Understanding Assisted Living Communities Cost and Options
Senior care homes commonly known as Assisted Living Communities are a perfect housing arrangement for elderly people. Allowing residents to act independently is the main key of assisted living. That’s why constant care is available for different needs, be they social, medical, or anything in between.
The questions that bother most people are: how to determine the cost for senior care? Can we afford the costs? How much do they really cost?
Determining the budget for senior care means determining one’s assisted living needs and the average cost of care for assistance with daily living for their geographic area.
Focus on senior care services
Senior care focuses on helping elderly with daily activities. For example:
- Companionship and home helper including meal preparation, laundry, housekeeping, socializing, and medication reminders;
- Personal services including bathing, dressing, mobility assistance, incontinence care;
- Transitional care services including transportation, hospital discharge assistance, prescription pick-up;
- Dementias care services including encouraging engagement, keeping seniors safe, assist with activities, managing behavioral symptoms.
Cost for senior care services
Three common options to consider are: live-in care agencies, nursing homes, and assisted living communities. Most people think that nursing homes cost a lot more than any other option, but what people don’t realize is that the private duty home care cost can outpace the assisted living cost.
Following are the daily and monthly rates for different care types:
- Live-in care – starting at $185/day
- Semi private nursing homes – roughly $400/day
- Private nursing homes – Inquire at facility based on availability
- Private assisted living – starting at $150/day
- Continuing care retirement communities – buy in program and monthly rental starting around $5000 a month.
Doing your homework and planning ahead is of an utmost importance. Most seniors opt for independent caregivers because they think it costs less. However, live-in agencies work with trained professionals, and many U.S. states require licensing and accreditation for in-home care agencies, while there’s no such standard for independent workers.
Ways to pay for senior care
- Medicare pays only for short-term care for recovery and rehabilitation in a nursing home;
- Private-pay is an option if you saved money to pay for care services yourself;
- Long-term care insurance can be purchased to provide payment for the services in a nursing facility or a senior home;
- Reverse mortgage – you can qualify for a reverse mortgage. That way, you will receive a monthly payment that can be used for care services;
- Medicaid is ideal for low-income people with few assets. Contact your local area agency on aging to learn more;
- Veteran’s Aid and Attendance Benefits provides for a private caregiver to help with aging in place care needs.
Conclusion on estimating senior care costs
First of all, you must determine the types of care you loved one needs. Then, determine providers for every type of care as personal care can be provided by family, friends, and unpaid care providers from national non-profit organizations. Next, determine the cost for the types of care. Remember that the care cost varies from one state to another. Determine your other monthly cost savings, and finally, calculate total costs.