Assisted living can be an ideal option for seniors who need a little extra support with everyday tasks but aren’t quite ready to give up their independence fully. However, for the resident and their family, assisted living doesn’t always come cheap. If you have a loved one who is ready to take this next step in their life, understanding the cost of assisted living and the strategies you can take advantage of to make it a more affordable option for your family is crucial.
What Factors Influence the Cost of Assisted Living?
How much you and/or your loved one pay for assisted living can vary greatly depending on a number of factors. These include the location, services provided, and the size of your loved one’s accommodation. On average, you can expect an assisted living facility to cost anything from $3,000 – $6,000 each month. Costs can be higher or lower in certain areas of the country, which is why research and comparison are essential.
Government Programs Designed to Make Assisted Living More Affordable
Government assistance programs are in place to make the cost of assisted living more affordable for those who need support. Medicaid and Medicare, for example, may provide some financial assistance and are accepted by many assisted living facilities. However, the qualifications and benefits for these programs can vary depending on the state.
Some states also offer additional programs, like the Medicaid Waiver program, to help cover the cost of assisted living. If you want to find out more about these programs, the first place to start is with your state’s health and human services department. A financial advisor may also be able to help you and your loved one determine if they qualify for any government assistance.
Choosing the Right Level of Care
Selecting the correct level of care for your loved one is important when making sure that they’re not paying more than they need to for assisted living. Many communities offer various care levels such as independent living, assisted living, and memory care. The more one-to-one care a resident requires, the higher the cost will typically be.
Additionally, it’s worth looking into different pricing options that might be on offer based on the care your loved one needs. Some facilities offer daily or weekly rates, which can be more affordable for some. Others offer sliding fee scales, which can make the costs easier to manage for families on low incomes.
Practical Solutions to Save Money
Many assisted living residents share a living space with another resident to split the cost and save money. This might involve moving in with a partner, relative or friend. Or it could involve moving in a with a roommate, whom they did not know previously.
If your loved one is comfortable with this, it can be an ideal way to keep the cost of assisted living low. Plus, having somebody to live with increases social connection and can be a great way to make new friends and reduce loneliness.
While assisted living provides an excellent solution for seniors who need a little bit more care than they can get at home, there are lots of costs to think about. With the right strategies, you can reduce the cost of assisted living for your loved one and make it easier for them to afford the care, accommodation and support that they need.
