Elder care can be a difficult thing to figure out on your own and there are tricks that a professional adviser may know about assisted living pricing that could help you.
7 Things You May Not Know About Assisted Living Pricing
There is a lot to be considered when looking into assisted living. Here are seven things you may not know about assisted living pricing:
- Services – Pricing for various services may be offered a la’ carte; meaning that you may be able to mix and match the specific services needed. An example of this is having laundry and housekeeping chores done by the family or friends instead of the facility.
- Pricing – Not all pricing is set in stone and may be negotiable. An adviser will know how and what facilities are open to negotiate assisted living pricing.
- Fees – Be aware of special fees, often referred to as “community fees” or “entrance fees” as these can become a very costly part of the overall assisted living pricing. These may also be negotiable in certain facilities or spread out over a matter of time to help defer the overall initial costs.
- Types of Assisted Living – Assisted living pricing can vary according to the type of assistance you are in need of to maintain quality of life while aging. Understanding the numerous types of assisted living is very important and is part of a service that an adviser such as Senior Living Experts can offer.
- Planning – Planning ahead is the best way to stay ahead of the game when it comes to aging affordably; however, this is often something that is put off until you are at a point where you’re already searching for options. Planning ahead can include Long-Term Care Insurance and estate planning among other options; all of which a senior care expert should be able to help you with.
- Costs – There are a number of costs that can be added, removed, or negotiated to reduce the overall cost of assisted living pricing. These can be adjusted by determining the specific types of housing and needs that would work best; apartment living, single or shared room senior care facilities, senior care at home, or a specific type of facility needed for your particular needs such as memory care, dementia or Alzheimer’s care facilities are some of the most common options available.
- Understand Benefits Available – There are often benefits available to seniors when it comes to affordable housing or care options. Benefits are specific to everything from being a veteran, war vets, and/or lower income levels (such as these supportive living facilities sprouting up in the Chicago area) and can help defer the overall costs of assisted living pricing when utilized.
The new cost of assisted living
Genworth, a leading provider of life and long term care insurance recently released it’s 12th annual Cost of Care Survey. The study follows the cost of Home Care Providers, Adult Day Health Care Facilities, Nursing Homes and most importantly to us here at Senior Living Experts, assisted living facilities.
According to the report, on a national basis, the yearly costs that consumers pay for assisted living care has risen 2.5% annually over the last five years. Costs have increased at a faster rate in the past year.
For 2015, the national median monthly rate for for assisted living care is $3,600, which translates to $43,200 annually.
Specifically for Illinois the median annual rates were found to be:
– Home Health Aide: $49,192
– Homemaker Service: $48,048
– Assisted Living Single Occupancy: $48,600
– Nursing Home, Semi-Private room: $64,780
Keep in mind that when comparing the cost of a home health aide or homemaker – you also have to include the cost of maintaing the home the senior is in. Those costs can include maintenance, taxes, mortgage, groceries, utilities, cleaning, transportation etc – making the cost to stay at home greater than the cost to live in assisted living (Generally speaking).
It was noted that the minimum monthly for assisted living in Illinois was $1,278 – which I am sure was not in the Chicago metro area, and the maximum was $9,840. Monthly costs can vary due to location of the building itself (proximity to the city, hospital, major roadways etc.. just like real estate) as well as the size of the room and the amount of additional care required. Some residents may only need help with reminders and meals and activities while others need assistance with showering and going to the bathroom which will cost more.
The report did find that Illinois is not in the top 10 most expensive states for the cost of senior care. So while we are higher than the national average, we are lower than Washington DC which was $94,050!
Let us help. Most people will go into the search for the best assisted living pricing as first time buyers and like most things in life, experience and knowledge can be the best way to avoid making the wrong move.
Photo by dno1967b via Flickr