Average Cost Of Independent Living in Central Florida
When deciding if you are ready to transition to a senior independent living lifestyle, a top question you will want to know is: “How much does independent living cost?”
We have put together this guide to help give you a better idea of what various types of independent living communities can cost and some ways you can pay for them.
How Much Does Independent Living Cost in Central Florida?
Genworth Financial publishes an annual survey of average assisted living, in-home care, and nursing home costs in the United States. Unfortunately, no such data is available for the average cost of independent living as a whole, and the cost varies greatly depending on the community type. On the lower end of the price spectrum are independent living retirement communities. On the upper end are continuing care retirement communities.
To help you decide which community fits within your budget, let’s look at some of the most popular forms of independent living, their services and amenities, and cost range.
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Factors That Influence the Cost of Independent Living
Level of Care
It is important to realize that independent living is not the same as assisted living. The latter is for seniors who need 24/7 support and assistance with activities of daily living (ADLs), such as:
- Bathing
- Grooming
- Dressing
- Medication management
- Eating
- Walking/Transitioning
Meanwhile, independent living is intended for active seniors with few to no personal care needs who want to enjoy a low-maintenance lifestyle in a senior-friendly community surrounded by peers.
That said, some communities will contract with an outside provider to offer limited personal care services for an extra charge. For example, let’s say you have an injury that’s restricting your mobility. In this case, you can temporarily hire a home aide to assist you with ADLs until you recover. Another scenario is that you regularly require minor assistance with a specific ADL, but are otherwise able to live independently.
Living Quarters
Another major cost factor for independent living is the size of the resident’s living space. The unit’s square footage, number of bedrooms/bathrooms, proximity to community amenities (such as elevators), view, etc., are all calculated in the price point.
Location
Just as the cost of real estate varies by geographic area, independent living costs vary nationwide. For example, independent living communities are generally more expensive in the Northeast and along the West Coast, and less expensive in regions like the Midwest.
Services & Amenities
Something else to consider is the community’s services and amenities. For example, luxury communities offer a resort-like experience with features like concierge services, private beaches, gourmet dining, fully equipped fitness centers, a private shuttle service, etc. As you might expect, these kinds of high-end perks do come at a higher price.
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Tips and Ways on
How To Finance
Independent Living Costs
Most seniors cover the cost of independent living through private means. For instance, they might use their retirement funds, investment annuities, and/or monthly income. Here are a few ways seniors fund their new independent living lifestyle:
Home Equity
If you no longer want to be responsible for maintaining a house, converting its value into usable capital can be a great option to pay for independent living. This can be done in various ways, such as applying for a reverse mortgage, using the property as collateral for a home equity line of credit (HELOC) loan, selling the property outright, or renting it out for monthly income.
Life Insurance Settlements
A life insurance settlement is when a senior sells their life insurance policy to a third party for a lump sum of cash. In this type of arrangement, the amount of cash one receives is less than the death benefit, but more than the standard cash surrender value. The proceeds of a life insurance settlement can then be used to pay for an independent living community.
Bridge Loans
Bridge loans — also known as GAP financing or swing loans — are short-term, high-interest loans that help temporarily finance independent living until you can secure a more permanent solution. For example, you want to secure a new cottage that just opened up at your desired independent living community before anyone else can claim it. However, you don’t yet have the financing in place to pay the cost. Bridge loans provide a line of credit to finance assisted living costs in the short term while you sell your current home, convert your life insurance policy, or take other actions to line up funds.
Government Assistance
If you require in-home care while living in an independent living community (for example, you are recovering from surgery, or have a disability and need limited personal care assistance), you might be able to use Veterans benefits, Medicaid, or Medicare benefits to help cover the cost. To be clear, these programs do NOT pay for standard expenses associated with independent living (entrance fees, rent, HOA dues, etc.). Rather, the programs help cover specific personal care/medical services that happen to be provided in an independent living setting.
FAQs About Independent Living Costs in Central Florida
