One of the benefits of getting older is knowing how you will spend your newly found free time. For some, the concept of spending their Golden Years on endless chores and home maintenance is simply unappealing. This is when independent living communities, also referred to 55+ communities, senior living centers, and retirement centers offer these seniors relief from responsibilities including repairs and housework. They may also provide quality amenities including on-site fitness activities, transportation, restaurant style meals and dining, and even indoor pools.
There is no question that older adults are a huge part of the population of Toronto. In the past 40 years, the total number of older adults who are living in this city have increased to more than 200,000. Today, it is estimated that there are close to 680,000 people in Toronto who are over the age of 55. This growth is expected to continue, which means the use and demand for 55+ communities are also going to continue going up.
In Canada, the national cost for a senior living community can vary greatly. On average, a person can expect to pay between $1,400 and $3,500 per month. In Toronto, the average cost is $2,798 per month. There are a number of factors that can impact this cost, including location, services offered, amenities and type of residence. It is often a good idea for a person to plan their budget and then begin their search for a 55+ senior living community.
The costs for senior housing can vary greatly based on the location of the community, the size of the unit and amenities offered. While there are some who have planned for senior living care, they sometimes do not realize what the cost of this will be until they actually begin the search. The good news is that there are a number of ways to privately pay for the care that is needed.
Savings and income - Utilizing personal savings and income to pay for this 55+ community is the easiest route to take. If a senior is unable to cover all of the expenses, then families often help out to contribute to the cost of care.
Home equity - There are some seniors who will be making the move from their home to another residence. Selling this real estate can provide assistance in paying for the care that is needed.
Selling an insurance policy- This is referred to as life settlement and involves selling the policy to another company or person who will then pay on the premiums and receive the benefit when the person passes away.
Long term care insurance- Long-term care insurance can help to cover the costs that are not covered by private medical insurance. This type of insurance can help to minimize the long-term financial impact a person has.
Prior to visiting any 55+ community, it is important to make a list of the things that matter most. For example, many facilities offer seniors with pets who are in need of a pet-friendly location. Some seniors may want to save money and live near their family and grandchildren. Or perhaps you are looking for a low-maintenance home where you can receive additional care in the future if it is needed.
Once you know what you want, you can begin your search. As you look for communities, be sure to ask for recommendations from friends, read some reviews and even visit properties.
Ask about what is included in the rent. There are some 55+ communities that cover cable services and many offer weekly housekeeping and laundry services. Other services include regular transportation to nearby venues and a certain number of meals per day.
Most independent living communities typically offer quite a few amenities for the residents. Some options to consider include a pool (preferably heated for the cold Toronto days), onsite salon, walking trails, a fitness center, and others. Other amenities include game rooms, covered parking, dog parks, and free Wi-Fi.
For seniors who want the ability to live independently, but receive additional care down the road if it is ever needed, they should check out Baybridge Senior Living. Here seniors can remain independent or receive additional help and assistance with some tasks. This makes it possible to move once and remain in the same place for years down the road.
Find assisted living in Toronto near you.