Tips on How to Sort Through the Maze of Assisted Living Costs
Now that Seniors Guide Online has helped you better understand the varying costs of Assisted Living (“The Three Pricing Components of Assisted Living”), here are several tips on what to ask and expect, as well as how you can educate yourself, when picking the right Assisted Living community based on costs.
Whether planning for way down the road, or helping a loved one make the move now or very soon to an Assisted Living community, these tips will certainly guide you through the process.
Below are things to be aware of. After all, 60 percent of the time when Assisted Living services are needed, a move generally happens within 30 days. Time is of the essence.
Keep in Mind That Residents Stay in Assisted Living 2 to 3 Years on Average.
And when considering a loved one’s stay, many factors should be taken into consideration – the most important being quality of the care they will get and the resident’s quality of life if they were to live there long-term.
Count on Annual Increases to Assisted Living Costs.
The National Investment Center for Senior Housing and Care (nic.org) lists a 3 to 5 percent annual increase as the standard. It’s been that way for decades, though the market and demand could alter this statistic. When meeting with an Assisted Living community, make sure to ask, “Can you tell me what your annual increases were the last three years?”
Be Weary of Communities With “Add-On” Fees.
Some Assisted Living communities charge additional fees for transportation, meal-delivery services, monthly laundry, incontinent management, supplies, etc. When researching and visiting communities, be sure to ask what exactly is NOT included in the monthly fees – as these fees can often add up to another couple hundred dollars per month.
Know That Not All “Level of Care” Fees Are Created Equal.
One component of Assisted Living costs is the monthly fee billed for the resident’s care. Many communities use different point evaluations, so some will include the first level of care in your monthly base rent – while others may not. What’s the best thing to do? Pick two top-choice communities and compare their level of care charges.
Be Mindful of the Community’s Location.
If you are looking for a community in a more affluent expensive part of town, wages for those employees are higher, so the cost of services at this community tends to be a bit higher. Elderlifefinancial.com is a Great Resource. This website offers advice and financial solutions that will certainly come in handy if a quick decision needs to be made regarding Assisted Living accommodations.
For “The Three Pricing Components of Assisted Living Costs”, visit http://www.seniorsguideonline.com/helpful-information/the-three-pricing-components-of-assisted-living