One of the major considerations for choosing an assisted living facility is the cost. Find out how you can budget for your or your loved ones’ assisted living costs.
Many people regard savings for senior living care as the least of their priorities because they both want their saved assets for their children and think that the government subsidies will cover for their needs when they grow old. It doesn’t necessarily mean that these people cannot afford the cost of assisted living and it could only mean that the choices may be more limited. It is a good thing though that the prices of senior living residences vary depending on what it has to offer and what you can actually afford.
Assisted Living Options
Assisted living cost may differ from the size and the types of services needed by the resident. The basic rate could cover all services or there could be additional charges for special services. Many of the assisted living residences charge on a monthly basis but there are also a few that require long-term lease arrangements. Assisted living is often more inexpensive compared to home health or nursing homes which you might also find in your area.
The finest rates may vary depending on the size of the unit; a studio or one bedroom unit would of course cost less than a unit with two rooms. The basic rate also normally covers room and board, about two to three meals per day and other amenities such as electricity, heat and water. If you would require other services such as the laundry, housekeeping, parking and personal care, you might have to pay additional fees, although there are some residence providers who already include those in their basic fee.
Computing the Cost of Assisted Living
The average rate for a private one-bedroom unit in an assisted living residence is about $2,575 per month – this is according to the compiled research of several nonprofit senior living organizations which includes the Assisted Living Federation of America. Most facilities also require a security deposit which is non-refundable. However, this security deposit can be used if the elderly is moving to a different facility within the same business provided that the initial residence is part of a continuing care business.
Remember, once the basic rent has been computed, do not assume that this will be the total monthly expense. Most assisted living residences follow a structure for levels of care established with corresponding fee schedules. The base rent might include a certain amount of care which is limited to about 30 minutes per day. The level of care could be described as minimal, moderate or maximal depending on what is needed for the elderly.
In almost all case, the elderly is expected to pay 100% of the cost of assisted living although there are some states that offer some limited assistance through Medicaid for supplemental Society Security. You can get in touch with your local health office or Medicaid to find out if your elderly is qualified.