maintenance & Repairs
  • Exercise & Wellness Programs
  • Entertainment, Social & Spiritual Programs
  • Property Tax & Building Insurance
  • A caring community with friends next door!

Assisted living and long term care can also include:

  • Housekeeping
  • Meal Preparation
  • 24-Hour Emergency Call Service
  • Caregiving/Personal Care Services

To help you better understand costs, we’ve included starting prices for the levels of care available within each community and living option. Find a community now. 

To obtain more specific rate information, please contact the Housing Counselor at the location of interest.

How does one pay for senior living?

Many residents pay through a combination of individual pensions, Social Security benefits and personal and retirement savings. Other options may include:
  • Proceeds from selling a home
  • Long term care insurance to cover all or part of assisted living or memory care costs (check your insurance provider for coverage details)
  • Public programs and U.S. Department of Veterans Affairs benefits, if eligible

Financial assistance may be available

Presbyterian Homes & Services communities participate in a variety of financial assistance programs. Eligibility, availability and payment types vary according to community and state. Income and resource limits apply to these programs, which may include:
Moderate rate: Restricted income requirements may apply to certain areas of the community if it has benefited from tax incremental financing (TIF). This may result in reduced rent for low- and moderate-income individuals.
Elderly Waiver/Family Care/GRH: Elderly Waiver (Minnesota and Iowa) and Family Care (Wisconsin) are part of the Medicaid program. Dollars which might otherwise go to nursing home settings are used instead to provide care in the community, including assisted living apartments. GRH (Group Residential Housing) is a Minnesota program providing help for people with very low income and very low assets.
Choice Voucher: The government sets fair market rents for those who have met eligibility requirements and obtained a certificate for this federally funded program. The program is limited and some buildings may not qualify for participation.
U.S. Department of Housing and Urban Development Section 202/Section 8 (HUD 202/8): HUD programs section 202 and section 8 refer to buildings subsidized with federal funds provide housing for only low-income individuals. Rent is set at one-third of income after allowable deductions. Three Presbyterian Homes & Services communities include subsidized housing options:
Medicaid (Medical Assistance and Title 19): Medicaid is a federal program, administered by each state, which helps people with low income and low assets pay medical bills, including long term care.
Contact us to help explore whether you or your loved one may qualify for any of these programs.

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