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...discussing assisted living costs with facility administrator costs discussion

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WHAT TO DO FIRST
RULES
AVERAGE COSTS BY STATE
TIPS
INTERESTING FACTS
ADDITIONAL INFORMATION ABOUT HOME CARE COSTS
CONTINUING CARE COMMUNITIES COSTS

WHAT TO DO FIRST:

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 2009 IS APPROXIMATELY $3000./MONTH. SOME REGIONS ARE LOWER THAN OTHER REGIONS OF THE UNITED STATES.

#1First, you will probably choose a couple of facilities to compare. That is #1. After you have that, then you will probably

#2 visit the facilities

#3, When visiting, ask about costs ..not just base costs but the costs of ALL SERVICES.

#4 Compare costs of all facilities you are interested in.

OUR UNOFFICIAL RULES:

Rule #1: The fewer services you need and the fewer services offered, the least expensive to you.

Rule #2: As you age, you may need more services - if it is a facility that offers many services a la carte, find out the cost of not only the services you need now, but all services offered at the facility because you may need them in the future.

Rule #3: The all inclusive facilities offering ten or more services in the fee probably offer the best value - find out what services they offer and the cost - compare with the other facilities

Rule #4: Check on the history of rate increases and the financial stability of the facility.

********BASIC RULES: KNOW WHAT SERVICES ARE INCLUDED IN THE MONTHLY RATE AND HOW MUCH THE COST IS FOR THOSE NOT INCLUDED*******

********MAKE COMPARISONS OF COMMUNITIES NOT JUST BY BASE RATE, BUT BY TOTAL POTENTIAL COSTS NOW AND IN THE FUTURE*******

AVERAGE COSTS BY STATE:

As compiled by Met Life, here is a list of average assisted living costs by state. Please go to the Met Life Report AND DOWNLOAD IT here, to page 20 for assisted living costs by state.

See Mature Market Institute for more information about assisted living costs and Market Survey..

TIPS:

Here are some good tips for choosing and comparing:

*Find out what type of community is it, by number of services offered--Basic, Average or All Inclusive:

*Basic offers basic services only - 5 or fewer of the essential services 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.

*Offers 6-9 services - most communities

*All Inclusive fee for services - offering ten or more services

****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. *****

INTERESTING FACTS:

There are about 40,000 assisted living facilities in the United States.

There are nearly a million residents in assisted living facilities and the number is increasing.

The average age of assisted living residents is mid-eighties.

Average length of stay is less than 3 years

Being a couple in assisted living can up to double the rate.

Costs of assisted living for Alzheimer's or memory care ranges $4000 and up.

Due to the current economic climate, seniors are more worried about their futures.

For men, assisted living is a great help, however, there are more women in assisted living since women tend to live longer.

Costs of assisted living are more expensive in some regions of the United States than others.

Nearly half of all assisted living facilities have a memory care wing.

The average cost of Alzheimer's care is $4435/month.

Overseeing Assisted Living facilities is in state's hands and they are working to better the standards.

Assisted Living Communities essentially bridge the gap between home care and nursing homes -- most people put off living in assisted living until they have to. This is usually due to the expense of assisted living.

ADDITIONAL INFORMATION ABOUT HOME CARE COSTS:

HOME MAKERS PROVIDE CARE FOR THOSE WHO NEED SUPERVISION - AVERAGE COST IS $19./HR.

HOME HEALTH AIDE $21/HR

AVERAGE ADULT DAY CARE SERVICES ARE $67 PER DAY AND SOME REGIONS AVERAGE LOWER THAN OTHERS IN THE U.S.

CONTINUING CARE COMMUNITIES COSTS:

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, although, to date, this is rare, but has occurred. It is advisable, however, 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.

Please verify all information on Assisted Living Costs as it can change. Your decisions are your own. This is an information only website. We refer you to links to be helpful and are not responsible for the content. Please seek advice from professional advisers and financial advisers.

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