The short answer to the above question is, “That depends.” Not all senior living communities are built the same. So before we can answer the question, “How much does independent living cost in Franklin, Indiana?” we need to talk about the different types of senior living communities.
They can generally be divided into two types: rental communities and Life Plan Communities (also known as Continuing Care Retirement Communities or CCRCs).
A rental senior living community typically offers apartment-style living for independent, or mostly independent, seniors. It requires a resident to sign a lease and pay a nominal, one-time community fee. In addition, residents don’t have to meet medical or financial eligibility criteria for residency like they would at a Life Plan Community.
Monthly fees vary according to the floor plan you choose and services included in your lease. Maintenance; housekeeping; casual and fine dining; transportation; plus social, educational and wellness programs may be included.
For independent living residents, rental communities share many similarities with Life Plan Communities. However, the range of health services provided and how you pay for care can vary dramatically. Some independent living communities don’t offer health services. Others may contract with a third-party provider for home health in your independent living apartment. And some may offer a variety of care options, including home health, assisted living and memory care.
The benefit of a rental community is that you pay only for the care you use. But the risk is that care may not be available at the community when you need it, and it’s important to note that fees for health services at a rental community are typically charged at market rates.
A Life Plan Community is a senior living community that offers independent living, plus a plan for care. Residents have priority access to the care they may need on-site, often including assisted living, memory care, skilled nursing and/or rehabilitation.
Amenities and services vary, but many Life Plan Communities are more like resorts with upscale amenities such as a rooftop restaurant, cocktail lounge, heated indoor pool, salon and spa, art studio, and movie theater.
The average entrance fee for a Life Plan Community is around $300,000 but can be as much as $1 million at some communities. The cost of your entrance fee varies depending on the residence you choose, number of people living there, amenities and services provided at the community, and its location. You’ll pay more at a community in San Francisco, for example, than one in Indianapolis.
In addition to a one-time entrance fee, independent living residents pay a monthly service fee much like they would at a rental community.
One other thing you should look carefully at is the type of contract or residency agreement offered at a Life Plan Community. There are three main types:
This type of contract promises to care for residents for the rest of their lives without significantly increasing their monthly fees. If the need arises for a higher level of care, the resident may transfer to the appropriate level of care at a predetermined, substantially discounted monthly rate for as long as care is needed.
This type of contract offers priority access to higher levels of living at: 1) a minimally discounted rate, or 2) for a limited number of free days, with additional care at per diem market rates.
This type of contract offers priority access to higher levels of care at fee-for-service market rates. Essentially, you begin a separate contract for assisted living, memory care or skilled nursing.
When you add up all the costs of aging in place at home, it’s probably more than you realize. Even if you’ve paid off the mortgage, there are still bills to pay, including home insurance, property tax, food, utilities, housekeeping, lawn and garden services, home security, gym membership, and entertainment/activities. Most or all of these costs would be included in your monthly fee at a senior living community.
In addition, there are costs of aging in place that are hard to put numbers to. Namely, costs that affect your quality of life. Social isolation, for example, can take a toll on your physical and mental well-being, eroding your joie de vivre and increasing the risk of Alzheimer’s disease. As an independent living resident at a senior living community, you’ll find endless opportunities to make new friends and participate in activities that support your health and well-being.
Astral at Franklin, the senior living community now taking shape on Franklin’s north side, will offer independent living, assisted living and memory care on-site. Residents can take advantage of a host of life-enriching amenities and services, including well-appointed apartment homes, multiple dining venues, fitness center, arts studio, salon, and walking paths on a beautifully maintained pet-friendly campus.
Monthly fees will start around $3,700 for independent living residents. That’s more than the average cost of independent living in Franklin, but Astral at Franklin is not your average senior living community. To learn more about this exciting opportunity or to schedule a personal appointment, contact us today using the form below. Our senior living experts will be happy to answer any questions you may have.
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