How Much Do Retirement Homes Cost?
Choosing a retirement community for yourself or a loved one is a big decision, and understanding what retirement homes cost is an essential part of the process. The cost of a retirement home can vary based on factors like the level of care needed, location, and the specific amenities offered.
Being informed about these costs can help you make a decision that fits both your needs and your budget.
As you consider different communities, here’s a look at the typical cost of retirement homes and how it can be influenced by the type of care and services provided.
Types of Retirement Communities
There are three general types of living options offered at retirement communities or “senior living communities.” These are independent living, assisted living, and skilled nursing care.
Senior living campuses that offer all three types of residences on the same site, such as our Presbyterian Homes’ communities, are referred to as “continuing care retirement communities” or CCRCs. Choosing a CCRC means that your costs are paid upfront and your level of care is secured for the future. These are a great option for those who do not want to move if their level of care changes.
Here is a quick overview of the main living options you will find:
• Independent Living
Independent living is designed for active or independent older adults who want to enjoy a vibrant, maintenance-free lifestyle. These communities offer a wide range of living accommodations, from spacious villa homes to well-appointed apartments.
Residents can benefit from a social and engaging environment with access to amenities such as dining services, recreational activities, and fitness programs, all while having the freedom to live independently.
• Assisted Living
Assisted living communities are for seniors who need a bit of extra help with daily activities like bathing, dressing, medication management, or meal preparation. These communities typically offer private or shared apartment-style living spaces.
The level of care provided is personalized to each resident’s needs, allowing them to maintain as much independence as possible while receiving the support they require. Assisted living also fosters a sense of community, with regular social activities and events designed to keep residents engaged and connected.
• Skilled Nursing
Skilled nursing care is for older adults who need 24/7 medical supervision and assistance due to chronic illness, injury, or recovery from surgery. These residents live in private or semi-private rooms, and care is provided by licensed professionals such as nurses and therapists.
Skilled nursing facilities offer more intensive medical care than assisted living, with services like physical therapy, medication administration, and wound care, all under the supervision of healthcare professionals.
• Continuing Care Retirement Communities (CCRC), also known as Life Plan Communities
CCRCs offer a full continuum of care within a single campus, providing independent living, assisted living, skilled nursing, and often memory care and rehabilitation services. This allows residents to move in while they are still active and healthy, living independently, with the assurance that they have access to higher levels of care as their needs change over time.
CCRCs provide the security of knowing that if you require more assistance in the future, you won’t need to leave your community. This model offers peace of mind for residents and their families, as all care levels are conveniently available on-site.
Each living option is designed to meet the unique needs and preferences of older adults, ensuring that they can age in place with dignity, comfort, and access to the right level of care.
Costs of CCRCs vs. Other Retirement Communities in Illinois
The costs of CCRCs and any other type of retirement community will vary, but the biggest difference is that CCRCs often require an entrance fee and monthly fee, while other retirement communities do not usually require the entrance fee.
CCRC
Entrance Fee: According to AARP, nearly two-thirds of CCRCs – also called Life Plan Communities – require entrance fees or entry fees. This is the fee paid when first entering a new community and helps cover services used now and any care needed into the future.
SeniorCaring.com reports entrance fees in Illinois range anywhere from $30,000 up to $1 million depending on the contract and location. The national average cost of an entrance fee is $248,000.
Monthly Fee: The monthly fee paid at a CCRC is generally inclusive of housing, utilities, some meals, social programs, transportation services, and other amenities. Be sure to ask which amenities are included in the monthly fees. SeniorCaring.com finds this fee ranges from $300 to $4,500+ in Illinois, depending on which services are utilized.
Independent Living
If you choose an independent living option outside of a CCRC, the median cost in Illinois ranges between $576 and $3,575 per month. This often includes your living accommodation and may or may not include services offered within the community. It also does not secure any future care. Understanding independent senior living costs can help you budget effectively.
Assisted Living
When not living at a CCRC, assisted living is often paid on a month-to-month rental agreement based on the assistance needed. According to Genworth Financial, the average cost of an assisted living community in Illinois in 2023 was $5,225 per month. This typically includes housing, assistance with daily living tasks, some meals, utilities, and on-site programs. Ask your community contact which services and amenities are included in your monthly fee.
Skilled Nursing Care
Skilled nursing care centers provide 24/7 health and medical services, rehabilitation services, and assistance with eating, bathing, dressing, toileting, and ambulation. Skilled nursing centers generally charge daily or monthly rates. These rates are usually all-inclusive, which means meals, housekeeping, rehab care, and 24/7 medical. According to Genworth Financial, the average cost of a semi-private room at a skilled nursing center in Illinois in 2023 was $7,452 per month.
The Vibrant Lifestyle at Presbyterian Homes Communities
At Presbyterian Homes, residents can embrace a dynamic, fulfilling lifestyle across our beautiful Life Plan Communities in the Chicago suburbs, including Lake Forest, Evanston, and Arlington Heights. Each community offers a welcoming, maintenance-free environment designed to enhance every aspect of your retirement.
Here’s what you can enjoy at Presbyterian Homes:
- Engaging social events: Regularly hosted gatherings, from holiday parties to themed events, offer opportunities for connection and fun.
- Wellness programs: Take advantage of fitness classes, yoga, and strength training to support your physical health and well-being.
- Outdoor activities: Explore our picturesque grounds with walking trails, gardening clubs, and outdoor recreational areas.
- Cultural experiences: Participate in art workshops, music performances, and educational lectures that stimulate creativity and learning.
- Dining experiences: Savor nutritious, chef-prepared meals in our community dining rooms or cozy café settings.
- Personal growth opportunities: Whether it’s learning a new hobby, volunteering, or joining a club, our vibrant community encourages continual personal development.
Whether you’re exploring the grounds, joining a fitness class, or attending an art workshop, our communities offer endless opportunities to live an active and enriched life.
Options at Presbyterian Homes in Chicago
In addition to the engaging lifestyle, our Life Plan Communities (also called Continuing Care Retirement Communities, or CCRCs) provide peace of mind. You can enjoy independent living in a spacious home or apartment, with the assurance that if your health care needs change, a continuum of care – including assisted living, skilled nursing, and memory care – is available on the same campus.
Living at Presbyterian Homes means more than just a comfortable place to retire – it’s about living life to the fullest, surrounded by opportunities to learn, connect, and thrive. With diverse amenities, services, and activities, each community supports the unique preferences and passions of its residents, ensuring everyone finds joy and purpose in their daily lives.
This continuum of care means you can enjoy life in maintenance-free independent living homes or apartments in any one of our communities, and if your health care needs change in the future, the community is equipped to meet those needs all on one campus. Find out more about your retirement living choices at Presbyterian Homes.
