Did you know that almost 1 million people are living in residential care communities? If you or a loved one has been considering assisted living, you likely want to know whether or not you can afford it.
So exactly how much does assisted living cost? Sadly, there’s no easy answer to this question. But to get you closer to an estimate, we made this article.
In it, we’ll break down everything you need to know about assisted living costs. That way, you can decide if it’s a viable solution to your situation.
How Much Does Assisted Living Cost on Average?
Unfortunately, there’s no specific average when it comes to assisted living costs. Often, when you start looking, you’ll only get broad ranges or starting prices for elderly care.
Most of the time, you can expect assisted living facilities to charge between $3,000 and $6,000 per month. The average cost is around $4,300 per month.
If this is the first time you’re seeing the cost of assisted living, you might be wondering why it’s so expensive.
The answer is because of all the things included with it. We’ll go into more detail about what’s included in the next section.
What Amenities Are Included With the Cost?
The main thing you’re paying for with assisted living homes is the cost of care. With assisted living facilities, you’re getting less care than a nursing home, but more than you’d get with a home health aide.
The employees of the facility help you with your daily living activities. This includes things like eating, dressing, bathing, moving, toileting, and continence.
However, many assisted living facilities also come with amenities. The benefits of assisted living can often increase the price. This includes things like:
- Daily housekeeping
- Laundry services
- Restaurant-style meals
- Television packages
- Enrichment programs
- Transportation services
- Wellness programs
- Emergency call systems
Make sure you contact the specific assisted living facility you’re interested in to see what’s included with the price. You should also try scheduling a tour to see these benefits for yourself.
What Factors Affect the Cost?
The first thing that affects assisted living prices is the state you live in. If you live in a more populated area, then the cost of the facilities is likely to be higher.
That’s why in Washington D.C., the cost of assisted living per month is almost $7,000 per month, while in Missouri it’s $3,000.
However, a more common factor in determining the cost is the level of care that you or your loved one requires. If a resident requires a lot of hands-on care, you can expect their cost per month to increase.
Similarly, if a resident is fairly independent, it won’t be as expensive. So how do facilities determine the level of care that someone requires?
Typically, they do this by asking a lot of questions about their daily routine. You can expect a lot of care assessments to include questions like:
- Does the individual require help with bathing?
- Is the individual able to dress by themselves?
- Does the individual require help with grooming?
- How mobile are they?
- Are they able to handle their incontinence?
- Do they need help eating?
- Can they do their laundry?
- What medications do they take?
If you or your loved one needs help with some or all of these things, it’ll be more expensive. The last thing that determines the cost is the size and nature of the facility.
The more square footage you’re getting, the more expensive it’ll be. Similarly, the more amenities included, the more costly it’ll be.
How Can You Pay for Assisted Living?
If you’re like many families, you might be overwhelmed by the cost of assisted living. If you’re able to, you might be able to get your assisted living covered by Medicaid.
All you need to do is take a free eligibility test to see if you qualify. Here are some of the other ways you may be able to pay for it:
- Veteran’s benefits
- Life insurance
- Pooling together your family resources
- Long-term care insurance
- Annuities
- A reverse mortgage
- Renting out an old home
- Bridge loans
Make sure to discuss your financing options with the assisted living facility you’re interested in. They may be able to point you toward programs or other resources that can help you pay.
How to Find the Right Assisted Living Facilities
Getting your search started for the right assisted living facility can be challenging. The important thing is to break it down into manageable parts.
First, lay out the budget you or your family have for the accommodations. This will help cross off some of the more expensive options right off the bat.
Next, you should make sure that you like the location and surroundings. For example, this assisted living community is close to theaters, shops, and even a baseball stadium. If walking to areas is important to you, then you should avoid facilities that are isolated.
Finally, you should make sure that they can accommodate the level of care that you or your loved one requires. Ideally, you’ll have a shortlist of some good candidates in your area.
Once you have a few, call each of them. Schedule a visit and tour the facilities. If it seems like a good fit, you can start the application process.
Enjoy Learning About Assisted Living Costs?
We hope this article helped you answer the question, “how much does assisted living cost?”
As you can see, assisted living isn’t cheap. With this solution, you’re essentially paying for both housing and healthcare.
The good news is that there are a lot of funding options for people in need of financial assistance. So call your local assisted living facility and see what they can do today.
We hope you found this guide informative. Keep exploring our website to learn more about subjects like this one.