As Americans age, many will require long-term care services at some point in their lives. Yet according to the Administration for Community Living, less than one-third of individuals over 50 have begun saving for it1. A New York Life survey in 2025 revealed that in Connecticut, the average annual cost of assisted living is $79,7952, a figure that may feel daunting. However, with thoughtful financial planning, you can ensure peace of mind for both yourself and your loved ones while enjoying the lifestyle you deserve.
Costs of Senior Living
When assessing the cost of senior living, it is vital to consider the overall value of the community experience. Senior Living Hospitality communities like East Hill and 3030 Park offer more than just a place to reside. Amenities often include pools, gyms, theaters, fine dining, social events, wellness programs, and well-maintained spaces, all covered by your monthly fee. These benefits can offset costs you might otherwise pay separately if living at home.
Choosing where to live is not always about the lowest price. While staying at home with occasional home health care might seem cheaper, costs can add up quickly. The 2025 survey from New York Life also indicated that home health care in Connecticut can range from $70,000 to over $320,000 annually2, depending on the level of care required, on top of regular living expenses. Senior living communities provide a predictable, comprehensive solution with professional care integrated into daily life.
Financing Your Senior Living Lifestyle
Senior Living Hospitality communities offer options to accommodate a variety of financial situations. Common ways to finance senior living include:
- Investments or savings
- Sale of your home or a reverse mortgage
- Long-term care insurance
- Veterans Aid or Medicaid programs
Some health insurance plans provide limited coverage for certain services, but these are typically short-term solutions. Working with a financial advisor can help you navigate your options and plan effectively for your lifestyle and long-term goals.
Even after moving into a community, ongoing budgeting is important. Knowing how much you can comfortably spend on extra activities or personal interests ensures you continue to enjoy life to the fullest without financial stress.
Planning for Your Senior Years
The key to financial peace of mind is planning early. Whether you are decades away from considering senior living or actively exploring options, now is the time to start preparing. Thoughtful planning ensures you can enjoy all that senior living communities offer, including comfort, care, and a vibrant lifestyle, without compromise.
At Senior Living Hospitality, we are committed to providing not only exceptional care and amenities but also guidance to make the financial side of senior living approachable and stress-free.
Ready to Explore Your Options?
Discover how Senior Living Hospitality communities combine quality care with exceptional lifestyle amenities. Contact us today to learn more and schedule a tour.
Sources:
1 longtermcare.gov
2 New York Life
