One of the first questions older adults and their family members often ask us is, “how much does assisted living cost?” Many people believe assisted living prices will be too high for their loved one to afford.
While average prices vary widely from city to city and state to state, monthly fees include many of the services, amenities and support seniors are paying for at home. Food costs, rents or mortgages, transportation, supplies, lawn care, and property taxes — just to name a few — are no longer a concern. When you add it all up, senior living communities can be a cost-effective solution for many older adults.
We give seniors and their family less to think about. Their contracted rate on move in is their permanent rate. No monthly rate hikes as care needs change. In most facilities level of care is assessed every 90 days leaving the family and the senior to stress about finances.
Our monthly flat rate includes just about everything the senior would need including incontinence supplies. It does not cover co-pays or specialty items.
How to Afford Assisted Living
Assisted living communities are increasingly popular, which means there are more of these communities popping up. This makes getting the lifestyle you want at the price you need has never been easier. Personalizing your assisted living experience does require a bit of planning, though – and it is never too early to start planning for your move to an assisted living community.
To plan for assisted living:
Learn about the various living options for older adults, such as assisted living, memory care, and skilled nursing; each offers a different level of care and associated costs.
Assess costs, which can vary by the type of care provided, size and layout the living quarters, quality of the staff, and other factors; review payment systems, as some communities require buy-in fees and others charge by the month.
Make a list of assisted living communities in your area or in the area you would like to live; schedule an in-person or virtual tour of each community to get a feel for the surroundings and the people.
Determine your priorities, such as the size of living quarters or living in a quiet rural setting versus a vibrant urban location; assess the services and amenities you may need or desire in the future.
Compare costs between communities and monitor changes in costs or fee structures.
Determine how you will pay for assisted living: review your personal income, savings, long-term care insurance, and assets; learn about any reverse mortgages, veterans’ benefits, Medicaid, and state benefits for which you may qualify.
Assisted Living – A Cost-effective Solution for Comfortable Living
While the monthly costs of senior living may seem higher than living in a single-family dwelling or apartment at first glance, assisted living communities are actually a cost-effective solution for many older adults.
Living in a house or apartment requires paying multiple bills each month to cover housing, food, utilities, maintenance, and other services that help you live independently, such as housekeeping and personal assistance. Paying these bills can take a considerable amount of time and, in some cases, quite costly.
Serenity Oaks offers a monthly flat rate that includes all assisted living necessities, such as assistance with activities of daily living, improved social life, increased activity levels, better nutrition, peace of mind, and reduced stress. We offer a nearly endless assortment of activities and enrichment, including guest speakers, game nights and classes, religious services, and more for an affordable monthly fee. Contact Serenity Oaks today to learn more about financial planning for assisted living.