Assisted Living Costs

Assisted living residences promise seniors with good quality of life while aging gracefully. Thus, it is often misconceived that living in an assisted living facility costs a fortune which in turn scares people away before having complete and accurate information. In reality, compared to the nursing home costs, assisted living costs are less than half the daily costs of the former. The average assisted living rate has increased by approximately 2.1% from $2,969 monthly to $3,031 monthly.

Comparison of Nursing Home Costs vs. Assisted living costs

Nursing Home Costs (Approximation)
2007
Daily: $189.00
Monthly: $5670.00
Annually: $68,985.00

2008
Daily: $191.00
Monthly: $5,730.00
Annually: $69,715.00

Assisted Living Costs
2007
Daily: $98.00
Monthly: $2969.00
Annually: $35,628.00

2008
Daily: $101.00
Monthly: $3,031.00
Annually: $35,628.00

Monthly based rate costs of the assisted living vary on the services included. Below are the living expenses included in the assisted living monthly value:

- Monthly mortgage or rent (included in assisted living)
- 24 hour security service (included)
- Three meals a day plus snacks (included)
- Utilities (included)
- Housekeeping services (included)
- Daily health aid visitations (included)
- Transportation to off-site activities (included)
- Personal care (included)
- 24 hour emergency call system (included)
- Landscaping/snow removal (included)
- Home maintenance (included)
- Trash removal (included)
- Social and entertainment (included)
- Laundry service (included).
- Property taxes (not applicable)
- Property insurance (not applicable)
- Condominium maintenance fee (not applicable)

When you think these costs are too much for you, there are a lot of financial tools that can improve cash flow and make ends meet. Here are some of the suggested tools where you can find extra money for a good retirement plan.

You can try this checklist to assist you in finding funds for assisted living and begin developing plan for a new lifestyle care for the years to come.

Reverse Mortgage can provide you with a good cash flow, a special type of home loan that lets a homeowner convert a portion of equity in his or her home into cash according to U.S. Department of Housing and Urban Development (HUD) [Source]. This website among others specializes in reverse mortgages.

Long Term Care Insurance also covers a portion of assisted living care and as life expectancy continues to grow many people are now considering this another viable option. But this has marketplace limits. A new approach through public-private insurance for all should emerge where the dollars follow the person-not the provider-and long term care insurance products will have more choices for a wider range of consumers.

You can also let your heirs to collect the bills. It might reduce their inheritance but the value you allocate for you loved ones and for the comfortable lifestyle while growing old is a small price.

Whatever might be your choice in financing ones senior years, the benefits of living in a healthy environment with the support of the family and fostering new relationships is priceless.

Download this ebook for more information regarding assisted living. It includes list of websites that can assist you with your research.