What Are the Costs of Assisted Living?

What Are the Costs of Assisted Living?

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Aging is a part of life that’s filled with joys and new experiences, but it also comes with its share of challenges. As seniors get older, declining health may make everyday tasks more difficult. If you or someone you love is having trouble with basic activities, it may be time to think about assisted living.

The decision to move into a community can be a tough and emotional one, and the perceived high cost certainly doesn’t help. Many seniors ask questions such as:

  • How much does it cost, and is it worth the money?
  • Is assisted living less expensive than in-home care?
  • How will I pay for it?

Thankfully, we’re here to answer those questions in an honest and straightforward manner. Here, seniors and their families will get the information they need to make informed decisions about the costs of assisted living.

What Goes on in an Assisted Living Community?

Today’s assisted living communities are much more than places where seniors can get care. They’re homes where everyday duties, such as cooking, cleaning, and transportation, are handled so seniors have more time to do the things they love. An assisted living community falls somewhere on the spectrum between full-time care and independent living, and that makes it best for those who just need some extra help.

How Much Does Assisted Living Cost?

The cost of assisted living varies depending on location and other factors. According to recent estimates, the average monthly cost of assisted living was $4300 in 2020. While that may seem steep, it’s much less than the $9000 monthly cost of a private room in a nursing facility.

What’s Included?

The value of a great assisted living community is much more than giving a person a place to call home. These communities offer a range of services, such as:

  • Laundry, housekeeping, and maintenance
  • Restaurant-style meals
  • Basic cable and utilities
  • Daily enrichment programs
  • Transportation services
  • Community events
  • Senior fitness programs
  • Emergency call options

Once seniors get over the sticker shock, they often see that the inclusion of various amenities and services makes moving into an assisted living community a wise decision.

Paying for Assisted Living

Regardless of a senior’s budget, there are a few ways to make the move more affordable. While most people pay out of pocket, the monthly cost can be made more manageable with financing options including:

  • Bridge loans and lines of credit. These interest-only short-term loans help seniors fund their assisted living arrangements until their long-term funding becomes available.
  • Deferred annuities with long-term care clauses. Instead of paying monthly for insurance, an investor puts money into a deferred annuity. Then, they can withdraw funds without tax or penalty to finance their life in an assisted living community.
  • Life settlement agreements allow seniors to sell their life insurance policies to third parties and receive lump sums.
  • VA benefits. Veterans and their surviving spouses can get a monthly benefit that helps pay the cost of assisted living.

We know just how hard it can be for seniors to decide to move into assisted living communities, especially where costs are concerned. That’s why our experts are always glad to answer families’ questions and work with their budgets. We’re here to help families make informed decisions, so get in touch with us today.

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