How Much Is Assisted Living? Caring for Your Senior Loved One

Are you moving your loved one into an assisted living facility? Are you wondering how to keep up with senior living costs?

The average monthly cost for assisted living care in the US is just over 4 thousand dollars. The center’s location is a significant factor in determining the amount they charge, but other factors affect senior care costs.

You know you want the best care for your loved one no matter what. Here’s a guide on “how much is assisted living?” for you to check out today.

What Is Assisted Living?

An assisted living facility is a senior care center that offers a bit more support than an independent living center. Your senior might need help doing several daily activities and can no longer manage at home alone. Make a list of questions for assisted living providers before you contact them.

There is the option to live at home with assistance, and many seniors prefer to choose to live in their own homes. Others want increased contact with other people, and assisted living provides that option.

How Much Is Assisted Living?

If the person needs frequent one-on-one assistance with medications, bathing, and daily activities, it will be more expensive than a person who needs minimal support.

If the community has on-site medical support that includes doctors, nurses, or therapists, it will be more expensive than one that does not. 

If it is crucial that your loved one lives in a facility close to your home, you might pay less if you live in an urban area. The cost will be higher when you choose a facility with specific amenities such as a pool or fitness studio.

Opting for a shared space can save you money, as a private living space will cost more. You may not be comfortable sharing a room with a stranger, and that person may change over time, so it’s important to consider this carefully.

How to Pay for Assisted Living

You might be wondering how to keep up with senior living costs. There are a variety of options to consider.

Veterans benefits may be available to US military veterans and their surviving spouses. These benefits can help pay for some of the assisted living costs.  There are service requirements and financial eligibility levels to meet to qualify for support payments.

Life insurance companies may be willing to buy back the policy at a reduced value. Seniors may be able to convert their policy into long-term care benefit payments. 

Use the equity in the family home by taking out a reverse mortgage. The senior can sell their home and purchase an annuity. The annuity would pay out monthly payments for a specified time.

If your senior has few resources and their income is low, they may be eligible for government-funded insurance programs such as Medicaid.

Knowledge Is Powerful

Now that you know the answer to the question “how much is assisted living?” you’ll have a better idea of the amount you need.  Researching various assisted living payment options can help you make a plan.

We hope you found some great information in this article. If so, be sure to use the simple search feature to check out more tips on assisted living costs and options. You can find more helpful advice in the Health category as well.