Making the decision to search for a senior living facility for your loved one can be difficult, and it’s natural for you to have questions about how your options differ and how you’ll pay for them should you need them. Today, we’ll be looking at five of the most common questions families ask when researching assisted living to provide you with some insight.
How Do I Know if We Need Independent Living, Assisted Living, Memory Care or a Nursing Home?
While these four options possess some similarities, their differences matter, and you’ll want to be sure of which is most applicable to your family’s current circumstances before making any decisions:
- Independent Living — Communities for seniors who can perform daily tasks independently but want access to services like housekeeping and laundry.
- Assisted Living — Care for individuals who may require assistance with some activities of daily living like bathing, dressing, or meal preparation.
- Memory Care — Specialized care for seniors with Alzheimer’s or dementia.
- Nursing Homes — 24/7 specialty care facilities for seniors and the disabled.
How Much Do These Senior Living Options Cost?
Different types of senior care come with different dollar values attached to them. Based on a 2018 cost of care survey, however, the National Center for Assisted Living estimates that the average cost of assisted living communities in the United States is $4,000/per month.
Meanwhile, the average monthly cost for a community that provides an Alzheimer’s or memory care component is about $1,150 higher than a standard assisted living community, according to Paying for Senior Care, and the average cost of a shared room at a nursing home comes to $227/day.
What Financial Assistance Is Available?
In some situations, such as veterans who require assisted living care, the costs can be supplemented through programs like the Aid & Attendance Household Benefit. Additionally, programs like Medicaid can help pay for assisted living in some states, so you should be sure to research these thoroughly to see how they apply to your specific circumstances.
Does Long Term Care (LTC) Insurance Cover Assisted Living?
Another option that can help finance assisted living care is long term care insurance. The benefits from these policies can vary, from $50 to $300/a day, according to Bankrate, but they can help supplement the costs, and are a worthwhile option to consider.
Are There Any Financial Programs That Are City or State Specific That Cover Costs of Senior Care?
There are some state-level non-Medicaid programs that can help pay for senior care services. These vary from state to state, and can take the form of cash assistance or other benefits designed to reduce the out of pocket cost of assisted living. You can check Paying for Senior Care’s state-by-state listing to learn more about the individual programs and whether or not you may be eligible.
Do you have additional questions about assisted living and senior care? Be sure to reach out to The Cottages so we can provide you with the information you need to make the best choice for your loved one.