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Getting older can be beautiful and full of compassion, but it also comes with a slew of questions and changes, starting with "What will my parents do when they can't live alone anymore?" Keeping your parents healthy, confident, and independent as they age is important, but it can also be hard to find the answers to tough questions.
Senior living communities provide many resources for seniors who need a more hands-on approach, but this option comes with a cost. If you plan on moving your parents into an independent living center, we have some tips to help you make an informed decision.
How much is assisted living?
It's best to have an open conversation about costs right away. Depending on the residential care's location and amenities, senior living community costs typically range anywhere from $2,000 to $12,000. Hence, it is important to figure out what you can afford before moving forward with the transition.
How are assisted living costs calculated?
Independent living communities' costs are calculated using several factors to determine the level of hands-on care and services provided to a resident. The costs of an assisted living facility and in-home care can vary, depending on what level of assistance you need and the location of your facility. Still, the general way to calculate your average monthly cost is as follows:
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Enhanced care is the highest level available and offers around-the-clock nursing attention and assistance with activities of daily living, such as dressing and meal preparation. This level of care is not required by all prospective residents and is provided case-by-case basis. Forget everything you knew about assisted living. Vivante senior living is a place that redefines the way you think about aging. Vivante is a community of senior housing, healthcare, and supportive services for people who desire to live their lives to the fullest.
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The second level of care involves assistance with activities of daily living, dressing, feeding, and incontinence. A higher level of medical care assistance and supervision is provided, including memory care. This is where one caregiver would check on the resident every 15 minutes.
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The third level of care is a 24-hour, live-in personal care assistance and supervision.
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The basic care package only offers assistance with daily activities during waking hours and no nursing assistance.
You can add additional levels of care to your monthly rental fee based on the type of residential care you require and how much time you spend with various levels of care. These can include:
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Basic Meals
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Personal Care Service, e.g. home health aide
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Convalescent Care
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Nursing Care e.g. memory care
Adding these levels of care to your monthly assisted living cost can make a big difference in your stay's ultimate senior living cost, so be sure to ask what's included. Most assisted living communities post prices for all services on their websites, so double-check before signing a lease.
Assisted Living Payment Plans: What to Consider
Most people don't come into a large amount of money to pay for assisted living care facilities all at once. You will likely need to work on a payment plan with an assisted living facility/nursing home. While this may seem hard, there are things you can do to make the process easier and less costly for you.
Ask about payment plans.
What are the monthly rates based on income? What if they have a handyman available to fix up your home? Is transportation included when you move in? Ask if they have any financial assistance programs available. Here are the main categories of assisted living payment plans which cover assisted living costs:
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Private Pay: While these kinds of assisted living payments can work for some budgets, they often do not meet the needs of many individuals and families. The median monthly cost of private pay assisted living can quickly add up over time, leaving many struggling to keep ahead of their bills.
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Fixed Dollar Pay Plans: Fixed dollar plans offer a fixed amount toward the cost of assisted living and home health services. However, this kind of financial support also has several drawbacks. Many fixed dollar payment plans are short-term, lasting anywhere from one to three years. And, even if you're able to find a plan with a longer duration, the monthly payments likely won't keep pace with the actual cost of senior living.
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Savings-Based Plans: Savings-based plans take your savings or savings and income and use them to pay for assisted living and daily assistance costs over time. They are often structured so that you receive a certain monthly percentage towards your senior living costs and can have a fixed or variable duration.
Contact your local nursing homes, insurance company, or senior living facility, or ask family members or surviving spouses to help you make the call to learn more about your financing options. Remember, you're not alone — and the most important thing is to stay informed and ask questions.
Try a Long-Term Care Insurance Plan.
One major factor that affects the cost of a senior living community is your health. A chronic condition such as diabetes, heart disease, or cancer can raise the price of your stay considerably. The good news is that several long-term care insurance plans available could help cover assisted living costs.
Check if there are government benefits available.
Depending on your financial situation, government benefits may help offset the cost of assisted living. These benefits could include things like Medicaid or disability benefits. Both require you to own a home to qualify and are different depending on where you live. To find out more information, gather together all your pertinent paperwork, speak with a representative at your local social services office, and do some research about resources in your area.
Reverse mortgages
Reverse mortgages allow homeowners over 62 to convert their home equity into cash, either as a lump sum or in monthly payments. The amount of money you can receive from a reverse mortgage is based on your age, how much you owe on your own home, and how much the home is currently worth. You don't have to repay the loan until you sell or give your house to someone else. An advantage of this type of loan is that it doesn't affect your credit, and, unlike other types of loans, you don't have to make monthly payments.
(Note: There are fees associated with this type of loan, so be sure to find out how much they are.)
Review the Costs and Contract Terms
Check out the costs and all services that assisted living communities offer before making a decision. Assisted living costs are influenced by several factors, including the type of care and housing offered, the location, and the size of the community. Many assisted living facilities charge one flat rate for all services, while others have tiered pricing based on the level of care needed. In addition to your monthly payments, assisted living communities may charge you extra for care beyond regular assisted living services such as medications and medical supplies, medication management, or quality senior care services.
When reviewing the contract terms, look closely at fee increases, when they've applied, and any hidden fees that might pop up over time. A good rule of thumb is to look out for policies that can raise pricing structure for things you don't anticipate, such as accidental discharge from a hospital or emergency room visits.
Final Words
Assisted living communities for seniors can be a great option, providing them with the care and support they need to live independently. However, considering and understanding assisted living costs is important before making a decision. Many payment options are available, so be sure to research to find the best option for you or your loved one.
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