Most people want to live out their days in their own homes. However, for solo agers who have no one at home to assist, particularly if there are mobility issues, living at home may not be ideal. Isolation can create or exacerbate depression and physical ailments, too. The National Institute on Aging describes social isolation and loneliness as an “epidemic” linked to higher risk of cardiovascular disease, stroke, cognitive decline and other health problems.
Senior living communities can be a good alternative to aging at home. Of course, transitions are never easy, and affordability can also be a challenge. That said, living in a senior community can provide greater physical safety and peace of mind. A 2024 study from US News and World Report polled 260 adults age 55 and over who within the last two years had moved into either independent living, assisted living or memory care. Sixty-nine percent of the respondents said that they felt lonely a majority of the time prior to moving. After transitioning to a senior community, 61% said their feelings of isolation and loneliness had decreased.
If you are thinking of moving to a senior living community, or if you have parents or other loved ones you believe would benefit from doing so, there’s one thing you should know up front: Medicare will not cover senior living costs. Medicaid and/or Veterans benefits may be available to pay some or all of the cost, for certain types of facilities. Below is an overview of the different types of senior living arrangements and their associated expenses.
Independent Living For Healthy and Active Seniors
Independent living refers to a 55+ community that frees residents from the tasks associated with home ownership. Various types of assistance can be arranged: housekeeping, dining plans, transportation to shopping, etc. Activities are usually offered through the community, from arts and crafts, to fitness classes, to clubs that cater to residents’ particular interests.
The monthly median cost for an independent living community in Florida is $4,502, according to Seniorliving.org There are no public benefits for this type of community.
Assisted Living For Seniors Who Need Some Help With Daily Tasks
An assisted living community is appropriate for someone who needs limited help with one or more activities of daily living, but who does not need intense, round-the-clock care. Examples include help with dressing, bathing or medication management. Trained staff are available to help residents. Dining, housekeeping and activities are available. These facilities are a transitional step between independent living and nursing care.
The median monthly cost of an assisted living facility in Florida is $5,324, according to the 2024 Genworth Cost of Care Survey. Medicare does not cover assisted living.
If you are a veteran, certain programs such as Aid & Attendance may pay a portion of the cost. Some long-term care insurance policies may cover it, too; check with your carrier.
Because an assisted living facility is not a medical facility per se, Medicaid may pay for the portion of the expense considered to be medical care (at a negotiated rate with the facility). Medicaid will not cover the portion considered to be room and board.
Long-Term Nursing Home For Seniors Who Need Intensive Care With Daily Tasks
This refers to long-term custodial care – in other words, a facility that does not provide skilled nursing and whose goal is not to rehabilitate. Custodial care provides intensive help with the personal tasks an incapacitated person can no longer perform independently – for example, eating, getting in and out of bed, bathing, toileting, etc.
The 2025 Genworth Cost of Care Survey shows that in 2024, the median monthly cost in Florida for a private room at a nursing home was $11,558; for a semi-private room, $10,342. Medicare does not cover custodial nursing home care.
Medicaid may pay the costs of nursing home care for those who qualify. Veterans benefits may also be available for certain veterans.
Memory Care
This is a specialized type of residential care for those with dementia, Alzheimer’s and other cognitive impairments. The environment of a memory care community is specifically designed to reduce residents’ stress and increase their safety. Because residents may wander, doors may be alarmed, elevator access coded, and outside areas secured. Staff are specially trained to deal with people with dementia or Alzheimer’s. A memory unit may be part of an assisted living facility or nursing home.
According to the nonprofit National Investment Center for Seniors Housing & Care (NIC), a nonprofit that tracks trends in the industry, in 2023 the national average monthly cost of memory care was $8,399. Those who qualify for Medicaid may be covered if memory care is provided in a nursing home setting. For a dedicated memory care facility, Medicaid may cover only the medical-related portion of the expense, but not room and board.
Continuing Care Retirement Communities
A Continuing Care Retirement Community (CCRC) provides a full continuum of housing options and care that seniors may need over time: independent living, assisted living, custodial nursing care, and memory care. As you age, if your needs progress, the CCRC has the resources to provide the level of care you need, all in a familiar environment.
This arrangement can create peace of mind for residents and their families. The continuity of residing in the same facility can be comforting. A CCRC also allows spouses to reside in the same community when one declines and the other does not.
As you no doubt can surmise, all of this doesn’t come cheap. Several different types of contracts are available, but in most cases there is a buy-in fee that can start at several hundred thousand dollars, plus monthly fees that may increase as your needs increase and you require a higher level of service. If you change your mind after you move in or pass away while there, the CCRC may provide a refund, depending on the type of contract you signed.
Conclusion
One in five Americans will be 65 or older by 2030, projects the U.S. Census Bureau. Although aging in place remains the gold standard for most people, the reality is that many people will need, or just want, the increased safety and other benefits that a senior living community provides. Planning ahead is essential. Consult your elder law attorney, your financial planner and accountant to get your ducks in a row.
