This option, however, depends on whether you own the home outright. If you need services best found in an assisted living community, selling your home to pay for assisted living is a potential solution. Not all older adults are able to downsize their homes and age in place. Paying out of pocket also means you can keep the assets you own. Paying out of pocket can be an option for people with significant retirement savings or financial support from family members. The money may come from retirement accounts, investments, savings accounts, or other sources of income. It's common for people to pay out of pocket for at least some assisted living care costs. Consider how these options could work for your long-term living strategy. Let's go through some of the most popular ways to pay for assisted living in more detail. You'll most likely need to pull from several financial and medical resources to fund it, and your hard-earned nest egg can quickly be drained without a solid action plan. The cost of assisted living is staggering. Source: Genworth's Cost of Care Survey Data from the National Senior Living Cost IndexĬheck out our latest video on assisted living costs with Editor-in-Chief, Jeff Hoyt, below! Pricing will increase if you need advanced medical care, such as memory care. Certain hospitality and care services may be available for an additional monthly fee. Other factors that impact assisted living costs include the size of your living quarters, the type of senior living amenities, and the level of care required. The average monthly cost of assisted living in Missouri is $3,000 per month, for instance, while the District of Columbia and Rhode Island are both close to $7,000. Although $4,500 per month is the median assisted living rate, these costs may vary dramatically depending on where the facility is located. As you explore your assisted living options, it's important to know each state's median cost of care. The secret to getting your money's worth when choosing an assisted living facility is understanding the factors that impact assisted living costs. Factors That Impact Assisted Living Costs Knowledge is power! Explore our assisted living guide to find out if assisted living is the right choice for you or your loved one. Whether taking exercise classes, getting out on the golf course, or learning a new craft, don't forget to calculate these expenses into your aging-in-place budget. Unlike assisted living communities where social activities are built in, you'll need to consider the cost of staying active. Other factors to budget for are interior maintenance, such as housekeeping, and exterior maintenance, such as yard work. Installing a stair lift, for example, ranges from $2,000 to $5,000. As you tally up the costs of aging in place, take time to assess your current living situation and plan for all necessary adjustments, such as walk-in tubs, grab bars and rails, and widening doorways, since these improvements can become quite expensive. Older adults choosing to remain at home need to factor in the price of home modifications to live comfortably and safely. The cost to age in place includes much more than rent or mortgage payments and utilities. Our housing comparison guide helps you compare assisted living with other types of senior living. The median cost for assisted living care came in at $54,000 annually, so moving into an assisted living community can yield over $7,000 in savings! According to the Genworth Cost of Care Survey, the median yearly cost of in-home care in 2021 was $59,488 for homemaker services and $61,776 for a home health aide. It may surprise you that the overall cost of assisted living in the United States is less than living at home with in-home care. The supplementary services to maintain your health and enhance your quality of life can add up, since you'll need to hire someone like a home health aide or homemaker. With technology such as medical alert systems, older adults can maintain their freedom and have peace of mind knowing help is just the push of a button away.Īging in place, however, may not be the best solution for seniors who need more hands-on care with activities of daily living (ADLs) such as personal hygiene, dressing, and medication management. Aging in place in your family home or a downsized home is certainly an option. Aging in Place Costsĭeciding where to live out your golden years is a huge decision. Worried that assisted living costs will break the bank? Our list of nine ways to lower your bill at an assisted living facility will come in handy as you explore your options.
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