When moving into a retirement home, you can expect upfront costs such as a deposit or other application fees. But what about the hidden monthly costs you didn’t expect? If you’re looking for a retirement home, it’s important to read the contract and ask questions about hidden fees because these can quickly make an affordable retirement home out of your budget.
1. Additional Maintenance Costs
What happens if you get sick or injured and need extra care? Most retirement homes will charge for medical services such as medication administration, social services, or therapy. You may also receive leave pay if you have to leave the nursing home to stay in the hospital. This is a payment for holding a bed while you are away. It is important to ask the management of your retirement home how they define care and what additional costs will be incurred.
2. Costs Are Rising
Most retirement homes will increase costs once a year. And you’ll probably get an estimate of next month’s bill on your current month’s bill. Additionally, if you privately pay for a retirement home some states will include a state assessment fee that is passed on to the resident. It’s a good idea to ask how the facility deals with rising costs before checking in.
3. Additional Services
Something as simple as doing your laundry in your retirement home may cost more. Some retirement homes include this service in their monthly fee while others charge a la carte or when special laundry services are needed, such as a daily sheet change. Ask your nursing home how they handle laundry so you aren’t surprised by extra charges on your bill. Also, if you plan to use other services in your retirement home such as hairdressing services, this is usually an additional fee.
4. Special Events and Transportation
Participation in other events and transportation to places such as the grocery store, appointments, or the mall are not included in the standard room and board. Make sure you understand if you have to pay extra before attending classes, parties, or going out. Small expenses like these can add up quickly.
5. Utilities and cable
Do you know if utilities and cable are included in your monthly bill? While most nursing homes pay for electricity, air conditioning, and heating, you will likely be charged for cable TV and a phone in your room. This is seen as a luxury that is usually not included in the basic monthly expenses.
Choosing a Retirement Home That Won’t Break Your Budget
According to Genworth Financial, the average monthly cost of assisted living in the United States is about $5,511, which is about $66,000 a year. This can be a big expense without a lot of unexpected expenses. To stay on budget, remember that all nursing homes operate differently. The more questions you ask before you move in, the better prepared you will be for additional costs. What questions do you have about retirement home costs? Let us know how we can help in the comments.
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