The Assisted Living Cost for Senior Citizens
Assisted Living Communities are homes for seniors who do not need a nursing home yet but not able to live independently. Senior Communities that offer assistance of daily living are the bridge between home care and nursing homes. A recent study by MetLife Mature Market Institute in its 2012 market survey reveals that assisted living had become expensive in the past year. This is a slight contrast to home care and adult daycare services in which rates have remain unchanged.
The MetLife statistics shows the following:
- Assisted living costs grew 2.1% to an average monthly rate of $3,550, or $42,600 a year.
- 51% of assisted living communities offer memory care services for residents. In nearly two-thirds of communities (61%), that comes at an additional cost, averaging $57,684 a year.
The following are the States with the highest average monthly rates for assisted living:
- Washington, D.C. – $5,933
- Delaware – $5,249
- New Hampshire – $5,086
- Connecticut – $4,935
- Maine – $4,881
Several States came to the rescue and began to cover the cost of assisted living for low-income seniors through Medicaid waiver programs. Yet, only those who are qualified are entitled. The government determines the qualification for this program. The survey still reveals that most assisted living residents pay privately or through long-term care insurance.
- Only 16% of assisted living communities are part of a Continuing Care Retirement Communities (CCRC).
- The majority of assisted living communities (79%) are stand-alone.
- Only 19% are connected to a nursing home.
Having a better understanding and realistic of overall cost and benefits of assisted living can help you plan for a promising future. If you are unsure about your care needs, feel free to email firstname.lastname@example.org to discuss your situation today!