New research from the Center for Retirement Research at Boston College and the Assisted Living Federation of America finds that seniors living in elderly care facilities feel "overwhelmingly" that they are getting good value for their money.
Respondents included 2,617 members of assisted or independent living communities across the country. Survey respondents answered a 41-question poll that asked about their feelings toward their community as well as their financial situations.
A majority of respondents said they either "strongly agreed" or "agreed" that they were getting good value for their money at their senior care community, with one-third feeling neutral. Less than ten percent of respondents felt that they weren't getting their money's worth, suggesting that the vast majority view their decision to live in a senior care facility as a good one.
Generally speaking, the survey found that residents of senior care facilities were from mid- to high-income households, and relied on regular payments through annuities, pensions or Social Security for income. Most residents reported being self-reliant, meaning that they did not require substantial financial assistance from loved ones in order to afford their care.