Consider continuing care communities
According to Drelich, continuing care retirement communities, or CCRCs, are often the most economical choice for seniors.
Such properties offer a range of housing options with access to a continuum of long-term care services to meet the changing needs of residents.
As functional levels decline, residents move from independent units, to assisted care apartments to nursing home rooms with 24-hour care.
CCRCs charge a lump sum upfront that starts at around $200,000, but the monthly fees thereafter are less than you'd pay at a traditional assisted living facility, says Drelich.
Over time, she says, CCRCs can be more budget-friendly than making the transition on your own from independent housing, to assisted care, to a nursing home.
"These are a great concept," says Drelich. "They allow you to age in place."