December 2, 2022
Are you in search of a good assisted living community near you? Do you have a loved one that would like to live in a good assisted living community? Then understandably cost concerns are also something you have to think about. If you are at that point where you need to get your finances in order but don’t know what to expect when it comes to assisted living costs, we have you covered. Although charges and expenses will vary depending on the level of care provided, we will get you the cost averages that are in the ballpark so you can have some idea moving forward. Let’s get started.
Crunching the primary assisted living expenses
When breaking down the cost of assisted living, there are primarily three key components, which account for the lion’s share of the expenses. Those include:
The move-in fee, known in some circles as the community fee, serves a host of purposes including putting together the paperwork for the move, diet assessment expenses, and other needs assessments that may attract the services of paid specialists. It also works kind of like a reservation fee to hold your spot.
Now, rent will naturally vary depending on the size of the apartment, location of the community, and many other factors that typically affect the real estate market, as well as other unique concerns such as safety features.
What is the national average cost?
$4,634, is the national average for the cost of assisted living services, according to a 2022 Genworth Care survey. However, that varies significantly from state to state, with assisted living costs in Massachusetts, primarily through the roof at $ 6,695.
All in all, here is a snippet of how it breaks down across a few states.
Assisted living costs work very much the same way as the property market. Pricings vary mostly depending on the geographical locations and other locality factors, which is why you see notable differences across state boundaries.
Can insurance help?
Does insurance cover the assisted living costs?
Generally, the answer would be no, and many (though not all) mainstream insurance plans hold that stance. The best way to know for sure is to get on a call with your insurance plan provider. That being said, insurance can still bail you out in some way as it can pay off some of the related costs of assisted living like:
If you have a long-term care insurance cover, it will typically cover all or some of the parts of assisted living costs.
What other payment options are there for assisted living?
It’s not the end of the road in terms of other payment avenues you could explore if your health insurance cover is no good. If You’re hunting down affordable assisted living communities near me, consider checking out the following sources of financial aid:
The VA may not outrightly foot all your assisted living expenses, but that doesn’t mean that they leave the veterans high and dry in such cases. Be sure to peruse the VA Aid and attendance benefits program, which can provide financial aid to cushion portions of your expenses, especially if you need assistance with daily living.
Medicaid remains priceless to the millions of senior citizens who rely on it. It can further ease the burden of paying for assisted living. Via Medicaid waivers, it’s possible to widen coverage to include extra services. However, you may have to contend with a waitlist, although if you’re eligible for Medicaid, the same can be said for your state’s waivers.
Assisted living expenses can be a burden on seniors and their families. It may therefore be in the entire family’s benefit for their loved one to cash out of the policy early. These funds can then go toward footing long-term care costs.
Most families meet assisted living costs through social security and retirement kitties, among other personal funds. Not many can match the cost of assisted living out of pocket which is why some families may also choose to take out reverse mortgages, seek out wartime veteran benefits, or lean on a long-term care insurance plan.
Is Assisted living tax deductible?
Do you or your loved one in need of assisted living for seniors qualify as “chronically ill”? Going by the IRS’s definition, that describes someone who can’t perform at least two daily tasks of living, namely:
Of course, they won’t just take your word for it. Verification will be necessary from a certified health care practitioner. The good news though is a huge chunk of, and perhaps even the entirety of your assisted living costs may be eligible.
Lantern Lifestyle is making assisted living more affordable than ever
Inflation has hit the US economy hard this year, rising to 8.6%, which marks one of the leading percentages around the globe and this is why assisted living costs are on the rise. We know times are tough, and families are pinching pennies just to get by. So we thought we’d make things a little easier by giving our 15 first admissions of this month $2,000 off their 3 months’ rent. Sounds good? Then sign up by August 31st, although the sooner the better as this is a limited time & space offer that won’t be on the table for very long. The cost of assisted living near me at Lantern Lifestyle is affordable yet assures quality and homey care. Get in touch with us today to learn more.