Getting a clear picture of what assisted living costs will help you decide whether it’s the right option for your loved one. It’s essential to ask about the community’s pricing structure, as some have all-inclusive monthly bills while others itemize charges for services and amenities.
Cost of Living in Your Area
Assisted living facilities (adult care or residential facilities) provide 24-hour on-site staff and up to three prepared meals per day. They also offer housekeeping, transportation services, and assistance with daily activities such as bathing and dressing.
Typically, an assisted living community will conduct a clinical services assessment before or at move-in time to determine each individual’s level of care. A higher level of care can increase the monthly cost of residency. Most assisted living residents pay for their residential care with either private funds or help from long-term care insurance. Many states offer home- and community-based waivers to help cover costs for low-income individuals.
In addition to the financial benefits of Sarasota assisted living, new residents often find relief in not having to depend so much on family members to visit and help with everyday tasks. The socialization offered at these facilities can also improve a loved one’s mental and physical health.
Cost of Living in Assisted Living Communities
Most assisted living facilities offer a base price that includes an apartment and essential services like meals, utilities, and laundry. Then, many provide additional care services at different rates. For example, those services are typically extra if someone needs help dressing and undressing, bathing, or managing medication.
A facility will also likely conduct a clinical services evaluation of a new resident before or at move-in to determine their level of hourly care needs. That’s why it is essential to ask each facility about their levels of care and the monthly fees associated with those levels.
Additionally, ask each facility about annual increase rates. Payne estimates that a typical facility will increase rates by about 4% per year, which can add up over time. Be sure to factor this into your budget.
Assisted Living Facility Fees
Many assisted living communities include a base price that covers the cost of an apartment and basic amenities, such as WiFi. However, they often charge a separate fee for help with activities of daily living (ADLs).
A person’s needs determine their level of care in an assisted living home. A facility’s medical staff will assess them in person and assign them to a specific tier, which typically increases with their need for more assistance. Facilities that offer a tiered pricing structure usually include the basic costs of each tier in their initial price point, so it’s important to compare apples-to-apples when comparing prices.
The good news is that if a senior requires assistance with ADLs, they can live in an assisted living community and still qualify for Medicaid or Medicare. However, considering all options and long-term care solutions is crucial before deciding. This is especially true since a private pay stay at an assisted living community may be tax-deductible.
Assisted Living Facility Costs
Getting a clear picture of assisted living fees can be challenging, as facilities rarely publicize them. This is because they often don’t want to scare away seniors with sticker shock, and it’s also because the pricing model can vary wildly.
Most communities have different pricing models based on the size and floor plan of an apartment, its location, and on-site amenities. Many also have one-time upfront costs, called a community or move-in fee, ranging from $2,000 to $5,000.
Depending on the level of care an individual needs, personal care services can add up quickly. For example, one facility we researched charged a monthly fee, including a studio apartment, WiFi and cable, housekeeping, laundry, three meals and snacks daily, and access to activities.
It’s important to understand that standard Medicare does not cover assisted living fees or the cost of help with ADLs. However, Medicare Advantage and social programs like PACE, SHIP, Veterans Affairs, and Social Security disability benefits may cover some costs.
