Cost of Senior Living in Wilson, NC: Comparing Options and Care
In general, senior living in Wilson, NC, is more affordable than in larger metro areas, with prices ranging from $1,200 to $4,200 per month. The price depends on the level of care and the community you choose, so it's important to compare local pricing, understand what's included, and explore possible payment options.
According to NerdWallet, on average, Americans over 65 have between $462,410 and $609,230 in their retirement savings. It may sound like a lot of money, but realistically, it's less to work with than you think.
You should figure out the cost of senior living in Wilson, NC, now so that you won't experience financial surprises later. Here's a guide to family planning for seniors regarding senior living communities.
How Much Does Senior Living Cost in NC?
There are several retirement housing options available, and the one you choose will influence the price. They include independent living, assisted living, and memory care.
According to Genworth, the annual median cost for assisted living is $76,245 ($6,353.75 per month), so the assisted living pricing for Wilson should be about the same. This type of senior living gives older adults a private living space, as well as access to:
- Community amenities
- Meals
- Housekeeping and laundry services
- Assistance with daily living tasks
Independent living tends to be cheaper than assisted living and comes with all of the above services, minus the daily living assistance. On the other hand, memory care costs in NC will be higher than $6,353.75 per month since it requires more training and services.
What Is the Cost of Living in Wilson, North Carolina?
BestPlaces says that a family needs $2,910 per month to live in Wilson, NC, and a single person needs $2,533 per month. Both numbers are over 46% less than the national average.
Because Wilson's general housing and rental markets are below big-city averages, this means that the financial burden for seniors is less in this city. Since the cost of living is lower than the national average, you can expect the cost of senior living communities to be lower, too.
How to Pay for Senior Living
As we've said earlier, the average senior has between $462,410 and $609,230 in their retirement savings. This amount can quickly become depleted if it's the sole source of funding for supportive senior services, so it's good to know what else is available to help spread the cost.
One route to go is long-term care insurance. It'll pay out according to policy terms, and older plans may have lifetime or daily limits. You should check your contract details and inflation adjustments before proceeding.
Another option is veterans' benefits. Eligible veterans and surviving spouses can get monthly payments, which they can use for assisted living.
If you're really in need of help, bridge financing is something to consider, too. It's a type of short-term loan that tides you over for things like entrance fees.
How to Choose the Right Community in Wilson
When choosing a senior living community, you shouldn't just go for the cheapest one. After all, this is where you'll be spending your golden years, so it has to be excellent!
First, you should sit down and determine what your needs are. For example, an older adult who wants independent living will have drastically different costs than a senior who needs memory care.
Research your options and compare the costs vs. included amenities and services. This can give you a better idea of which communities offer better value for money.
After checking resident reviews, you should visit the community in person. This can give you a gut feeling of whether or not it's the right living space for you.
Frequently Asked Questions
Does Medicare Pay for Assisted Living in NC?
According to the National Council on Aging (NCOA), Medicare doesn't cover assisted living. However, it may cover medically necessary services delivered in any setting.
If you have Medicare Advantage, you may have extra benefits that can help with transportation or limited in-home services, but they still don't cover assisted-living residency costs.
Can I Bring a Pet to Senior Communities in Wilson?
Yes, some senior living communities allow pets. For instance, we understand how essential animals can be in seniors' lives, which is why we're a pet-friendly community.
How Do Memory Care Staffing and Security Features Affect Cost?
Memory care costs are higher since residents require a higher staff-to-resident ratio for better care. In addition, they need:
- Specialized staff training
- Secure neighborhoods
- Specialized programming
What Consumer Protection Exists if a Wilson Community's Care Is Poor?
If you feel that a senior living community isn't meeting standards and what they've promised, you can file a report with the North Carolina Division of Health Service Regulation (DHHS). You should always keep copies of your contracts and invoices to support any complaints made.
Are There Local Nonprofits or County Programs to Help Seniors With Housing or Care Costs?
Yes, the Area Agency on Aging can point you to programs that can help with:
- Meal programs
- Counseling
- Limited financial support
You can contact Wilson County aging services to get up-to-date local resources and find out more about eligibility.
How Often Do Senior Living Communities in Wilson Raise Their Rates?
Most communities raise their rates annually by 3-6%. This is to keep up with rising costs for staffing, food, and utilities.
Do note that if you require additional care or services, the fee increase may be more than 3-6%. So always ask about the community's rate-increase policy.
Figure Out the Cost of Senior Living
The cost of senior living can have a huge impact on your financial situation in retirement, so it's a great idea to figure it all out before you need to move. That way, you can plan ahead and have the right amount saved and know where to go should you need additional funding.
At Parkwood Village and The Landing, we have a lounge with a bar, live music, and happy hours to keep our residents happy! Schedule a tour with us now if you're interested in senior living in Wilson, NC.