And while finding the right Assisted Living community is overwhelming, pricing details don’t have to be.
Seniors Guide Online is here to help break it down for you – as the majority of Assisted Living communities generally include three pricing components.
The Three Pricing Components of Assisted Living
A One-Time, Upfront Community Fee.
This fee varies anywhere from $1,000 to $3,000, and is sometimes equal to the first month’s rent. Look at this as a sort of down payment to live in this community.
A Monthly Base Rent.
Just like living in a traditional apartment community, the cost to live in an apartment is in direct correlation to the apartment’s size: The smaller the place, the less it costs – and vice versa; larger apartments in Assisted Living settings cost more than smaller ones. And for families in need of more economical living accommodations, many senior communities offer a companion option, one that allows two people to share an apartment, and as a result, they can save an average of $5,000 per year.
A Monthly Fee for the Resident’s Care Services.
Quite often, people are charged a lump sum (an “a la carte” approach) for each individual service their loved one needs. Although this approach leaves one feeling like they’re being “nickel and dimed,” it does, however, ensure they are only paying for care services – those needed and received.
Another approach when navigating through the costs of Assisted Living is the “Level of Care” approach, generally the favored one for residents and their families. If a resident’s care falls on the lower end of the “Level of Care” spectrum, they will likely not see an increase in fees. However, care assessments generally occur every 90 days (or whenever a resident has a major change in a health condition that prompts variations in care), so their care level is likely to change a few times a year.
Lastly is the “All-Inclusive” rate approach. It’s less typical, but it consists of just one set monthly fee, which incorporates apartment size, and tends to be higher overall. This approach is attractive for many families that favor a predictable monthly rate. It’s a better deal for residents who need a heavy level of care.
For “Tips on How to Sort Through the Maze of Assisted Living Costs”, visit http://www.seniorsguideonline.com/helpful-information/tips-sorting-through-assisted-living-costs