It’s no secret that the high costs of assisted living impact millions of families each year. Depending on where you live and how much care is being provided, your loved one’s assisted living costs may go up to $10,000 per month — that’s $120,000 a year! If costs weren’t already high enough, prices keep increasing every year.
According to Genworth’s 2021 Cost of Care Trends & Insights, assisted living costs have shot up from $28,800 in 2004 to $54,000 in 2021. This means you could be spending $4,500+ a month for your loved one’s care. In this article, we’ll break down the high costs of assisted living and how life care coordination could be a better care option for you and your loved ones.
What Are the High Costs of Assisted Living?
Before you move into an assisted living community, it’s important to think about your finances and how you’ll pay for that care. Medicare doesn’t generally cover assisted living care or long-term residential care. So, you could be facing a $4,500 bill every month in assisted living costs.
Below, we’ve broken down the high costs of assisted living into some general areas.
1. Move-in Fee
Many people are surprised to learn that many assisted living facilities come with a pricey move-in fee. Depending on the facility, the bill could be between $1,000 to $5,000, and you may have to pay for it upfront or across several months.
2. Rent & Services
Rent and services make up the bulk of the bill for assisted living. That’s because this facility is geared toward providing housing, utilities, and food for your loved ones. Services typically include meals, housekeeping, transportation, activities, and various levels of personal assistance.
Additional care services could cost extra. So, there may be additional fees for residents with memory care issues or residents who need extra care.
3. Packages vs. Flat Fee
Assisted living facilities may allow you to choose what services your loved one needs and bill you accordingly. However, some may bill you a flat rate that everyone pays, regardless of the number of services your loved one used. It’s also important to think about how your loved one’s health needs will change, especially if you’ll need to pay extra for additional services.
Spend Less on Care that Counts with EverHome Care Advisors
Unlike assisted living facilities, EverHome Care Advisors allows your loved one to stay at home. Not only does this allow them to stay independent, but it also provides them the chance to save on the high costs of assisted living.
They’ll be able to avoid paying rising assisted living fees while receiving premium care solutions within the comfort of their own home.
To learn more about our life care coordination and how it can enhance your loved one’s life, contact us today! We’re more than happy to provide you with a free consultation.
Get started providing your loved one with the chance to live a more independent life without the burden of assisted living costs.