Financial Savings Gained From Enrolling Your Parent in a Retirement Community

Posted on: 30 January 2019

When your parent reaches their golden years, you may be deliberating on ways to ensure that they get the best care. Depending on their health, mental state and mobility level, you could be thinking that hiring a caregiver will be the best course of action. While letting your parent live on their own may seem like a more economical option, you should think about the advantages, both socially and fiscally, of looking into a retirement community. Although entry fees may seem steep, it is a worthwhile investment for the long term if you want the best for your senior parent. Read on for some of the financial savings you will gain from enrolling your parent in a retirement community.

Medical management

One of the main benefits of having your parent in a retirement community is the savings you will make from the health management of your loved one. A majority of retirement communities will structure their costs with health care included in the overall fees. And since your parent will be entitled to benefit from these resources during their indefinite stay at the community, you do not have to worry about footing their health care costs anymore.

Personal hygiene and social amenities

Another substantial financial saving you will make once you enrol your parent in a retirement community is on their personal care and social activities. A good number of retirement communities will provide their residents with hygiene items such as soap, linens, lotions and so on. Moreover, retirement communities also tend to have parks, dining spaces and a host of social activities that allow seniors to interact and socialise. From swimming classes to yoga lessons, your parent will always have activities to engage in. Thus, instead of having to pay extra for your parent to enjoy some entertainment occasionally, the costs will already be covered in the enrolment fees.

Housekeeping and residential management

If your parent is living on their own in their golden years, there will be a range of expenses you will have to foot to ensure that their property stays up and running. Housekeeping will be a weekly expense if your parent is to live in a clean house and have clean laundry, not to mention meal preparation. Furthermore, you will also have to factor in gardening costs, plumbing repairs and other forms of residential upkeep. By contrast, enrolling your parent in a retirement community eliminates all these expenses since everything is taken care of by their staff.

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