Cost of Senior Independent Living in Frankenmuth: What to Expect
Starting a new chapter in life can be exciting, yet it can be daunting too. As your kids have grown up and left, you've found yourself an empty nester, and things are a bit quiet at home.
You're still very active, but the lack of a friend group has made you feel even lonelier. There's only so much company your spouse can provide, and you want more.
Why not move into a senior independent living community? You'll still have your own private space, but you'll be amongst other older adults.
But what's the cost of senior independent living in Frankenmuth, MI? And how can you budget for the costs? Read on to find out.
Cost of Senior Independent Living in Frankenmuth
In Frankenmuth, independent living costs have a range of between $1,000 to over $5,000. But on average, you can expect to pay between $2,000 and $3,000 a month.
This is on par and even lower than the national average, which The Federal Long-Term Care Insurance Program says is around $3,000 per month.
What Affects the Independent Living Pricing?
There are many personal and community-related factors that can drive the specific pricing up or down. Here's what affects Michigan senior housing costs.
Floor Plan and Apartment Type
Low-end options (like studios) will cost very little, but typically, they have minimal services too. Whereas high-end options (such as 2-bedroom units) will cost well over $3,000 per month, but they'll usually have full amenities too.
The higher-end choices will also cost more because you'll have things like more privacy, patios, extra bathrooms, balconies, etc.
Services and Amenities Included
It's common for senior living communities to bundle their services, as this is more convenient for their residents. Services that are usually included are:
- Meals (1-3 per day)
- Weekly housekeeping
- Laundry service
- Utilities (water, electric, cable, Wi-Fi)
- Wellness programs
- Social activities
The following may push the cost higher:
- Fitness centers
- Concierge service
- Beauty salons
Do note that picking services a la carte may seem more affordable, but generally speaking, bundled services are more cost-effective.
Supportive Care vs. Pure Independent Living
"Independent living" means that you don't get medical care. However, that doesn't stop communities from offering additional services, like:
- Medication reminders
- Wellness checks
- Emergency response systems
- Care coordination
These services can raise the base price, or they may be billed separately.
Location and Community Reputation
The more well-established and highly rated a community is, the higher the fees. This is because they've worked hard to make a name for themselves, and that reputation comes with a price.
You can expect higher prices due to the following too:
- Proximity to downtown
- Picturesque views
- Newer or boutique-style properties
Seasonality and Availability
New units or floors may have higher pricing. To combat that, you can look for special rates or move-in incentives during low-demand periods. Generally, month-to-month leases are more expensive than long-term agreements too.
Market trends can affect pricing as well. If there are staffing shortages or inflation, you can expect costs to rise.
Budgeting for Retirement in Frankenmuth
Moving into a senior independent living community is a major financial decision. Make sure you're ready to handle it by doing the following.
Start With a Budget Worksheet
You won't know what you can afford if you don't have a general picture of your financial situation. Your budget worksheet should include:
- Monthly income (Social Security, pensions, retirement withdrawals)
- Regular expenses (insurance, healthcare premiums, groceries)
- New expenses (rent, services, personal care, activities)
Don't forget to allow room for inflation and lifestyle costs.
Factor in All-Inclusive vs. A La Carte Services
We mentioned earlier that all-inclusive can be more cost-effective, but that's only if you actually use all the services offered. So it can be a good idea to sit down and compare the two choices.
While a la carte lets you pay only for what you use, you never know if your needs will increase in the future. In this case, you'll have surprise costs later on. Generally speaking, an all-inclusive plan is more predictable and convenient.
Consider Downsizing or Selling Your Home
If the budget worksheet reveals that money is tight, then consider downsizing or selling your home. If you don't want to lose your current property, then you can either rent it out or liquidate unused assets.
Doing any of the above can provide a financial cushion, which can also cover several years of rent.
Take Advantage of Discounts and Incentives
Earlier, we said that there may be special rates or move-in incentives; there may also be things like waived community fees or rate-lock promotions. Some communities even offer reduced rates for early sign-ups or long-term leases.
You should always ask about discounts and incentives, even if they're not advertised. You'll never know if you don't ask!
Explore Veteran and Government Benefits
Veterans and their spouses may qualify for VA Aid and Attendance benefits, which can offset some of your senior living expenses in Frankenmuth. There may also be subsidies or grants for senior housing.
To make sure, you should check with a local VA benefits advisor or an area agency on aging.
Set Up an Emergency Fund
You never know what may happen in the future, especially regarding your health. You need to account for:
- Unexpected medical bills
- Dental work
- Travel
- Additional assistance (possible move to assisted living)
We'd suggest setting aside $300 to $500 per month to prevent financial strain, should emergencies happen.
Consider Senior Independent Living in Frankenmuth
As you can see, the cost of senior independent living in Frankenmuth isn't very high, especially in comparison to the national average. While your personal situation and preferences can affect what you pay, in general, independent living is affordable.
So do some research and check out the local communities around you to see what speaks to you. You should tour several properties and ask for detailed pricing breakdowns so you're confident about the final choice you make.
Get in touch with us today to request Winter Village rates and to discuss our services. We offer flexible care plans and have several exclusive programs for our residents.