How will we pay for care? This is probably the biggest question, whether spoken out loud or silently pondered, among families trying to make a decision about assisted living.
Costs vary by state and even by town; much depends on the amount and type of services provided, the geographic area and related cost of living, and how the assisted living community is regulated. For example, operational costs may be higher in states with more stringent regulatory requirements (learn more about assisted living regulations here).
Most assisted living communities start with a “core services” package, which includes monthly room and board charges, maintenance services, access to activities and transportation, basic housekeeping, and limited personal care. Additional services (i.e. laundry, meal reminders, medication management, assistance with personal care, etc.) are typically charged on an a la carte basis.
Per this post from the Assisted Living Federation of America, a private one-bedroom apartment in assisted living costs an average of $3,022 per month. How does the average family work this into their budget? The video below offers a few possibilities:
Check it out: Peruse this Cost of Care Tool, provided by Genworth Insurance, for a state-by-state overview of annual costs for adult day health care, assisted living, nursing home care, and home care services.