If you’re planning for long-term senior care, chances are you might be already researching about assisted living facilities near you. Regardless of whether it’s for you or your loved ones, you will need to carefully consider the financial costs before committing to an assisted living community. Read on to find out more about the costs of assisted living.
Average Costs of Assisted Living
When looking for a senior living residence for you or your loved ones, it’s important to consider what your needs and budgets are so you can find one that suits you. In comparison to nursing homes, assisted living is relatively less expensive and is perfect for older adults who enjoy some independence.
A study done in 2020 showed that the national average cost of assisted living is about $4,300 a month. However, this will differ accordingly to the states and will also depend on the extent of the amenities and lifestyle services offered.
In states with lower costs of living like Missouri and Utah, the median monthly rates could range from $3,000 to $3,400. While states with higher costs of living like the District of Columbia and Alaska could range from $6,000 to $6,633 a month.
Types of Services Included in Assisted Living Costs
Before you commit to an assisted living community of your choice, it is important to clarify with your assisted living community what services and amenities are included in the monthly fees. In most facilities, there are three main tiers of service models.
First, the all-inclusive model. While this usually includes a full range of services and amenities, you should clarify with the community’s definition of all-inclusive as it might not include luxury services like salon treatments or health management services like medication management.
Second, the tiered structure charges accordingly to the individual’s care requirements. This could be a more cost-effective option but could result in unplanned costs if the senior’s needs change drastically. This usually comes in the form of a points system where each service is given a value and is tallied into the fees at the end of the month.
Third, the last model would be a fee for services where you are charged for the base rent of your apartment and may include housekeeping services and daily meals. You may be charged either flat or a pro-rated fee for any additional services or amenities. This fee structure allows you to pay for what you need but can cause large fluctuations in your bills.
How to Avoid Unexpected Costs
Take the time to understand more about their fee structures and the types of services they offer in the total costs to avoid a mismatch, as this could result in more financial liabilities in the long term. If possible, consult with a financial planner to help you explore more budgeting options that you could consider.
Call a Senior Lifestyle Counselor Today to Learn More
At Discovery Commons At Bradenton, we do not compromise quality for affordability. We are committed to ensuring your every moment with us is always fulfilling and never dull with our range of Exclusive Senior Programs. To learn more, please feel free to contact us today.