How Much Does Independent Living Cost in Essex, CT?October 1, 2021
A lot goes into planning for your retirement. Not the least of which is calculating the cost of living out your days in a comfortable fashion. It can be a tricky thing trying to decide how much money you’ll need. After all, who can predict future health concerns or even changes in the cost of living? But if you’re checking out senior living communities in Essex, CT, and are asking yourself “How much does independent living cost?”, we can help you get a better understanding of what to expect.
So how much does independent living cost in Essex, CT? The short answer for the state of Connecticut, according to assistedliving.org, is this:
- Monthly average: $3,490
- Monthly minimum: $1,400
- Monthly maximum: $7,000
OK, but what do these numbers mean and what do you get for that amount? Keep in mind these are average costs. Your actual costs will vary depending on the senior living communities you look at and the levels of living and types of care they provide.
Take Essex Meadows, for example. As the premier lifecare community in Essex, CT, Essex Meadows offers a long-term residency agreement designed to remove uncertainty about your future. Under this agreement, active seniors move into independent living, knowing that if their health changes, they’ll always have priority access to higher levels of on-site senior care, including assisted living, skilled nursing, rehabilitation and hospice.
With a lifecare agreement, an entrance fee guarantees a residence for life, and the monthly fee gives you access to all community amenities, common areas, meal planning, and other services.
According to a report by the U.S. Government Accountability Office, older adults may expect to pay entrance fees between $1,800 and $600,000. Why such a huge margin? It all comes down to the levels of care and the types of contracts offered. Senior living communities vary greatly, from rentals and fee-for-service to unlimited health care services with little or no fee increases.
In addition to a possible entrance fee, your monthly fees will vary as well, based on the services and amenities senior living communities offer. These might include:
- Fitness centers
- Swimming pools and outdoor areas for activities such as golf, tennis, pickleball, etc.
- Games and billiards rooms
- Dining options and cocktail lounges
- Scheduled events and classes
- Beauty and barber shops
- Cleaning and laundry services
- Paid utilities
- Full-time security staff
Keep in Mind, Living at Home Isn’t Free
When asking themselves, “How much does independent living cost?”, many older adults are quite happy to remain in their own homes in retirement. This, too, is a perfectly fine option for some people. However, when you’re weighing your options, remember that living at home comes with its own expenses. Many times, these outweigh those of senior living communities.
When calculating your costs, take into account things like:
- Monthly mortgage
- Property maintenance and repairs
- Cleaning and landscaping services
- Health care expenses
And as you age, you can expect to spend up to $100,000 to modify your home to keep yourself safe and comfortable.
So How Much Does Independent Living Cost?
At Essex Meadows, we think the better question is, “How much do I value my independence?” Our senior living community sits on 104 gorgeous acres near a coastal forest. We offer walking and hiking trails and even an executive-length golf course. We’re minutes away from Old Saybrook Station and an easy train ride to either Boston or New York City. And you get it all with the peace of mind of lifecare.
Get in touch with us today. We think you’ll agree the benefits far outweigh the costs.