Site icon 12 Oaks Senior Living

How to Make Senior Assisted Living Costs More Affordable

senior living assisted living costs

Can senior living really be affordable? Most of us would assume the answer is no. But with careful budgeting and potential funding sources, including assisted living costs, it could be well within reach. Here’s how.

 

Where to Start: Assisted Living Costs and More

To prepare financially for senior living, there are three general steps you should follow to get started.

First, organize your financial documents including:

 

Second, think about your wishes, needs and goals and plan how to handle ongoing financial responsibilities such as paying bills, managing benefit claims, making investment decisions and preparing tax returns in the future.

Third, consider consulting a financial advisor and/or estate planning attorney to discuss:

 

Funding Sources for Assisted Living Costs

Now that you’ve gotten a better handle on where you stand financially, give some thought to the funding sources that could help offset the cost of senior living.

 

The Cost of Senior Living

It’s time to talk cost. Here’s what you can expect in terms of average monthly cost according to the Genworth 2018 Cost of Care Survey:

 

Unlike the levels of care above, there is little published data on average monthly costs for independent living and memory care because it varies so greatly. However, typical ranges are as follows:

 

What You Pay For in Senior Living

Again, don’t let the cost itself discourage you. Not only is senior living a tremendous value with meals, weekly housekeeping, access to activities and amenities such as fitness center and pool, but you also have some control over what you pay.

First, there are three main factors that drive cost:

  1. Level of Care – Essentially the more assistance you need, the higher the cost. You might consider a community that offers multiple levels of care on one campus. You’d benefit by paying less for independent living now yet have peace of mind that if your health needs evolve you can more to a higher level of care later.
  2. Geography – Where you live affects the cost of senior living the same as it does real estate. For example, the most expensive area for assisted living according to Genworth is District of Columbia ($9,266 per month) whereas the least expensive is Georgia ($3,100 per month). To keep costs down perhaps look at communities outside the city or in nearby towns, even a different state.
  3. Amenities – The more luxury you desire, the higher the cost as well. Options that affect your monthly cost include the type of residence (private, semi-private, studio, one- or two-bedroom), pet fees, concierge services, private transportation.

 

Another area in which you can have a degree of control is in the fee structure you choose. Although not all senior living communities offer all these options, the most common pricing includes:

 

Bonus Budgeting Tips

Senior living communities may have move-in incentives such a month’s rent for free or perhaps assistance with moving costs so always make sure you check.  Perhaps most importantly, don’t wait until there’s a crisis to look at senior living. Planning ahead gives you many more options and the time to consider what’s truly best for your family and budget.

For more information on 12 Oaks Senior Living, download our Guide to Funding Senior Care & Housing today →

 

Rate This Article
Exit mobile version