Many people prefer not to think about aging, though it’s a reality for anyone blessed with a long life. But at some point, you may find yourself wondering, “What will it really cost to maintain my lifestyle here in Central Ohio as I grow older?”
The sooner you ask the hard questions, the more peace of mind you’ll have in the years ahead. Whether you live in Dublin, Columbus, or a nearby community, now may be the right time to take an honest look at what retirement living could cost — and how to plan for the lifestyle you want to maintain.
You may assume your expenses will decrease in retirement. After all, there’s no daily commute, fewer meals out, and often a smaller home to manage. But this stage of life may bring new and unexpected financial demands, from changing health needs to safety-related home modifications and paid support services.
If you’re on a fixed income from Social Security, pensions, or retirement investments, inflation can quietly erode your purchasing power over time. Rising costs for health care, home maintenance, groceries, and in-home support can strain even well-prepared budgets. Unfortunately, expenses like healthcare and long-term care tend to increase faster than the overall inflation rate.
In the article below, we explore the true costs of aging and how planning for the future can help you navigate your next chapter with confidence.
What “The True Cost of Aging” Really Means for You
Calculating your expenses means thinking beyond monthly bills, vacations and extras. You need to protect your future health and lifestyle, no matter what changes come with age. You may also want to consider the impact on caregivers, such as your partner or adult children.
Living longer may involve expenses like:
- Major home repairs
- Safety modifications (e.g., walk-in tubs, stair lifts, grab bars)
- Medical and prescription costs not covered by Medicare or insurance
- Paid in-home care or caregiver services
- Emergency moves if your health changes suddenly
Home maintenance costs will vary based on your unique situation, but you can consider your home’s age and condition, along with average costs in your community, to make informed estimates.
Estimating healthcare costs is easier. According to a report from RBC Wealth Management, the projected lifetime cost of routine health care for a 65-year-old couple is $683,306. That doesn’t include long-term care, which can run over $100,000 a year.
Statistically, odds are high that you or your partner will need long-term care. According to the U.S. Department of Health and Human Services, 7 in 10 adults age 65 and older will need some form of long-term care during their lifetimes. Without a plan, these expenses can quickly snowball.
Costs for long-term care continue to rise faster than inflation or most investment returns, according to estimates from the 2024 Genworth Cost of Care Survey:
- In Columbus, the annual cost of 24/7 in-home care now exceeds $73,000.
- Standalone assisted living communities average over $60,000 per year, with costs rising at an estimated 22% annually.
- A private room in a nursing facility now costs more than $119,000 annually.
And it’s not just financial strain on the individual. Many older adults rely on adult children or spouses for informal caregiving. This role can take an enormous emotional, physical, and financial toll. According to AARP, family caregivers spend an average of $7,200 of their own money per year providing care. And that’s without factoring in lost income and stress that can come from balancing work, life, and caregiving responsibilities.
Your Senior Living Options in Central Ohio
Let’s take a look at the senior living options available in the Columbus area. Many older adults are opting to age in place in their own homes. Central Ohio is also home to more than 100 senior living communities. While each living option offers unique features, they can generally be categorized into a few groups.
aging in place with in-home care (Pay-as-You-Go Model)
Many Americans over 55 plan to age in place in their own homes. In fact, a recent AARP survey found that 77% of adults 50 and older want to remain in their homes for the long term.
The concept is simple. You stay in your home and bring in assistance as needed. It may seem more affordable at first, but the costs can accumulate quickly.
- Home health aides: $30–$35/hour in Columbus, according to the 2024 Genworth Cost of Care Survey
- Renovations: $10,000–$50,000, depending on home modifications
- Nursing home care: Over $100,000/year for a private room
Remember that you and your family members will need to arrange all care. In addition, you will manage all home maintenance, cleaning, lawn care, utilities, bills, safety modifications, and other personal needs independently.
Independent Living Communities (Standalone)
Standalone independent living communities offer amenities and services to promote an active, social, and maintenance-free lifestyle for independent older adults.
The key word is independent. According to the CDC, nearly 25 percent of older adults who live independently will experience a sudden health event (such as a fall, stroke, or hospitalization) that requires immediate access to assisted living or skilled nursing care.
Unlike Continuing Care Retirement Communities (CCRCs), these facilities do not offer assisted living or skilled nursing care on-site, though some may have healthcare partnerships. If your needs change, you’ll likely need to move and pay the full market rate for:
- Assisted Living: ~$4,500/month and up in Columbus, according to the Genworth Financial Survey.
- Memory Care: ~$6,000/month and more in Dublin
- Skilled Nursing: ~$9,000/month and over in Central Ohio
But here’s the reality: care is not always available when you need it. Occupancy rates for assisted living and skilled nursing communities are now near or above pre-pandemic levels — and demand is only expected to grow as the number of Americans age 75 and older nearly doubles by 2030.
In Ohio, researchers at Miami University’s Scripps Gerontology Center project that long-term care demand will far outpace supply by the early 2030s — especially in skilled nursing and assisted living communities.
Medicare only covers certain expenses, which means people have to find other ways to fill the gap. The costs start to add up quickly. LifeCare communities like Friendship Village of Dublin and programs like Friendship At Home help fill that gap.
Continuing Care Retirement Communities
Continuing Care Retirement Communities (CCRCs) like Friendship Village of Dublin offer all levels of care on one campus.
You join an independent living community while you are relatively healthy, can live with minimal support, and want to enjoy vibrant, resort-style living. At Friendship Village of Dublin, Residents have immediate access to:
Our 29-acre, resort-style community along the Scioto River in Dublin.- Maintenance-free living in your choice of available Independent Living floor plans.
- Chef-prepared meals in four restaurant-quality dining venues
- The company of engaging neighbors who share your interests and values.
- The Village Way lifestyle, designed around 9 dimensions of wellness.
- Two fitness centers and a large, indoor pool.
- Miles of walking trails through our meticulously landscaped grounds.
- Over 100 planned activities each month, both on and off campus.
- A large staff of associates who are devoted to your comfort, health, and well-being.
- Much, much more!
Resident Sue A. says she never looked back after moving to our premier senior living community.
“My neighbors and my family were kind and supportive after my husband died, but I found that I still missed social interaction. According to studies, conversation and activities help an aging brain – I needed to search for a new home.
I looked for a place I would never have to leave, no matter my health status, and where the staff was kind and accommodating even if my mind didn’t know them anymore. Also, the financial stability of my future home was important to me — FVD passed all of these tests with flying colors, so here I am.”
The Added Benefits of LifeCare
Many CCRCs, including Friendship Village of Dublin, offer a Type A LifeCare contract, where you pay an entrance fee and a predictable monthly fee. In return, you receive guaranteed access to future care with predictable cost increases as your care needs evolve.
At Friendship Village of Dublin, we offer three state-of-the-art communities for Residents needing a higher level of care:
Waterford Place Assisted Living provides a fresh, contemporary setting for Residents who need help with activities of daily living.
Rowan House Memory Care is the only area memory care community with gold-level certification as a Montessori-Inspired Lifestyle Community for persons living with dementia and Alzheimer’s disease.
Alderwood Health & Rehab is a licensed, 50-bed skilled nursing center offering both short-term rehabilitation and long-term care. It supports individuals recovering from surgery, illness, or injury, as well as those who need ongoing medical care and daily support.
LifeCare at Home: Friendship At Home Membership Program
Prefer to stay in your home, but want the peace of mind that comes with a plan?
Friendship At Home is a membership-based LifeCare at Home program designed for seniors who want to age in place with confidence. Affiliated with Friendship Village of Dublin, it brings the security and predictability of LifeCare to those who prefer to remain in their own homes. Members enjoy guaranteed access to care, personalized support, and proactive planning, without leaving the homes they love.
Key benefits include:
- Guaranteed in-home care (including daily tasks, memory care, and skilled nursing), or payment for care at an off-site facility if you choose.
- A dedicated personal health navigator, available 24/7 to coordinate your care.
- No waiting periods or complex insurance limitations.
- Predictable monthly costs.
- No need to move from home — unless you choose to.
- Access to dining and select amenities on the Frienship Village of Dublin campus.
What a friendship at home resident says
“Jim and I have been members of FAH since June of 2021. He had bypass surgery in January 2022. FAH was in contact with the hospital, and they helped us by setting up the home OT and PT appointments. They were also in contact with us about any other needs. We have used the transportation benefit for eye doctor appointments when we had our eyes dilated. We currently have peace of mind about the future and do not have buyer’s remorse.” — Susan and Jim G.
Comparing Cost and Value in Senior Living Options
Staying at home may appear more affordable at first, but the costs for care, home modifications, and support services can quickly add up, especially without a solid plan in place. Standalone independent living communities can lower maintenance costs and provide greater freedom. However, they usually do not include healthcare services, which means you may have to pay out of pocket or move again if your needs change.
In contrast, LifeCare options like Friendship Village of Dublin and Friendship At Home offer predictable costs and guaranteed access to care. This helps protect your savings from rising market rates and gives you long-term peace of mind.
Questions to Ask While Exploring Your Senior Living Options
If you’re touring senior living communities or considering aging-in-place options, here are questions to bring with you:
- What’s included in the monthly fee?
- Is the entrance or membership fee refundable?
- How does care work if my health needs change?
- Are all care levels located on-site or supported at home?
- What’s the difference between a Type A, B, or C contract in your community?
- Is the organization financially stable?
- Can I compare your financial disclosures and occupancy rates?
- Do you have a waiting list? How far in advance should I plan if I want to join your community?
Frequently Asked Questions about LifeCare and the Costs of Aging
As you explore your senior living options, you may have a few questions about how LifeCare options work and how they compare to traditional retirement choices. Here are some of the most common.
Q: What if I want to stay in my own home?
A: Friendship At Home could be the perfect solution. It’s a LifeCare at Home membership that provides comprehensive care services and 24/7 support while you remain in your home.
Q: How is Friendship At Home different from long-term care insurance?
A: It begins coverage immediately, has no waiting periods or exclusions, and includes care coordination. It’s more straightforward, more flexible, and more personal.
Q: What if I never need assisted living, memory care or skilled nursing?
A: With a LifeCare plan, you still benefit from the lifestyle, peace of mind, wellness and support services — and your estate may receive a partial refund of your entrance fee, depending on your contract.
Q: Isn’t aging at home cheaper?
A: Not necessarily. Once you need care, expenses can skyrocket. Friendship Village of Dublin and Friendship At Home offer predictable pricing, built-in value and peace of mind.
Q: How do I know a community is financially stable?
A: Ask to review audited financials, occupancy rates, and fee histories. A reputable provider will gladly share these.
Q: Does a Type A contract mean I’ll never pay extra?
A: You’ll still pay a monthly fee that will increase at a predictable rate, and possibly for extras like dining upgrades, but your significant care costs remain stable.
Looking for Peace of Mind About the Costs of Aging? Let’s Talk!
Whether you’re drawn to the vibrant, maintenance-free lifestyle of Friendship Village of Dublin or prefer the comfort of home with the support of Friendship At Home, one thing is clear: having a solid plan brings peace of mind. When your future feels secure, it’s easier to stay present, relax, and enjoy the life you’ve worked so hard to build.
Let’s explore your best options. Call us at 614-881-4468 or click the button below to schedule your personal consultation.
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