There are countless advantages of assisted living facilities, but how much does assisted living cost? These are the average prices.
Between 2015 and 2050, the world’s population of people over 60 will double from 12% to 22%.
There’s a very good chance that either you or your parents will be over 60 in the coming years. So it’s worth researching assisted living communities and other care options now so you’re prepared for the future.
How much does assisted living cost though? Read on to find out.
How Much Does Assisted Living Cost?
It’s hard to pinpoint exactly how much assisted living costs. Not only is this because there are different options, but also, care facilities aren’t transparent about pricing.
On average, monthly care can range from $3,000 to over $7,000 in some places. This is assuming you want a private 1-bedroom unit.
This can be quite a huge range, so let’s narrow down what can affect assisted living prices.
The Location
Cost of living will affect pricing for everything, including assisted living facilities. So expect the prices to be much higher in major metropolitan areas, such as San Francisco and New York City. To save some money, look into less populated cities and facilities that aren’t located close by things like attractions and beaches.
The Services and Amenities Included
An assisted living facility might have attractive prices, but don’t just automatically assume that’s good value for money. And on the same token, don’t dismiss a facility just because its price is on the higher side.
Depending on what you or your loved one needs, it can be worth it to spend a little extra on a pricier facility. For example, some include chef-prepared meals, laundry services, and housekeeping. This can be highly beneficial for a senior who isn’t able-bodied or is tired out easily.
To find out more about costs, you should prepare questions for assisted living providers. This can help you determine if you’re getting your money’s worth.
Insurance
If you’re worried about paying out of pocket, then you may be wondering about insurance. Unfortunately, private health insurance policies don’t usually cover assisted living.
However, it certainly wouldn’t hurt to contact your insurance provider to go over your policy. While they might not cover direct costs, many will cover any medical care needed at the facility.
Do note that some Medicare Advantage and many long-term care insurance plans do cover assisted living.
Whatever coverage you have, make sure to get a clear picture so you know what to expect for out-of-pocket costs.
Look Into the Best Assisted Living Facilities
So how much does assisted living cost? For a private 1-bedroom unit, it can range between $3,000 to over $7,000 per month.
Because there are so many factors that affect pricing, the best thing you can do is contact the facilities you’re interested in. Not only can you speak to them about specific prices, but you can also inquire about their services and also book a tour. Only then can you make the best decision for either yourself or your elderly parents.
If you need to care for seniors and want to learn more, then check out our other blog posts now.
