There are many options for Senior Living today including Independent Living, Assisted Living and Memory Care. There are many factors that impact the monthly cost including location, level of care provided, and the amenities offered. While cost is not the single most important factor when considering what Senior Living community is right for you it is a significant part of the decision-making process.
In this article, Ciel Senior Living will provide several examples of how to pay for Senior Living to assist with financial planning.
Average cost of an independent living community
The cost of independent living communities can vary greatly depending upon the services and amenities provided. Costs typically range from $1,500 to $3,500 per month. If the senior apartment is a part of a retirement village (also known as a continuing care retirement community), there may be entrance fees and other up-front expenses.
Financing independent senior apartments and villas
In most situations, the expenses of an independent living community must be paid for from a family’s private funds. Neither Medicare nor the Veteran’s Aid & Attendance benefit will cover this type of senior housing. Some cities and counties do offer subsidized senior apartments for older adults with limited financial resources.
Average costs of assisted living communities
Depending upon what part of the country you live in and what type of apartment you choose for your senior loved one, you can expect to pay between $600 and $11,250 per month for an assisted living community. The median cost of an assisted living community is $3,600.
Assisted living communities all have their own method of determining pricing. Some include all services and amenities in a flat monthly fee, while others have tiered pricing based on the resident’s needs and the size of the apartment they select.
Financing assisted living for a senior loved one
In most instances, the expense of an assisted living community is paid for using the senior’s private resources or with assistance from family. But there are other avenues to explore including:
- If your senior loved one was a veteran or is the surviving spouse of a veteran, they may be eligible for the Veteran’s Aid & Attendance benefit.
- Long-term care insurance policies often cover assisted living communities and not just nursing homes.
- Life settlement companies are another option. They purchase older adult’s life insurance policies and typically pay them more than the surrender value of the policy.
- Bridge loans can assist a family by providing a short-term funding option until the sale of a home can be completed or VA benefits are received.
The cost of specialty Alzheimer’s care
The median cost of a specialty memory care program is $5,000 per month. The average varies depending upon where you live and what kind of community you choose, but the range is typically between $5,000 and $8,000 a month.
