When it comes to crunching the numbers of how much it costs to maintain a private dwelling vs. living in a retirement residence, there’s a lot to consider. With inclusive costs that cover food, heating, electrical, servers, cleaners, and even some personal care, living in an independent or assisted living residence may make financial sense.
Additionally, residents get a lot of amenities that often exceed what may be available in a house that must be maintained by the homeowner. Retirement community living can also be an antidote for isolation and even depression for seniors living alone.
If you have the option to live without assistance or to live in assisted living, which would you choose? Not surprisingly, it turns out this is a very personal choice with many significant considerations. For the purposes of this article, “assisted-living” refers to any form of living in communal lodging with the support of professional staff, “independent” living is for those requiring the least assistance from staff, and long-term care is for those needing full-time care.
Non-assisted refers to living completely on one’s own, responsible for shopping, cooking, and cleaning, health care, transportation, entertainment and paying bills such as cable, utilities, and subscriptions.
Is it more cost effective to live in an independent or assisted living residence due to the extra amenities? At Verve Courtyard Gardens in Richmond, residents can choose independent living with a one-bedroom suite, one bedroom and den, or a 2-bedroom suite, which include a 24-hour medical emergency pendant, three meals daily, access to laundry, weekly housekeeping, social events, bus outings and scenic tours. Social events are posted on a monthly calendar and shared with residents.
The cost for the independent or assisted living option is from $59,000 per year compared to living on one’s own in a one-bedroom apartment and being responsible for rent or property taxes, strata fees, shopping, utilities, entertainment, maintenance, cleaning, and transportation at a cost of about $51,000 per year. Of course, this cost does not include on-site medical support, a variety of activities, and a close-knit community of one’s peers.
June Miller, Community Relations Manager with Courtyard Gardens, loves going to work. “When I get up in the morning, I have a purpose,” she says. She also enjoys “how easy it is for residents to move in and get settled.”
A popular sentiment among new residents is, “why didn’t I do this sooner, instead of sitting at home by myself?” says Miller.
The reasons why people hesitate to move into independent or assisted living vary, but one of the common reasons Miller has heard from people is the fear of losing their independence. From what she has seen, the results are the opposite with new residents joining outings, such as shopping, scenic tours, games like trivia, crosswords, cribbage, as well as daily physical exercise classes and dining with their new neighbours.
Courtyard Gardens staff include an on-site Health & Wellness Manager, a Life Enrichment Manager and Dining Services Manager who meet with residents once they’ve settled in.
The Life Enrichment Team encourage joining outings and in-house creative events, helping those who are reluctant to branch out. The benefits are evident as residents become familiar and form strong bonds as opposed to being isolated and alone.
One of the best things about Courtyard Gardens is that residents don’t have to worry about where to move next. They can “age in place.” For example, if they start with independent living, they can graduate to assisted living and, if necessary, long-term care, including round-the-clock staffing and emergency response, in a familiar place.
If you’re considering independent or assisted living options, be sure to talk to your family, physician, and financial planner. Most sites offer visits to local properties where you can dine, view accommodations, and meet the staff. It is important to know if living in a closely connected community is right for you or if being independent in the larger community is your preference.
For more information, please visit Senior housing | CMHC (cmhc-schl.gc.ca) and consider important items such as mobility, physician, and hospital access.
To help determine which living situation is right for you, CMHC offers a Self-Assessment Guide. Another resource for opportunities to live independently in BC is offered through BC Housing’s website.
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