As we age, our needs change. We may want to interact with others who are at the same stage of life. We may want to exert our independence and not have to rely on family for living arrangements. In these situations, staying in a traditional home might not be the best choice.
What is a Retirement Home?
Retirement Homes are residential facilities for seniors with a greater degree of independence and movement than those who require long-term lifestyle or nursing assistance. Retirement Home residents are generally able to manage their own care and positively interact with other residents of the same age and lifestyle.
You do not need to apply to your LHIN (Local Health Integration Network) to live in a Retirement Home. However, individual homes may conduct their own assessment to see if they can provide the level of support you require.
A Retirement Home is required to perform at least two of the thirteen care services listed in the Retirement Homes Act, although most homes provide more than just two. These services include providing meals, bathing assistance, administering medicine, a Dementia Care program, and others.
What other kinds of care services do I receive in a Retirement Home?
Retirement Homes generally offer four main types of care services:
- Independent Supported Living: The facility would provide a comfortable home environment where the senior can enjoy their independence, but still have the option of minor assistance in areas such as personal care and mobility whenever required.
- Assisted Living: This is for seniors that need some on-site assistance due to physical or cognitive care requirements, and need to have it arranged from the beginning of their stay. The assisted care is included in their fee.
- Specialized Demantia Care or Memory Care: Residents who have mild or advanced cases of Dementia or Alzheimer’s require specialized care within the Retirement Home. Retirement Homes specifically equipped to deal with dementia are called “memory care residences”
- Short-term Stays: Seniors may stay at a Retirement Home for a short time in the event they are between Long-Term Care facilities, or if they simply want to try it out.
Healthy and fully-independent seniors can of course enjoy a stay at a Retirement Home without making use of one of the above services. This is called Independent Living and does not require any care other than food and lodging.
How much do Retirement Homes cost?
Retirement Homes are not subsidized by the Canadian government. Residents will have to shoulder the cost of the home on their own.
Prices for individual Retirement Homes can vary depending on the province, the type of accommodation, and the services provided. A resident can expect to pay anywhere from $1,000 a month to $7,000.
There are different ways one can pay for senior housing:
- Personal funds: Residents most commonly pay for Retirement Home care through personal assets such as savings from income, pooled family funds, home equity, or via a life insurance policy.
- Long-term care insurance: Long-term care insurance plans pay for costs that are not covered by private medical insurance. This usually includes services like assisted living, additional medication, and Alzheimer’s care.
- Reverse mortgages: A reverse mortgage is a mortgage loan that allows the borrower to access the unencumbered value of the property. Reverse mortgages do not require monthly payments and are traditionally given to older homeowners.
- Government sources: The Canadian government offers a number of benefits and credits that can be used to offset the cost of a Retirement Home, such as Canadian Pension Plan, Guaranteed Income Supplement, and Old Age Security.
GTA Senior Care Solutions can answer any questions you have about retirement home care and similar services. Call us today!