The Australian Financial Review recently weighed up taking a 104-day world cruise with Princess Cruises to staying in an aged care home.
The world cruise on the five-star Sea Princess will see you travel the globe with access to a luxury interior State room, meals, housekeeping and access to medical services – for just $204 a day.
That’s compared to Lulworth House in Sydney’s exclusive Elizabeth Bay, which charges $243 for residents with a $100,000 income, $1.5 million home and $1 million in assets. That’s a huge difference!
Cruising is big business in Australia, with over one million of us hitting the high seas last year.
40 per cent were over the age of 60, according to Cruise Lines International Association (CLIA).
But is it really cheaper than a nursing home?
Living the high – seas – life
A 2004 US study found cruises only cost about $US2,000 (AUD$2,700) more than the cost of assisted living – around $US228,000 (AUD$304,000). They also offered more amenities, including three meals a day, doctors on call and housekeeping services.
But don’t rush for the boat yet. Why not a retirement village? The average monthly service fee for retirement villages is just $409 – less than 25 per cent of the full base age pension for singles – according to the Property Council.
Aged care costs are also means-tested so you’ll never pay more than you can afford.
Of course if you’re looking to escape the family, a cruise could be just the ticket.
