Luxury senior living covers several options for those who can afford it. While luxury senior living doesn’t come cheap, it does come with many amenities to make the golden years surely shine.
Research shows that luxury senior living is on the rise as more developments are being built and even more are in the works. This is attributed to the fact that many baby boomers are getting older and are looking to spend their money on luxury retirement options. It’s estimated that baby boomers hold $3 trillion of net worth.
What are the Different Types of Luxury Senior Living?
Luxury comes in several different shapes and forms depending on the type of environment you’re looking, amenities, and other services you may need.
Luxury Retirement Community
A luxury retirement community can cover several housing choices for seniors including apartments, townhouses, condominiums, and even single-family houses. The common thread is that they are all upscale and offer amenities that make you feel as though you are on vacation 365 days a year. These can include:
- Gourmet Kitchens
- Fine Dining
- Salons & Spas
- Swimming Pools
- Housekeeping Services
- 24-hour Concierges
- State-of-the-art Fitness Centers
- Golf courses
Luxury retirement communities are often surrounded by beautiful grounds for residents to enjoy. Floral gardens and benches are often the backdrop of these communities. Living in a luxury retirement community also provides seniors with a close-knit group of their peers to socialize with on a daily basis. Many living in luxury retirement communities enjoy this benefit. These types of communities are for those seniors who can manage on their own and do not have any major health issues that would necessitate consistent nursing care.
Luxury Assisted Living
While still offering many of the amenities of a luxury retirement community, luxury assisted living also provides services to help seniors with their daily needs. This can include help with grocery shopping, medication management, and help with providing daily meals. Physical and occupational therapy may also be offered as well as some upscale therapy options such as music therapy. Some believe music therapy can help seniors with memory problems.
Luxury Nursing Homes
For those seniors needing more health care than an assisted living community can offer, there are luxury nursing and retirement homes. Luxury nursing homes offer 24-hour care by licensed health professionals while offering greater amenities than your average nursing home. Here you’re likely to find swimming pools, fitness centers and other activities tailored to residents.
Luxury Memory Care
For seniors dealing with dementia and Alzheimer’s disease, luxury memory care may be an option. At these facilities, patients receive specialized care, as well as supervision, while still being able to enjoy the amenities that luxury senior care offers. Often staff gets to know patients on a personal level so that they can help with specific needs. Well-balanced meals are also offered as well as large individual rooms for each patient. Special activities to help with memory are often incorporated in the daily schedule as is daily exercise.
How Much Does Luxury Senior Living Cost?
If you are looking into any type of luxury senior living, whether it be a retirement home, retirement community, or apartment living, you should know it will be far more expensive than your average senior living options. Location and amenities play a big role into the price.
On average, rents may start at $2,000 a month and go up to as much as $5,000 a month. But, if you are looking into luxury memory care, you can expect to pay a couple of thousand dollars more per month.
Don’t forget the entry fee that is often in the six-digit range and sometimes over one-million dollars! If you are opting for luxury senior living you can expect to pay out-of-pocket as most insurance will not cover costs like these.
It’s important to note that the annual cost of an average nursing home can run well over $80,000, but insurance may pay a portion of that cost. You need to take into consideration whether the luxurious amenities of senior living are worth the price tag.
Questions to Ask About Luxury Senior Living
Before making the financial commitment that luxury senior living requires, you should first ask yourself these questions:
- Can you afford it? You need to look at the long-term costs before signing on the dotted line.
- Do you like the people in the community? Take a tour. Talk to residents. Can you see yourself interacting with these people on a daily basis?
- Is the staff qualified? If you are thinking about an assisted living or retirement home be sure the staff is qualified to handle your medical needs.
- Ask about violations. Be sure housing is up to code and look into any past health violations.
Where Can I Find Luxury Senior Living?
Let Seniorliving.org be your guide. Search our database of available luxury senior living options near you. Just type in your zip code and let us do the rest. If you need assistance over the phone, call us on our helpline.