Over the last few years, rising prices have affected everyone, including senior adults who may be on a fixed income. The impact of rising costs on senior living affects everyone involved in the care of parents and elderly loved ones. Senior communities throughout the country are dealing with the rising costs of senior living.
At Calder Woods, our senior community welcomes Texas seniors who are interested in experiencing life in Beaumont. We have independent and assisted living programs, memory care programs, and short- and long-term rehabilitation programs for seniors of all activity levels. Care programs include medication management, assistance with daily living needs, housekeeping and laundry services, and other personal services and amenities to give you the retirement you always wanted.
Use our senior cost calculator to get a side-by-side comparison of your expenses, then call 409.407.7636 today for more information about our senior living community.
Understanding Your Senior Living Expenses
The cost of living has increased significantly over the last few years, with prices rising 21.1% since 20201. While prices are starting to decrease, food, gas, and utilities all cost more. What does this mean for senior living expenses? It means you will need to budget yourself to afford everything. In fact, some senior adults are not able to afford their medications or therapy due to the rising costs.
Just as an example, here are the top food price increases:
- A dozen eggs – 126% increase
- Frozen orange juice – 71% increase
- Loaf of bread – 54% increase
- Coffee per pound – 50% increase
- Yogurt – 48% increase
- Ground beef – 44% increase
In most cases, seniors are on a fixed income and have only a certain amount to spend each month. Due to rising prices, they may have to choose between eating, paying bills, or getting the care they need.
At Calder Woods, we understand how the impact of rising costs on senior living affects our residents. We will work with you to help find ways to pay for our independent and assisted living programs, memory care programs, and other services.
The Impact of Rising Costs on Senior Living
The rising cost of senior living is impacting everyone. The cost of living has risen, facilities have fewer employees, and the level of support has decreased. In senior living communities, residents may realize that the patient-to-staff ratio has declined, and they have to wait longer for service.
Here are other ways the impact of rising costs has affected senior living:
- Healthcare – Seniors often rely on healthcare services, which can be very expensive during high inflation rates. Doctor visits, medications, and hospital visits will all cost more. This can be very detrimental to their monthly budget, especially if they are on a fixed income.
- Operating costs – Senior living communities are also affected by rising costs. Inflation increases the cost of staff wages, medical and therapeutic supplies, and utilities will all be higher. In general, this means that your monthly expenses may increase.
- Transportation costs – With everything costing more, it makes sense that transportation costs have also increased. The cost of gas, public transportation, and ride shares have all increased over the last few years. Some seniors are opting not to go anywhere because they can’t afford it, and this can impact their overall well-being.
- Long-term care insurance – Long-term care insurance prices are impacted by rising costs. With the cost of medical care increasing, insurance companies are adjusting the amount they will cover. This means that something covered in the past may not be covered today.
Independent and assisted living facilities and at-home caregivers all face increased operating costs due to inflation. This means higher wages for staff, increased costs for medical supplies, and rising utility prices. These facilities will increase their costs to compensate, meaning higher monthly fees for you.
Calder Woods – Use Our Senior Cost Calculator Today to Find the Cost of Senior Living
Calder Woods is a full-service senior living community with independent and assisted living programs for seniors of all activity levels. We will discuss the rising cost of senior living with you and help you find ways to cover the cost of living in a senior living community. Our community features a unique culinary experience, multiple floor plans, medication management, and other personal services and amenities.
To discuss the cost of senior living, fill out our online form or call 409.407.7636 today to schedule a tour and consultation.
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