If you are trying to decide whether or not Assisted Living is right for you or a loved one, you will need to factor in the cost. Depending on where you live, what type of facility you are looking for and what amenities you want included, the cost can vary greatly. Here is a general breakdown of what costs you will most often be faced with.
Assisted Living Basics
The first fee you will need to look at is the amount that covers the basics. The basics, when it comes to Assisted Living usually include items like your room and utility fees (electricity, heat and so on), some basic housekeeping, and possibly some meals. Fees also range depending on what type of accommodations are offered. Fees go up from semi private rooms, to private rooms, studios, apartments with kitchen facilities, number of bedrooms and so on. These costs mostly range from about $60.00 – $80.00 for each day, which give you a total of somewhere between $1800.00 and $2400 a month, before the extras.
No two facilities are the same, and the extras can add up quickly when it comes to Assisted Living. Extra fees can be charged for things like upgraded meal plans, rooms with a view, extra personal care and extra housekeeping services. Other items like cable TV, phone service, activities and more can also add on to the cost. Once you have factored in the basics and the extras, the cost usually falls somewhere between $2500 and $3500 per month, with more expensive facilities coming in as high as $5000.00 or even more per month.
Other Fees Regarding Assisted Living
Beyond the basics and the extras you can also expect to pay an upfront, non refundable security deposit fee. If you end up having to transfer to a nursing home or other type of facility later on, this deposit can sometimes follow you.
Don’t Expect Financial Assistance
Those deciding to enter into Assisted Living, depending on the facility, are usually on their own when it comes to funding. Medicare, generally, does not cover the costs associated with Assisted Living facilities. Sometimes, you might be able to get some assistance through Medicaid, so you may want to check. Additionally, some health insurance plans will cover some Assisted Living charges. If you have a private health plan be sure to check. Finally, if you have long term care insurance, check your policy to see if Assisted Living is covered.
How To Get Funding for Assisted Living Facilities
As you can see, the cost for Assisted Living is not cheap, and in some cases may be out of reach. If you have the money in savings, that can be helpful. Dependents often help pay the fees as well, or you can look into other options like cashing in a life insurance policy, if you have one that allows you to settle.
It can be a difficult decision to make, but as the baby boomers continue to age and some level of care is needed, Assisted Living, when affordable is a very viable option. It provides the care needed, while at the same time still leaves room for some independence.