Breaking Down the Cost of Senior Living in Burlington, NC
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The cost of senior living varies heavily by state, and even within North Carolina's boundaries, different locations will have varying prices. Other factors like community credentials and care plans offered will also make an impact on these sums.
According to North Carolina's Office of State Budget and Management, one in every five state residents is over the age of 65. Senior living is in higher demand than ever, and rising costs can be scary for families with aging loved ones.
Luckily, help is available for whatever assisted living pricing NC communities ask for!
Read on to learn the ins and outs of these expenses and how you can decrease the burden on your family's finances.
What Is the Average Cost of Senior Living in Burlington?
According to the Federal Long-Term Care Insurance Program, the cost of senior living in Burlington is well above the national average.
Retirement housing expenses amount on average to $228 per day in the area. Assisted living, therefore, costs about $6,840 per month.
This can be disappointing, with a national average assisted living cost of $4,770 monthly.
The good news is that you have some control over the costs of support services for seniors. When you choose Home Place of Burlington, you can talk with a professional to get an accurate, individualized assessment of your monthly costs. This lets you know what to expect.
Then, you can:
- Choose an apartment floor plan that brings costs closer to your budget
- Figure out what level of care your loved one needs
- Determine whether memory care costs in Burlington are worth it
This gives families some control over their expenses.
Why Is Senior Living So Expensive?
Looking at the cost of care figures can be jarring. Over $6,000 is a lot of money per month, and family care planning is challenging for many people because of this sum.
However, the costs make more sense when put into perspective.
Zillow cites the average rent in Burlington, NC, as $1,425 monthly. However, since there are currently only 106 available rentals, getting into an apartment is competitive. Plus, most of them are inaccessible to seniors.
RentCafe's cost of living calculator also offers other average costs for those living alone. Some include:
- $162 for monthly utilities
- $300+ for monthly groceries (when you calculate all the grocery item costs together)
- $175+ for a regular doctor's visit
A senior living community offers all of these services and more to residents. When you pay monthly rent here, you get accessible apartments and amenities that seniors can navigate easily. From wide, open floor plans to wheelchair ramps, older adults can thrive with amenities that wouldn't come in a normal apartment.
Additional Services in Senior Living
Seniors also get healthcare in the assisted living community in the form of daily care services. Our assisted living and memory care residents get help with daily tasks like:
- Bathing
- Dressing
- Using the bathroom
- Moving around the apartment
- Managing medication
Additionally, those in senior communities unlock exclusive programs. Some include:
- A robust activities and events calendar
- Senior-oriented fitness classes
- Chef-prepared meals with tableside dining
- Housekeeping services that offer cleaning and laundry
- Apartment maintenance whenever necessary
- Concierge services for reservations and requests
These programs improve senior health. They also help community residents form connections with each other over delicious food or games tables.
Since all of these services come with the cost of rent, you get the most bang for your buck with assisted living prices in NC. You don't need to worry about paying extra money for entertainment or convenience-related amenities or features.
Frequently Asked Questions
What Loans Can Help Cover Long-Term Care?
Any personal loan can help cover the expenses of long-term care.
You request a lump sum from a bank or private lender. They give you the money you request and tell you about the terms and conditions of the loan. Then, you use the money to pay for senior care expenses and pay it back slowly.
However, this isn't the most effective way to get a loan for retirement housing expenses. Consider a loan from a specialized lender that provides money to those paying assisted living expenses.
These "bridge" loans offer short-term funding to cover the immediate costs of transitioning to assisted living. They aim to give families time to find other long-term funding options from personal accounts or retirement income.
Is Insurance an Option for Senior Living Expenses?
Yes! You can make assisted living pricing in NC easier with long-term care (LTC) insurance.
Traditional LTC insurance policies are especially made to cover long-term care costs. You pay a monthly premium, and the company pays some of your senior care expenses for you. These traditional plans offer higher daily benefit amounts than other types of insurance, making them a great choice for families looking to save the highest possible sum.
However, there is one con to traditional LTC insurance: losing premiums when you no longer need care. Coverage ends then, so previously-paid nonrefundable premiums won't apply to anything.
Families who worry about this may prefer a hybrid policy that includes both life insurance and a long-term care rider. It's more expensive than a traditional policy, but the death benefit it comes with means that you'll get some of your premiums back after the older adult in assisted living passes away.
These funds can make a horrible time slightly less stressful in the future, so many families find hybrid policies worthwhile for peace of mind.
Learn More About Support Services for Seniors
Now that you know the cost of senior living and how you can make it more affordable, it's time to begin looking into living options and care plans.
Home Place of Burlington offers exclusive programs, such as Sensations Dining and Expressions Concierge, that make us the best Burlington senior living community. Our team is committed to finding ways to cut costs for residents and their families so that everyone can access these programs and amazing amenities.
We're excited to show you what life's like in our five-star-rated community, so contact us to schedule a tour of our amenities!