A Nickle from Grandma: What Assisted Living Costs Really Look like in 2019

Thursday, January 3, 2019 at 12:00:00 am Comments (3)

What Assisted Living Costs Really Look like in 2019

There are currently around 1 million senior citizens living in assisted living facilities. But with the aging Baby Boomer population, this number is expected to start increasing.

If you're looking for assisted living for yourself or a loved one, you need to consider assisted living costs.

Understanding the costs associated with caring for a senior citizen will help you determine the best course of action when making these difficult decisions. After all, you want your loved one to have the best possible care but it also needs to be affordable.

Keep reading to find out more about the cost of senior living.

Why Assisted Living Makes Sense Financially

When compared to other options for senior care, assisted living makes more sense financially. Before we jump into the costs of assisted living facilities, let's glance at how assisted living compares to other options.

Nursing Homes

Monthly costs at a nursing home are around $8,364 for private rooms and $7,441 for shared rooms. Keep in mind that these numbers are average across the United States, and so will vary greatly depending on your region.

These costs include renting the room, food, various activities, and around-the-clock nursing care. However, many elderly people simply don't need the level of care they get at a nursing home.

In-Home Care

Another option for elder care is in-home care. On average, you can expect to pay around $4,100 per month for this type of care. While there are some advantages to this, an assisted living facility is usually less expensive and can provide better care.

What Goes Into Assisted Living Costs

A senior citizen that needs extra help has to cover more costs than food, transportation, and utilities. Here are some other things that go into assisted living costs.

Level of Care Needed

As you can imagine, the more assistance a person needs, the higher their cost of living will be.

Someone who simply needs help with household chores like vacuuming or raking leaves will usually have a lower cost of living compared to someone that needs daily visits from medical personnel.

Home Size

This likely goes without saying, but the size of the home will make a difference in monthly costs. This is especially true if modifications are needed.

Something many people don't consider are the home modifications that may need to be done for a senior citizen. This could mean handrails in the bathroom, adjustable beds, or additional light fixtures.

Other Fees

Many assisted living facilities will have upfront fees when moving in. These could cover administrative costs for enrolling the person in their program and finding suitable staff to help them or the necessary home modifications.

These costs alone can range between $1,000 and $5,000, though many places allow you to pay these over time rather than all at once.

Cost of Senior Living by State

One of the other biggest factors that determines how much you pay for assisted living is location. Generally, areas where there's a high demand for real estate space will cost more than areas that have more options.

Here is a quick rundown of the average cost of assisted living by state:

  • Alaska - $6,300
  • Alabama - $3,271
  • Arkansas - $3,037
  • Arizona - $3,800
  • California - $4,500
  • Colorado - $4,000
  • Connecticut - $4,700
  • District of Colombia - $9,266
  • Delaware - $5,350
  • Florida - $3,500
  • Georgia - $3,100
  • Hawaii - $5,500
  • Idaho - $3,475
  • Illinois - $4,030
  • Indiana - $4,385
  • Iowa - $3,847
  • Kansas - $4,556
  • Kentucky - $3,520
  • Louisiana - $3,550
  • Maine - $4,950
  • Maryland - $4,673
  • Massachusetts - $5,495
  • Michigan - $3,850
  • Minnesota - $4,000
  • Mississippi - $3,493
  • Missouri - $2,844
  • Montana - $3,919
  • Nebraska - $3,844
  • Nevada - $3,500
  • New Hampshire - $4,675
  • New Jersey - $6,065
  • New Mexico - $4,250
  • New York - $4,185
  • North Carolina - $3,693
  • North Dakota - $3,315
  • Ohio - $4,278
  • Oklahoma - $3,325
  • Oregon - $4,593
  • Pennsylvania - $3,750
  • Rhode Island - $4,350
  • South Carolina - $3,500
  • South Dakota - $3,500
  • Tennessee - $3,920
  • Texas - $3,795
  • Utah - $3,350
  • Vermont - $4,500
  • Virginia - $4,451
  • Washington - $5,135
  • West Virginia - $3,619
  • Wisconsin - $4,300
  • Wyoming - $4,235

It's also important to note that within each state, the amount you can expect to pay varies depending on where you live. Typically, large cities with limited space cost more than towns with more space.

How to Save Money on Assisted Living Costs

Now that you have a better idea of how much you might spend on assisted living costs, let's take a quick look at a few ways you can save money on these.

Move Once

You should never rush into a decision on where to place a loved one for assisted living. It can be frustrating for them to move multiple times as you find the perfect spot for them, and it will cost you money in move-in fees.

To avoid paying several facilities to move your loved one, take your time to make sure a location is an excellent fit before signing the paperwork.

Ask About Discounts

Many facilities offer ways for residents and their families to save money. One way is by offering services "a la carte." This means you can choose which services are provided to your loved one.

By picking only services they actually need, you can save money by avoiding paying for an all-inclusive package that isn't necessary.

Get a Roommate

Although it won't work for everyone, having a roommate is a great way to save money on the cost of senior living. For those who have lost their partner, this may ease the feeling of loneliness that many seniors face.

Use Veteran Benefits

U.S. war veterans and their surviving spouses and children may all be eligible for receiving financial assistance. While the amount they can get varies, it's certainly worth looking into if your loved one or their spouse served in the U.S. military.

Buy Long-Term Life Insurance

Health insurance companies will often cover some costs associated with assisted living. However, what they cover is limited.

If you want a type of insurance that will help you pay for your loved one's care, you need to look into long-term life insurance. This will also cover nursing home care and hospice care if you get to that point, making it a great investment.

Want More Information on Assisted Living?

With a better understanding of what goes into assisted living costs, you can save more money while getting your loved one the care they need. As you can see, there are many things that go into these costs and a few ways to save on them.

If you want more information on how much assisted living costs at our facilities, contact us today. We can schedule a visit for you and your loved one to see what we have to offer and discuss the costs w


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