When you feel that you have exhausted home care and other options, you may find that paying for senior care is more affordable than you thought. Once you decide to move to a retirement home, the next question that comes to your mind is the retirement home monthly cost or monthly fees. All things considered, now is the right time to dip into your nest egg to spend your golden years with comfort, peace, dignity, and a better quality of life.
The amount you can expect to pay to live in senior care or retirement home can vary greatly depending on several factors. Your care costs are influenced by the type of retirement community or home you choose, as well as the level of care required keeping the status of your current health in mind. Once these factors are determined, your next step will be researching the associated costs and finding a retirement community or home within your budget.
The median retirement home cost per month can range from CAD$1,453 to CAD$4,500 or higher based on the location and size of the accommodations, the type of community, and the quality and number of amenities. The seniors and their families should consult a financial planner before deciding to move. You may contrast your current living expenses to the retirement home fees and ask them about their cost to you.
Ontario has some of the most affordable as well as expensive retirement homes across Canada, covering a wide range of specialized needs and forms of care. Here costs average approximately CAD$3,038 per month. There is a difference in retirement home costs for active seniors, assisted living, long-term care, and memory care.
Depending on your requirement, ontario retirement homes offer a wide range of services from modest to luxurious, where the cost differs accordingly. The average fee of the retirement homes in Canada can vary from CAD$1,500 to CAD$6,000.
Monthly Cost of Independent Senior Living Care
You have always looked forward to retirement or the golden years of your life. Trips abroad, seeing the country, rediscovering hobbies, and reawakening passions long submerged during the childrearing and working years is a dream you wish to pursue but are still burdened with cumbersome home ownership and maintenance tasks. Independent living communities, or retirement homes, are designed especially for seniors who want to spend more time living and less time doing.
They meet your needs to socialize and lead a better quality of life as well. Retirement communities vary widely based on monthly costs and can cost from CAD$2,000 to CAD$5,000 or more. The average fee of renting a senior housing space in Ontario is around CAD$3,038 per month. In Ontario, retirement homes usually offer better amenities than in other Canadian provinces. The rent usually includes three daily meals, utilities, on-site medical services, and a registered nurse, besides various services and amenities.
There are many resort-style communities across the province, which are very reasonably priced in some locations. Many factors such as the following decide the monthly cost.
Type of the Community
While a stand-alone community offering fewer features and amenities may be more affordable, an independent living community located on the campus of a continuing care community, however, will come with more services and amenities, leading to a higher price tag.
Geography
Major metropolitan areas nay has multiple senior living options but comes with a higher cost of living that leads to a higher monthly fee. Rates will probably be higher in the more desirable neighborhoods. The size or square footage will also impact the monthly cost.
Monthly Cost of Assisted Living Care
Most assisted living home is privatized in Ontario. Hence, all the cost is borne by the residents, compared to the long-term care subsidized by the provincial government. However, long-term care may also need you to be on the waiting list. Though, there are some assisted living communities in Ontario subsidized under government programs. The better-quality communities again require a waiting period.
Those associated with churches or other charities also have unique requirements to be fulfilled before being accepted into Assisted Living Care. Privately run assisted living retirement communities in Ontario, on the other hand, readily accept new community members. Premium assisted living care facilities may charge higher rates but focus on offering the best care and services, besides other benefits such as community life, easy socialization, and renewed enthusiasm for life.
In the majority of these, all the costs of living, such as food, care, and other monthly expenses like hydro, heat, upkeep, taxes, etc., are included to give you a carefree life. Enlisted below are some factors which impact the monthly fees you may end up paying at the retirement home you choose.
1. The quality of the community is affected by variables, such as recent renovation, recently built, quality of construction, amenities, features, etc.
2. The assistance you require with Activities of Daily Living (ADLs). Most retirement homes list only the essential cost for assisted living care and then charge extra based on specific needs such as help with feeding, bathing, etc., while others include some care services as well.
3. Real estate prices depend on proximity to the city center. The retirement home costs increase as you get closer to the city center, paralleling an increase in real estate prices.
Monthly Cost of Long-Term Care
A Long-Term Care Home (LCTH) is a retirement facility where seniors can live and receive help with most or all daily activities, besides receiving nursing and personal care 24 hours a day. A Long-Term Care Home provides additional care and supervision, in a safe and supportive setting, for those with more complex health care needs. People often explore Long-Term Care Homes when:
1. The family or caregivers can no longer provide support.
2. Health needs require ongoing care.
3. The patient is incapable of returning home after spending time in the hospital.
4. Care needs exceed those available in the community.
The Funding
In Ontario, the Ministry of Health and Long-Term Care regulates, inspects, and determines accommodation fees for all Long-Term Care Homes. Long-term care is part of the health care system in the province and is publicly funded on a cost-shared basis with residents. While, personal elderly care and nursing homes are funded by the government, where residents are responsible for their accommodation costs, such as room and board.
The Accommodation Costs
If you decide that moving into a Long-Term Care Home is necessary, the next step is to determine the length of stay, either temporary or long-term. Accommodation costs follow the same standard in all Long-Term Care Homes across Ontario; however, the monthly rates depend on the type of accommodation desired as follows:
1. CAD$2,701.61 per month for Long-stay Private.
2. CAD$2,280.04 per month for Long-stay Semi-private.
3. CAD$1,891.31 per month for Long-stay Basic.
4. CAD$40.24 per day for Short-stay
Government Subsidies According to Ability to Pay
Residents who lack the financial means to cover the cost of a basic room may be eligible for a subsidy through the Long-Term Care Home Rate Reduction Program by the government of Ontario. To reduce their monthly bill, eligible residents can benefit from up to CAD$1,891.31 a month to help pay for their basic long-term care accommodation. The subsidy is only available to residents requesting a basic room and not a semi-private or private room.
Those who qualify must complete an application form and submit it to their Long-Term Care Home. From January 1, 2018, the Long-Term Care Homes Act in Ontario now grants preferential access to people seeking to be reunited in a Long-Term Care Home with their spouse or partner. Spousal placement is given the highest priority, the same as a crisis, meaning spouses spend less time waiting to be reunited and more time spending their days together.
Inclusions in the Accommodation Fees
Seniors can expect the following services and facilities in a Long-Term Care Home:
1. Shared dining room, TV rooms, and other living areas.
2. Nursing and personal care on a 24-hour basis.
3. Access to health professionals.
4. An individual care plan that is reviewed every 03 months
5. Furnishings such as bed and chair.
6. Meals include special diets.
7. Bed linens and laundry.
8. Personal hygiene supplies
9. Medical/clinical supplies such as walkers and wheelchairs for occasional use.
10. Housekeeping
11. Individualized religious and spiritual services.
12. Social and recreational programs.
13. Medical services
14. Assistance with activities of daily living.
15. The resident must pay for services, such as hairdressing, cable TV, telephone services, and transportation.
Monthly Cost of Memory Care
Memory care facilities in a retirement home are sometimes used by families when they are on a waiting list for a long-term care home. There is a wide range in the cost of memory care influenced by several key factors such as location, unit floor plans, amenities, and health care needs. While some memory care facilities charge CAD$2,500 a month or less, others may cost over CAD$10,000 a month, with a few communities charging more than CAD$12,000.
The median cost of memory care is a good starting point because the median is just the middle, not the average. Hence it is not affected by concentrations of excessively high or low prices. The average memory care facility cost is CAD$5,430 a month. The average cost of memory care varies state-by-state because of factors such as the cost of living in a given area and high concentrations of high- or low-cost communities.
Therefore, before moving your loved one to memory care, you must find out the following:
The Price
Though a base rate can probably apply, specific care charges can change month to month, depending on factors like time of the year, vacancy, and staff availability.
The Inclusions
Many retirement homes charge an all-inclusive monthly fee, but some have different prices based on care needs. Clarify what type of care and services will be included in the price.
Floor Plans
Most memory care communities offer studio or shared room options. Some may offer one or two-bedroom options for a higher price as well.
Annual Increase in Prices
Memory care prices usually increase by 3% to 8% annually.
Community Entry Fee/Deposit
Many retirement homes charge a one-time community fee, ranging from CAD$1,000 to the cost of the rent in the first month. This fee covers the extra services and one-on-one time needed to help a new resident settle into the community. Enquire if there are any move-in incentives or discounts, such as end-of-year rates, rate lock-ins, waived community entry fees, etc.
Maximum Amount of Care Offered
The senior care needs will be evaluated as a part of the move-in process. However, these may change over time. Knowing the maximum price and care options will enable you to plan accordingly.
