Since up to 80% of seniors with modest assets cannot afford four years in assisted living, families may feel hopeless as their loved ones require additional care.
Understanding the nuances of senior care costs can help you avoid the results of this National Counsel on Aging study.
Here, we'll discuss the cost of senior living in detail. Read on to learn some factors contributing to assisted living costs and how you can decrease the financial burden of care.
Oklahoma is one of the states with the lowest average cost of senior living.
In 2024, Genworth reported that Oklahoma families can expect to pay $4,888 per month for senior living.
However, this figure varies depending on where in Oklahoma you live. In Oklahoma City, the average cost is $4,573. In areas like Enid, it may cost up to $5,550 monthly.
$4,888 may sound like a high sum to pay. However, it's fairly low when considering the general living costs in the state.
The average rent in Oklahoma is $1,400, according to Zillow. Utilities are likely around $500. Groceries are about $1,080 per household.
These basic senior living expenses ($2,980) don't account for anything beyond the baseline necessities. They don't account for entertainment money or home maintenance/renovations.
For an average of $1,908 more, seniors can access:
Senior living is well worth the cost because of the many things included with these fees.
If the average costs still sound too high, there are ways that you can keep senior living costs within your budget. This is because several factors impact how much you pay.
The first is the level of care your loved one requires. Some people in assisted living will require comprehensive care that includes:
Others will only require help with one or two of these tasks!
Those who require higher levels of care may have higher monthly fees.
High-quality apartments will naturally cost more than low-end ones. At Morada Midwest City, we pride ourselves on apartments with:
Safety features include:
However, despite the higher cost of these rooms, it's well worth the money. Your loved one gets to live in comfort and enjoy life without worrying about cluttered, stressful surroundings.
You also have some control over the cost because you can choose between studio and one-bedroom apartments.
A studio suite has a bed, kitchen, and attached bathroom in a single hotel-style room. A one-bedroom apartment has a bedroom attached to a larger apartment that contains other amenities.
In addition to apartment features, community amenities partly determine the costs of senior living.
Those at Morada Midwest City can enjoy:
These amenities are all built into the costs of living in our community. There are no additional fees for them!
However, if you have a bit of extra money, you can also pay for salon services and guest accommodations.
Knowing what you're getting can set your mind at ease when paying for senior living. It ensures that new residents and their families can feel confident in their decision to make the payment.
Financial planning for seniors requires meticulous budgeting. However, creating a budget:
Money for private payments may come from sources like:
Tally up the funds in these accounts and see how much you have. Then, talk with your aging loved one about the assisted living features and amenities that matter most to them.
Determine how much these specific components will cost and set aside money for them. Prioritize the most important features like quality of daily care and wellness programs.
This gives you a preliminary budget to work with.
Families can increase elder care affordability by finding funding that covers assisted living costs.
In addition to using funds from a sold house to pay for senior living, a reverse mortgage may also be able to help. These reverse mortgages let homeowners access a part of their home equity. These funds are given to pay for senior living.
Seniors and families can also:
Consulting with a financial advisor may do even more to put your mind at ease. Your budget will get professional advice and insight.
Now that you know what factors contribute to the cost of senior living, it's time to find high-quality care for your loved one regardless of your budget.
Morada Midwest City is committed to helping Oklahoma seniors thrive during their golden years. We have multiple floor plans and payment options to decrease financial challenges.
We believe in offering accessible apartments and community events for those who pay to live here. Contact us to schedule a tour and see why our amenities are the best out there.