Lexington Senior Living Community Cost Guide: Plan Your Future Today
Lexington is a wonderful location for seniors looking to enjoy their retirement years. With its friendly neighborhoods, beautiful parks, and a variety of activities, it offers a great quality of life.
However, as you think about moving to a senior living community in Lexington, it's important to know what the costs will be. Understanding these costs can help you make the best choice for your future.
In this guide, you'll find helpful information about the different types of Lexington senior care and what they typically cost. You'll also learn about what expenses to expect and tips for planning your budget.
By the end of this article, you'll have a clearer picture of what to expect and how to plan for this exciting new chapter in your life.
Types of Senior Living Communities in Lexington
As you explore senior living options in Lexington, you'll find several types of communities to choose from. Each type caters to different needs and lifestyles, so it's important to understand what each offers.
Independent Living
Independent living communities are perfect if you're still active and don't need much help with daily tasks. These communities often look like regular apartments or small homes, but they have special features for older adults. You'll find things like grab bars in bathrooms and emergency call systems. Many independent living communities also offer fun activities and social events.
Personal Living
If you need some help with daily activities like bathing or dressing, personal living might be the right choice. In these communities, you'll have your own apartment, but staff members are always nearby to lend a hand when you need it. They also provide meals and housekeeping services.
Memory Care
For those dealing with memory issues like Alzheimer's or dementia, memory care communities offer specialized care and support. These communities have trained staff who understand how to help people with memory problems. They also have secure areas to keep residents safe.
Continuing Care Retirement Communities
Lastly, there are continuing care retirement communities (CCRCs) in Lexington. These communities offer different levels of care all in one location. You can start in independent living and move to other types of care as your needs change over time.
Average Senior Living Costs in Lexington
The average monthly cost for personal living in Lexington is $5,383, which is lower than the national average of $5,844. This makes Lexington one of the few areas with affordable retirement community prices.
For independent living, you can expect to pay around $4,029 per month. If you need more care, a private personal care room can cost you around $6,768 per month. These prices can change based on the community you choose and the services you need.
Keep in mind that costs can vary widely. Some communities might charge as little as $3,739 for a shared room, while others could ask for $5,089 for a private room.
It's a good idea to visit different communities and ask about their pricing. Some might offer special deals or have all-inclusive rates that could save you money in the long run.
Remember, while cost is important, it's not the only factor to consider. Think about the quality of care, the amenities offered, and how comfortable you feel in each community. Your happiness and well-being are just as important as your budget.
Typical Senior Housing Expenses
Monthly fees typically cover your living space, meals, utilities, and basic services, but there may be additional expenses you haven't considered.
You might need to pay extra for things like:
- Carports
- Medication management
- Transportation to doctor's appointments
- Special activities or outings
- Cable TV or internet services
- Laundry or dry cleaning
Some communities charge a one-time entrance fee when you move in. These fees can range from a few thousand dollars to over $100,000, depending on the type of community and the services offered.
It's important to ask about any hidden costs or potential fee increases after moving in. Some communities might raise their rates each year, so you'll want to plan for that. Also, find out if there are different pricing levels based on the amount of care you need. Your costs could go up if your health needs change over time.
Read contracts carefully and ask lots of questions. Understanding all the costs upfront will help you make the best decision for your future and avoid any surprises down the road.
Financing Options for Senior Living
Paying for senior living is a common worry. Fortunately, you have several options to help finance your new home in a Lexington senior living community.
If you're a veteran or the spouse of a veteran, you may qualify for the Aid and Attendance benefit. VA benefits can provide extra money each month to help cover the cost of care.
Another option is to look into a reverse mortgage. If you own your home, a reverse mortgage lets you borrow against your home's value. You can use this money to pay for senior living expenses.
Life insurance policies can also be a source of funds. Some policies allow you to cash out early or sell your policy to a third party. This could give you a lump sum to use towards affordable living options.
Discover the Joys of Senior Living
Keep in mind that finding the right senior living community in Lexington takes time. Don't rush your decision. Ask lots of questions and trust your feelings about each community you visit.
With careful planning and the right information, you can find a wonderful new home where you'll be happy and well-cared for in your senior years.
Preston Greens Senior Living offers a great mix of comfort, care, and fun activities that might be just right for you. Our community has beautiful apartments, tasty meals, and friendly staff who are ready to help. You can enjoy things like a fitness center, a hair salon, and even a putting green!
Don't hesitate to call or request a tour online. This way, you can walk around, meet some of the people who live and work there, and get a real feel for our community.