Assisted living costs are expensive and they are going up.. What can you do
if you are thinking you'd like to live in assisted living or if you must live in assisted living.
AVERAGE RATE FOR THE AVERAGE ASSISTED LIVING FACILITY IN 2011 WAS APPROXIMATELY $3477./MONTH according to the MetLife 2011 Survey. In 2012 it was $3550./month. (See rates for 2016, below.)
The adult day services rate average was $70 in 2011 and the average hourly rate of Home Health Aides was $21. In 2012 it was the same.
SOME REGIONS ARE LOWER THAN OTHER REGIONS OF THE UNITED STATES.
As compiled by Met Life, here is a list of average assisted living costs by state. See Mature Market Institute for more information and Market Survey.
According to Met Life, these show rate increases comparison from 2011 to 2012:
National Average daily rates:
National Average daily rates:
*The above information is from the Met Life Market Survey of Long-Term Care Costs.
Another excellent survey of costs is the one done by the Genworth Survey for 2014. It shows the median cost of assisted living facilities in the U.S. to be $3500./mo. Home health aides is $20./day which is only 1.59% increase over 2013.
Assisted Living Facility
Adult Day Health Care
Home Health Aide
$3628. (private, 1 bedroom)
$6844. (shared room)
$1473. (annual rate divided by 12)
Genworth Long Term Care 2016 Median Costs - Find your state as costs vary greatly according to what state you are in.
Here are some good tips for choosing and comparing:
Find out what type of community it is, by number of services offered--Basic, Average or All Inclusive:
of most assisted living communities: they are at least 2 meals,
housekeeping (sometimes laundry), medication management
--may include personal services such as bathing or dressing.
For example, if your community offers medication management but
it is not included in the basic fee, you must know how much that
service costs because you may need it in the future.
There are more assisted living facilities than any other type of retirement community.
The baby boomer population will not all be over 65 until 2030.
The average age of residents at assisted living facilities is usually higher than over 55 communities. Though this can vary. That is why we say to go visit. Some facilities/communities have a higher average age than others. Even if the average age is higher, there may be some younger, and that may be enough for you.
This is due to people waiting until they cannot wait any longer as their health decreases either due to costs or wanting to stay in their home. Many assisted living facilities do not have nursing care and the resident must be moved temporarily or permanently if requiring nursing.
Ask about the arrangement for couples. It can vary by facility. Some may only charge for the additional cost of meals.
Usually costs are much higher if one needs memory care due to more care needed.
Some of the problems are: Will social security be there for them, will their money last due to living longer, are costs for housing and food going higher, can they afford the high costs of care.
Men usually can afford more care than women. Many women are divorced or widowed when entering assisted living facilities.
Urban areas are more expensive. The country areas of southern states can be more affordable. But, unfortunately, not everyone can choose where they live.
As the population ages, the dementia diseases increase. These people are some of the most needy for care.
Types of Alzheimer's care facilities:
A person with Alzheimer's may need years of care and there is no way of determining how long they will need it. This can exhaust the person's ability to pay. Since long-term care costs are the individual's responsibility, an option is applying for medicaid. Other ways of paying:
Standards vary according to the facility. You need to visit often before and after you choose.
My history: My husband had severe dementia which started out gradually but got increasingly worse toward the end of life. It went on for 15 years of care, mostly by family in the home. It was fortunate that I did not have to work outside the home. He was cared for a few hours a day in the home by medicare-provided home aides, which I found was the least effective form of care. In between care in the home, his short-term care in nursing homes became more frequent. He was admitted to a long-term nursing home due to:
In my case, he was a veteran. This helped with the costs. Each person will have a different experience and have to come up with solutions for caring for a loved one. This is a harsh picture but it is a reality that is faced by many and must be prepared for. Try to find knowledgeable caring professionals at facilities or in nursing homes to help and advise you.
HOME MAKERS PROVIDE CARE FOR THOSE WHO NEED SUPERVISION - AVERAGE COST IS $19./HR.
HOME HEALTH AIDE $20-$21/HR
AVERAGE ADULT DAY CARE SERVICES ARE $65-$67. PER DAY. Keep in mind that some regions the costs are lower than others.
While there are many worthwhile benefits of continuing care communities such as being able to age in place over the long term, continuing care entrance fees are usually not refunded back until someone replaces you,
and there is no rule on how long that wait could be and no guarantees should the facility fail. To date this is rare, but has occurred.
It is advisable to check on the financial stability of the continuing care facility when large deposits are made and read contracts thoroughly.
See the Senate committee on aging.