Financial Benefits for Seniors in Assisted Living Versus Aging in Place

March 28th, 2017 by John Wilson

If you are considering assisted living options in Oklahoma City and the cost of assisted living is one of your main concerns, make sure you aren’t just weighing potential expenses, but also potential savings. Yes, there is a cost associated with senior living. However, don’t focus solely on that. Focus on all of the things that are included in the assisted living fee. If you tally the expenses you’ll be able to eliminate after moving to assisted living, you’ll probably discover the cost of assisted living is more affordable than you realize.

Senior Living Delivers All You Can Eat

A key benefit of transitioning to affordable assisted living in Oklahoma City is seniors always have an abundance of nutritious and delicious foods. No more expensive trips to the grocery store or food deliveries simply because you don’t have the energy to cook. Residents of senior living can stock their apartments with their favorite foods, but their food expenditures will plummet.

Bills Are Included

Electricity, gas, water, trash pickup, cable, phone Internet and more. When you move to assisted living, those expenses are usually covered. That alone is a huge savings!

There is a lot considered in the cost of assisted living.

The cost of assisted living is lower than many think.

Assisted Living Lets You Say Goodbye to Home Repair and Maintenance Costs

Seniors who age in place must contend with a home that is also aging in place. When things go wrong, repairs can be expensive. Replacing a roof costs thousands of dollars. If a pipe freezes and breaks, not only will it need to be replaced, but it also may flood the home’s interior, requiring extensive repair. If appliances like refrigerators, washers or dryers stop working, they need to be replaced. This all adds up quickly. Seniors who live in assisted living don’t have to worry about or pay for any problems related to their new home. You simply can’t put a value on being able to forego the stress and inconvenience of dealing with home repair and maintenance problems.

Bonus Benefit: Assisted Living Residents May Save on Their Taxes

In addition to all of the expenses you can eliminate after moving to assisted living, there are often tax benefits. Seniors who receive medical care in assisted living may be eligible for a medical tax deduction. Seniors who move to assisted living because they have a chronic illness or can’t safely live alone are usually eligible for this deduction. Seniors who have cognitive impairments or seniors who have documentation from a physician that they’re not able to perform two or more common daily living tasks like bathing or preparing their own meals may also be eligible for this tax break.

If you have been reluctant to begin researching assisted living options for your aging loved one because you’re worried about the cost, contact us at Village at Oakwood. Our facility was the first affordable senior housing in OKC! We strongly believe all seniors, regardless of income, deserve to enjoy their Golden Years in a nurturing, safe, supportive environment. Our mission is to make outstanding elder care accessible to all!

Leave a Reply