A Guide to Senior Apartments and Where to Find Them - 8/31/2024

A Guide to Senior Apartments and Where to Find Them

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From assisted living and memory care centers to continuing care retirement communities (also called CCRCs) and independent living communities, older adults have a broad range of types, costs and amenities to choose from.

Sorting through all of the options, however, can get confusing. In this guide, we delve into senior apartments and how best to find the right one for your situation.

What Is a Senior Apartment?
As a literal term, "senior apartment" can mean any domicile where people ages 55 and older live.

In more practical terms, senior apartments often connote a certain level of community engagement and special services in a setting for active, older adults. The term is often used interchangeably to mean independent living, a type of senior living that caters to older adults who are still fully capable of taking care of most if not all of their daily needs.

Chris Orestis, a Maine-based president of retirement consultancy Retirement Genius, describes senior apartments as "a housing option for vulnerable populations, including seniors, disabled persons and low-income residents often managed by local civic authorities, such as a state or county Housing Authority."

These apartments, he adds, can accommodate a single resident to multiple residents, and you may need to qualify for entrance. Qualifying factors include age, income, disabilities and the number of residents in the apartment complex.

Pros and Cons of Living in a Senior Apartment
Just like any other place you live, there are pros and cons of senior apartments. Consider the following before deciding whether to move into a senior apartment.

Common benefits and amenities
While each apartment complex or community will offer its own mix of services, amenities and benefits, some common ones include:

24-hour security or emergency call systems to help ensure safety.
On-site dining options.
Social activities and events.
On-site gym, pool or other fitness facilities and programming.
On-site salon, spa or wellness center.
Landscaping and groundskeeping for the exterior of the apartment so the senior doesn't have to maintain the property on their own.
In-unit housekeeping and laundry services.
Shuttles or other forms of transportation for seniors heading off-site to doctor's appointments, grocery stores, entertainment centers and other locations.
Drawbacks
There can be downsides that come with moving into a senior apartment. Some common ones may include:

Reduced independence for seniors who need a higher level of care. As your needs change, you may need to move to a location where you can access more hands-on assistance and caregiving.
Reduced privacy in some situations.
Social isolation if the senior doesn't actively participate in the community.
Higher costs compared to traditional housing.
Strict age limits that prevent people who are not seniors from living there.

Senior Apartment Rent: How Much Does It Cost?
Senior living options can get expensive quickly, depending on many factors, including the community's location. For example, monthly costs in Missouri are about $1,800 versus more than $4,000 in Delaware, according to calculations from AssistedLiving.org, based on Genworth Financial's reported assisted living costs for 2021. The cost may also depend on how the specific community is set up and any additional amenities.

If you do find yourself needing more care after moving into a senior apartment, you may be able to hire in-home help, a situation that Orestis says is fairly common.

In-home support, however, can increase the monthly cost significantly, and Medicare usually doesn't chip in, adds Bob Reese, chief sales officer with eHealth Inc., a health insurance broker and online resource provider headquartered in Santa Clara, California. Medicare, he notes, will cover part-time or intermittent home health services, but only in some circumstances, such as when a senior is homebound.

What's more, before that coverage kicks in, "you generally need to be seen face-to-face by a doctor to certify that you are in need of home health care services," he says.

Long-term care insurance plans may cover aspects of senior living, including medical care, personal care services and living expenses, depending on the details of the policy.

Low-income options
For those with lower incomes, some government programs exist that can help you cover the costs of senior living. These include:

Section 8 Housing Choice Vouchers
This major federal government housing assistance program aims to help very low-income families, the elderly and those with disabilities afford safe, sanitary housing. For those who qualify, the program issues a voucher that you can use for any housing that meets the requirements of the program. This means you're not necessarily limited to living in a subsidized housing project.

Section 8 vouchers are administered locally by public housing agencies, which receive funding from the U.S. Department of Housing and Urban Development. Eligibility is based on income, which typically may not exceed 50% of the median income for the local area. First priority is offered to families that do not exceed 30% of the area median income.

HUD Section 202 Supportive Housing for the Elderly
HUD started this program in 1959 to subsidize the construction, rehabilitation or acquisition of properties to be converted into affordable housing units that offer supportive services for the elderly. The program offers rental assistance for existing Section 202 properties.

To be eligible to move into Section 202 housing, at least one person in your very low-income household must be at least 62 years old at the time of initial occupancy. Residents are charged a fixed 30% of adjusted income for rent, and the government subsidizes the rest of the cost. Your household income must be less than 50% of the area median income where the property is located.

State-specific rental assistance programs
Several other state-specific rental assistance programs exist, so check with your local housing authority or your Area Agency on Aging for more information.

You can also contact 955Hope, a national nonprofit organization that provides free rental counseling and education to support people in addressing housing concerns.

Types of Senior Living Apartments
There isn't just one kind of senior living apartment.

"There are a variety of types of senior apartments that can range from high-rise or townhouse to sharing apartments in a converted home," Orestis points out. "There are also independent senior apartments available at many assisted living and continuing care retirement community facilities where the residents can live independently but also benefit from access to meals, community events and even assistance with activities of daily living provided on a fee-based basis by the community."

The right senior apartment for you all just depends on your budget, your location and your needs.

Who Should Consider Living in a Senior Apartment?
Senior apartments are aimed at supporting adults over a certain age. Some may require residents to be 55 or older, while others require at least one person in the household to be older than age 62 or 65. These variations depend on the specifics of the community.

Older adults who are still independent but want to downsize or live in a lower-maintenance, more community-centric setting may want to consider moving into a senior apartment.

Considerations for Senior Apartment Living
Because there are so many options available, Orestis recommends "looking for locations near family. The availability of services based on the individual's needs should be the first thing to consider."

Once you've identified a few properties that look like they'll fit your needs, it's important to take a tour so you can make sure that the environment and quality of the property meets your needs and standards, Orestis says. That can help you "ensure that a good quality of life will be maintained," he notes.

Ask lots of questions, and be sure you fully understand all of your financial obligations before signing any contracts.