About Retirement Homes
Posted on: 05/Aug/2015 10:36:43 AM - No. of views : (2274)
It is becoming increasingly common for people to live in retirement homes during their twilight years. A few factors that contribute to this our growing wealth, longer lifespans and nuclear families.
According to a recent survey, there are upto 35 senior living projects available in India. Experts say that the market will grow further. The number of senior citizens in 1901 was 5 per cent of the population; and has grown to 9 per cent in 2011. India will have 173 million people above the age of 60 by 2025. Most retirement homes are in and around Pune and Bengaluru. However, there are many that are set to come up in NCR, Chennai and Hyderabad.
There are broadly 3 types of retirement homes. Independent living homes are ones where the residents are free to go about their day by themselves. The facility will provide basic needs such as food, housekeeping, club house, sports and other recreational activities. There also provide security and basic medical help. Assisted living homes provide staff and assistance to those who require them. In such homes, facilities will include a common dining room, kitchen, transportation, housekeeping, nurse, ambulance and doctor-on-call. The third is a continuing care home in which resident may start of living independently and gradually receive support as they age. However, this type of home is rare in the country.
So how much does all this cost? Most homes are between 10 and 25 per cent more expensive than regular residential units. The cost can be attributed to the availability of additional facilities such as health care and geriatric friendly activities. Also, if additional assistance is taken, there will be a cost to it. Annual Maintenance Contracts (AMCs) are available for food, maintenance and security. A monthly cost can start from Rs. 15,000 and go up to Rs. 1 lakh or beyond depending on the lifestyle opted for.
There are two payment models typically available. One is an outright purchase. On the one hand, one can own the property immediately. But, on the other hand, the purchaser stands to be cash poor. Another plus is that property purchased may be bequeathed to children. However, they may stay there only after they retire. They can, instead, rent out to others if they wish. The other option is to rent the facility. A small deposit is usually paid for the duration of their stay. The downside is that it may prove to be an expensive option.
Senior living projects are for people aged 55 years and above. However, the spouse may be below 55 years. Residents may have children, relatives and friends over as visitors but only for a fixed period of time.
