Senior Housing Costs-Understand What the Financial Picture Looks Like
ASSISTED LIVING LOCATORS EAST MN
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Jan 06, 2024
Minnesota - Twin Cities Metro Area
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With so many senior living options at so many different price points, it can be hard to know which option is best for you and your loved one. Before making a decision, it’s important to understand the different types of residences available to you—and their associated costs.
Evaluating Your Housing Needs
When determining senior housing costs,
your first step is to decide which type of housing your loved one needs. There
are a wide range of options and care services available for senior living,
including:
- Independent living
- Assisted living communities
- Assisted living homes
- Alzheimer’s and dementia care
- In-home companion care
- Skilled nursing care
Assisted living is often less
expensive than in-home care. Costs will also vary depending on unit size—for
example, a studio, versus a one or two-bedroom apartment. The average
nationwide cost for a private, one-bedroom apartment in an assisted living residence
is about $3,000 per month. And just like general housing, there is a wide
difference in senior housing and care costs depending on which part of the
country in which you live. Your local Assisted Living Locators Care Advisor can
tell you about the costs in your area.
Additional Senior Housing Costs
When evaluating senior housing
options, be sure to ask about:
- Pricing models. Most assisted living communities have a base rate for the room
and a tiered pricing add-on that varies based on the level of care
required. The more care that is required, the higher the care add-on
price. Other residences may be all-inclusive, a la carte, or charge on a
fee-for-service basis.
- Additional fees. The base rate for senior housing typically covers room and
board, meals, housekeeping, activities and 24-hour onsite support.
Additional charges may include entrance fees, deposits, and fees for other
services such as transportation, laundry, pets and cable.
- Lease length. Most assisted living residences charge on a month-to-month
basis, but some may require a more long-term arrangement.
Determining Your Budget
Many senior living residents and their
families pay for senior housing costs through private financial resources. Long
Term Care Insurance (LTCI) is also a way families defray costs. Many
communities also operate on a “spend down” model, where the senior pays
privately for their housing and care for an agreed upon period of time, and
once their financial resources are depleted, they are transitioned into state
provided Medicaid assistance. These policies and procedures can vary by state;
contact your local Assisted Living Locators Care Advisor in your area for the
rules in your community.
How Much Can You Afford?
When trying to calculate what you can
afford for independent retirement, assisted living or dementia/Alzheimer’s
care, the place to start is figuring out your current expenses. When a person
moves into one of these communities, almost all day to day expenses are
covered. Usually, the only additional out-of-pocket costs are a phone, cable,
out of pocket medical, and petty cash for entertainment, clothes or sundries.
|
Monthly Cost |
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Rent or Mortgage |
$ |
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Utilities |
$ |
|
Repairs/Maintenance |
$ |
|
House Cleaning |
$ |
|
Property Taxes |
$ |
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Enhanced Cable Service/Internet |
$ |
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Home Insurance |
$ |
|
Security |
$ |
|
Food |
$ |
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Local Transportation |
$ |
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Leisure Activities |
$ |
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Personal Assistance |
$ |
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Other |
$ |
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Total Expenses |
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Financial Assistance Options
We know you want the very best for
your loved one. If your budget is limited, that doesn’t mean that you can’t
afford suitable care. There are several government programs to help subsidize
senior housing costs.
- Medicare. While neither Medicare A nor B offer coverage for assisted
living, Medicare A (hospital insurance) may cover costs incurred in a
skilled nursing facility for the first 100 days after being released from
hospitalization for an acute illness or injury. Ask Medicare can
provide more information on these benefits, plus other helpful tools to
help you make informed health decisions for your loved one.
- Medicaid. Medicaid, which provides federal health-care assistance to
lower-income Americans, is the biggest payer for room, board, nursing
care, and social activities in nursing homes. Many states cover some
assisted living services under their Medicaid programs. With the Assisted
Living Housing Waiver, eligible low-income adults can choose to receive
senior living care services in a community-based setting rather than in a
nursing facility.
- Housing Subsidies. Seniors with annual incomes under $12,000 may qualify for U.S.
Department of Housing and Urban Development 202 and Section 8 senior
housing. This can provide rent subsidies to help you pay for
room-and-board at either an independent or assisted living residence.
- Veterans Subsidies. Aid and Attendance is a benefit paid by Veterans Affairs (VA)
to veterans, veteran’s spouses or surviving spouses. For more information
and eligibility requirements see our page on Veteran’s Benefits.
- Long-term care insurance is an
insurance product that helps pay for the costs associated with long-term
care. Long-term care insurance covers care generally not covered by health
insurance, Medicare, or Medicaid. Additionally, in certain instances an
in-force life insurance policy contains an assisted living rider or can be
converted into a long term care insurance product.
For more information and advice on financing senior living
or memory care services, you can visit the Center for Long-Term Care Financing,
AARP, the National Association of Insurance Commissioners, and America’s Health
Insurance Plans.
- To view the original version of this article visit assistedlivinglocators.com/articles/senior-housing-costs
- Seniors Blue Book was not involved in the creation of this content.
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