Dropping prices for seniors housing options
Old age naturally comes with gradual weaknesses that will deteriorate over time. These weaknesses gradually occur from the loss of mobility to difficulty in the completion of daily tasks, hence increasing one’s demand for assistance that may be either personal or medical care.
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Factors that will help you choose the best housing option for you
There are several types of senior housing options to suit your requirement that ranges from personal care to medical care, at a cost that varies due to certain factors. It would be beneficial if you choose a housing option that will offer you perpetual benefits. You can find this by considering several factors that include:
– Accessibility and location
– Physical and medical needs
– Home maintenance
– Social needs
Accessibility and location: This factor is specific to those that choose an independent housing option, where they receive personal and medical care at the comfort of their home. It will be more complicated if the individual does not consider the proximity of his house to several inevitable places—such as medical centers and grocery stores, due to an ad hoc change in conditions.
Physical and medical needs: Old age comes with mitigation in the overall strength of the body towards performing various tasks and also increases the susceptibility of the body to several illnesses due to the weakened immune system. Hence, you may need both physical care, such as the preparation of meals, bathing, and household cleaning. You may also need immediate medical attention depending on the severity of your medical condition; hence most housing options involve the use of technology such as electronic devices like fall detectors and emergency response units to notify them of severe issues such as heart attack or stroke.
Home maintenance: Weaknesses caused by age and medical conditions will forestall you from performing your routine tasks that concern the maintenance of your home, like several housework that will retain the structural integrity of your home.
Social need: Isolation and being housebound may mess with the brain of a severely ill person, and it pays most time to be exposed to social opportunities even if your relations do not stay close.
Factors influencing the high price these benefits come at
You can be a beneficiary of these factors if one chooses one of the best housing options due to one’s weakening old age or that of his relatives. However, these benefits come at a high price that may be influenced by the following factors:
– Type of accommodation
– Level of care
– Location
Type of accommodation: The type of accommodation an older person needs is dependent on his or her scale of preferences and degree of income because they totally vary in costs. The type of accommodation includes senior living suites, a single apartment, and a private bedroom, all of which vary in prices in accordance with their degree of privacy. Viz. The cost of having a bedroom to yourself, which comes with privacy, will be more expensive than when you have roommates. Because the number of roommates you have in a senior living facility will all pay a part of the total cost, thereby mitigating the amount of money you will pay as an individual.
Level of care: The level of care an older person needs plays a significant role in the alteration of the cost of senior housing options. Although, you will be protected from paying for unnecessary care or support you do not need. The level of care one can require may depend on the severity of the medical condition that ranges from minimal aid to comprehensive care. Whereby the cost increases with an increase in the level of comprehensive care one needs.
Location: The location of a senior living facility is one of the factors that play an essential role in the cost of senior housing options due to the variation of the market across several regions.
The fluctuation in the price of senior housing
There has been a fluctuation in the national median rate required for the acquisition of accommodation that varies from semi-private to private for the past six years. The detection of these fluctuations in median rates was seen in the report made by the Cost Of Care Survey. The Cost Of Care Survey reports showed and predicted that the cost an individual will require for a seniors living facility will be expensive to the level that only a few will afford.
What the report revealed five years ago (2016)
The Cost Of Care Survey revealed a two percent increase in the national median rate for a one-bedroom living facility to a cost of $3,628 per month. They went on to show that this rate of $3,628 was primarily the cost of acquiring a semi-private room per month. The underlying two percent rise in the median rate required was then made up to a five percent increase by the cost of a private room, which is over $7,500 per month, five years ago.
These predictions made by the Cost Of Care Survey about the future occurrence of an expensive cost of a senior living facility due to the five percent increase in rate five years ago did not happen. The cancellation of the occurrence of the Cost Of Care Survey prediction was due to the rise in the new senior living options in the market. The existence of many other seniors living options, such as urban seniors communities, multigenerational communities, and many more, mitigates the cost of senior living facilities.
There has, however, been an increase in the development of myriads of senior living facilities now than it used to be in the past years. With this pace of increase in the new senior living options, there is no doubt that in the nearest future, the number of nursing homes and assisted living facilities will be out-numbered or be equal to the number of seniors living there.
In the past two years, there has been about a twenty percent increase in the numbers of senior living facilities in a few cities—such as Scottsdale, Arizona, Colorado Springs, and Huntington Beach, California. The drastic increase in the amount of new senior housing options will bring about competition in the market and simultaneously drop the price for seniors housing options. Hence, we can freely say that the rise in the cost of senior housing options in the past years was due to the monopoly in the market.
