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Is your family beginning to explore assisted living on behalf of a senior loved one? While families are often able to support an older adult’s needs at home for a while, it’s not always possible to do so over the long term. Trying to balance caregiving with a career and your own family isn’t easy. Your quality of life, and the senior’s, will likely improve once you find an assisted living community that is a good fit for their interests and needs.
When families begin the search for assisted living, two questions that usually come up early in the process are how much it will cost and what payment methods are accepted. Many people are surprised to learn their parent’s Medicare or other health care insurance doesn’t pay for assisted living costs. Others aren’t aware that there are programs available that may help make care more affordable.
That’s why we thought it was important to include this resource as part of this Assisted Living Decision Toolkit. We hope this information will help your family better understand the costs associated with assisted living and the types of funding your family member might qualify to receive.
As you start getting to know each assisted living community and comparing the costs, you will soon discover that every organization has its own unique pricing structure. To make certain you understand all the expenses you may incur, ask for a list of amenities and services included in the monthly fee and what additional fees you are likely to incur. You might find this Cost Comparison Chart.
Depending on the area of Indiana you are searching in, you’ll likely find the costs can vary significantly. According to a 2021 Genworth financial survey, the national median cost for assisted living is $4,283 per month, which is slightly less than the national average of $4,500.
For older adults who want a large apartment or a community that offers more services and amenities, the monthly fees will be higher. The same holds true if the senior has greater care needs. Most assisted living communities assess level-of-care charges based on how much staff time each individual resident requires.
The base fee for assisted living communities often includes:
While the expenses associated with assisted living are usually paid for with private family resources, there are other options to explore. Let’s take a look at five of the most popular.
Here are a few suggestions to research as you are putting your budget together:
If you find this information helpful as you create a budget for a senior loved one’s move to assisted living, we encourage you to share it with family members and friends. It can help them feel confident they are making an informed decision for their senior loved ones.