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Behind the Cost of Retirement Communities In Virginia

Behind the Cost of Retirement Communities In Virginia

Yes, it can be a bit of sticker shock when you first begin pricing retirement communities in Virginia. But don’t let that fool you, there’s value behind those numbers. And you may be surprised that in many cases retirement communities actually cost less than staying at home. Before deciding a retirement community is out of reach, you owe it to yourself or your loved one to take a closer look.

One Price Does Not Fit All

Seniors today have a continuum of care and housing available in retirement communities in Virginia and the monthly costs are tied to the level of care which includes:

Independent Living

  • For seniors who require little daily assistance, but seek an active, social community free of the hassles of chores and home maintenance.
  • Average monthly cost varies widely based on geographic location, floor plan, amenities and service fees but can range from approximately $1,400 to $4,000.

Assisted Living

  • Provides housing, personalized care and support with activities of daily living to help seniors remain independent and enjoy an engaging, purposeful life.
  • Average monthly cost for private, one bedroom is $4,000.

Memory Care

  • Specifically designed for those with Alzheimer’s disease and dementia with 24-hour care, structured activities and a secure, calming environment that’s easy to navigate.
  • Average monthly cost varies widely based on geographic location, level of care and private versus semi-private room but can range from approximately $3,000 to $7,000.

Skilled Nursing

  • For seniors who require 24-hour supervised care with a licensed physician or nurse, as well as physical, speech and occupational therapy onsite.
  • Average monthly cost for semi-private room is $7,441 and $8,365 for a private room.

Comparing Retirement Community Costs versus Home

At first glance it may seem that staying at home costs less, but make sure you’re comparing the total cost of living at home. This means you must look beyond your mortgage or rent to include the cost of food, utilities, home maintenance, property taxes, insurance and entertainment as those are typically included in the monthly cost of retirement communities in Virginia.

And don’t forget to factor in the cost of home health care if that’s needed.  In Virginia, the rate for a CNA is $18-19 per hour on average and 24-hour care with a licensed caregiver can cost you around $15,000 a month, much more than the monthly cost of a retirement community!

Comparing Retirement Communities in Virginia

Richfield Living offers a full continuum of care similar to a continuing care retirement community (CCRC); however we follow a rental model so there is no expensive buy-in to move here and you’re not locked into a permanent contract. This gives you more financial flexibility for the future. And as a not-for-profit community, you have peace of mind that the investment you make to live here comes right back, not into shareholders’ pockets. Our profits go toward improving the care, programs and services our residents receive and we are committed to being a good steward of each resident’s investment.

Figuring Out Finances

Even if you’re sold on the value of a retirement community in Virginia, the cost may still seem out of reach. The good news is that along with the variety of care and housing options, there are also a variety of financial options to help you pay for a retirement community including:

Veterans Aid & Attendance Benefit

Wartime veterans or a surviving spouse with limited income may be eligible to receive a non-service connected pension (above the basic pension) to assist in paying for assisted living, home health care, adult day care or skilled nursing. Learn more.

Long-Term Care (LTC) Insurance

LTC insurance helps to pay for the cost of home care, adult day care, assisted living, memory care, skilled nursing and hospice by covering services typically not covered by health insurance, Medicare or Medicaid.

Life Insurance Conversion

Anyone with an in-force life insurance policy can transform it into a pre-funded financial account that disburses a monthly benefit to help pay for long-term care needs such as home care, assisted living, skilled nursing and hospice. Unlike life insurance, this account is a Medicaid qualified asset.

To take a closer look at Richfield Living retirement community in Virginia, contact us today to schedule a tour.

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