As our loved ones age, it’s essential to plan for the future, especially when it comes to where they will live. For some seniors, Assisted Living can provide a safe and supportive environment, but it’s important to consider the cost of such care, and how much can be afforded.
Let’s explore the factors to consider when determining the cost of Assisted Living the financial resources available, and the steps to take when planning for this new chapter in life.
What is Assisted Living?
Assisted Living communities specialize in helping seniors who may no longer be able to live safely at home by providing assistance with what are known as the Activities of Daily Living (ADLs). These include dressing, bathing, eating, using the washroom and moving about.
Assisted living communities are places for seniors who want to live independently in a home like setting, but just need a little extra help with daily tasks.
Factors to Consider When Determining the Cost of Assisted Living
There are many factors to consider with respect to the costs associated with Assisted Living. Expenses can vary widely depending on several conditions, including:
- Geographic Location
- Level of Care Needed
- Size of Living Space
- Amenities & Services Provided
Assisted Living communities in a rural area may be less expensive than in a large metropolitan region, and a private living space with a bathroom will typically cost more than a shared room. Additionally, a senior’s needed care level will affect the cost, as well as the amount of services and amenities available to residents.
Other fees may be added monthly, such as pet or usage fees for the fitness center or other services. Some Assisted Living communities offer these free, so it is important to ask questions. Make a list of services and amenities from most important to least to help narrow down community choices. Carefully review contracts and discuss any concerns with a community representative.
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Assisted Living Costs & Financial Resources
People pay for Assisted Living through a variety of sources, including:
- Private Pay
- Selling a Home
- Long Term Care Insurance
- Veterans Benefits
- Life Insurance
Private pay is a common way to cover the cost of Assisted Living, which means paying out of pocket with personal savings, retirement income, or the sale of assets such as a home.
Depending on the policy, Long Term Care insurance can help cover some or all of the costs of Assisted Living.
Veterans benefits may also be available for retired service people or their spouses who meet certain eligibility requirements.
Medicaid can cover some of the cost of Assisted Living for those who meet the income and asset requirements, but not all facilities accept Medicaid.
Good news from the IRS! Tax laws allow certain individuals to deduct a portion of Assisted Living expenses from their taxes. As tax laws can change annually, be sure to check with a qualified tax professional or the IRS website for up-to-date information.
Steps to Take When Planning for Assisted Living
When planning for Assisted Living, it’s important to take several key steps to ensure a senior can afford a community they are interested in.
- First, assess available financial resources, including retirement savings, investments, Long Term care insurance or Veterans benefits.
- Next, research and visit communities to find one that meets your loved one’s needs and budget. Be sure to ask about the level of care provided, the amenities and services available, and any additional costs.
- Finally, create a budget and plan for future expenses, including any potential increases in Assisted Living costs.
Frontier Senior Living is Here to Help
Trying to find the right Assisted Living community to meet your loved one’s exact needs can be difficult on your own. The compassionate and dedicated team at Frontier Senior Living has helped many families find the perfect Assisted Living community for their loved ones.
If you would like to learn more about our services, we cordially invite you to visit one of our beautiful properties, take a tour and speak with our friendly staff.