Experts estimate the average cost of assisted living in the United States is about $5,900. The degree of care required and the specific amenities provided all affect the cost, which can also vary by location. Some senior assisted living facilities charge more for specific services. While it’s less expensive than a nursing home, assisted living facility costs are affected by the amount of staffing, services, and private accommodations offered.
Residents who live at assisted living facilities have private or shared living arrangements that usually include meal services in communal dining areas and housekeeping. Medication management is often offered, as well as fitness programs, classes, and social activities to support physical and mental health. Sometimes transportation is provided to local events or shopping centers. Each assisted living may have its own pricing structure based on its services and amenities.
Memory care facility costs can be significant if your loved one with dementia needs memory care. The price per month for memory care in the U.S. averages $6,500, and some facility costs exceed $11,000. Some memory and dementia care pricing includes choices for service-based care or a flat rate option. Understanding the costs helps families plan for long-term care expenses. Areas with high demand for memory care services often charge more than those in smaller communities where more affordable options may be available.
Because it’s classified as custodial care instead of medical treatment, Medicare doesn’t cover assisted living costs. Medicare covers medical expenses like hospital stays, doctor visits, or prescriptions for assisted living residents, but it doesn’t cover room and board. In some cases, it may partially cover skilled nursing or rehab services temporarily. Long-term care might require other financial resources, like Medicaid or long-term care insurance.
Medicaid in California, also called Medi-Cal, provides an assisted living waiver that helps financially eligible seniors with assisted living costs. It includes personal care, home services, and home health aides when the senior needs nursing home care but prefers assisted living. This program doesn’t pay for room and board, has limited availability for enrollment, waitlists, and isn’t available statewide. Alternatives to Medi-Cal assisted living include Medicaid-funded homes and community services.
Long-term care insurance is available to cover assisted living costs, but it can depend on policy terms. Not all policies offer full coverage, and some policies have waiting periods. Others restrict the level of care offered or limit certain facility types. Policy exclusions may require additional resources to cover assisted living expenses.
Veterans may receive financial assistance for assisted living through various VA programs. The Veterans Aid and Attendance (A&A) benefit supplies funds for veterans who need help with activities of daily living, offsetting living costs in addition to their VA pension. The VA also provides long-term care through community living centers, state veterans’ homes, or private facilities, which depend on the veteran’s eligibility and history of service. To help your loved one who is a veteran apply for and receive these benefits, learn about senior care financial assistance and available programs.
Social Security benefits provide some financial support for seniors, but they don’t cover the entire cost of residing in an assisted living. Some seniors use Medicaid waivers or Supplemental Security Income (SSI) to help them afford specific assisted living. Other options include using long-term care insurance, veterans’ benefits, or state-specific programs to help pay expenses. Planning ahead and reviewing eligibility for these programs can help seniors access options that include financial aid for senior assisted living.
Your loved one can leverage their life insurance policy in multiple ways if they want to use it to pay for assisted living costs. Policyholders can convert their policy into a long-term care benefit, allowing monthly payments to cover assisted living expenses. Some life insurance policies will provide you with a loan against the cash value of your policy. Others agree to partial withdrawals. Policies can sometimes be sold to pay senior living expenses. Understanding the terms of your policy and eligibility can help your loved one figure out the best approach to using life insurance to pay for their assisted living.
Budgeting for memory care and assisted living costs requires careful financial planning for it to be affordable. Assess monthly costs, and consider your loved one’s personal savings, retirement funds, and long-term care insurance to cover their expenses. If long-term care insurance is not available, explore alternative assisted living payment options without insurance, like veteran benefits, Medicaid waivers, or potential state assistance programs.
If an assisted living is financially out of reach for your loved one, consider in-home care, shared housing, or a community-based program. Some states provide Medicaid assistance or veterans’ benefits. Some assisted living facilities allow seniors access to sliding scale assisted living payment options. Review the available resources to find alternatives for affordable senior care.
Stellar Care assisted living has created an affordable, welcoming, secure environment where your loved one’s physical, emotional, and social needs are met. At the heart of what we do at Stellar Care is giving your loved one the care they need, while still allowing them the independence to live their lives with just the right level of assisted support. We encourage you to visit our assisted living and Memory Care facility, meet our compassionate and caring staff, and explore all of our exceptional services to learn about the quality of life we provide for every one of our valued residents.
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