Breaking Down Assisted Living Expenses
Making a decision about assisted living is a big step for anyone. It marks a major transition from one stage of life to another, and for most people, that comes with a combination of excitement and apprehension.
However, you won't want to worry about the potential costs of retiring. That's why it's crucial you do your research beforehand. Read on for our breakdown of what to expect with assisted living expenses.
Assisted Living: What It Means
Assisted living is a specific type of senior care. You'll typically find the following services are covered:
- Accommodation
- Personal assistance with daily care
- Meals
- Medication management
It's best understood as a balance between independent living and professional care support. Residents get help with the daily tasks that are too much of a challenge while still maintaining the freedom to enjoy their retirement.
In an assisted living community, residents will also have access to a range of amenities and services that provide convenience, social connections, and fun activities. For many retirees and their families, it offers the best of both worlds.
Assisted Living Fees and Financial Planning for Seniors: an Overview
It's important to remember that all assisted living communities will have a different range of services and a different fee structure.
When you start looking at a shortlist of communities, ensure you understand the breakdown of costs. To help, here is a typical overview of what you can expect to see:
- A base monthly rent which will vary on the room or apartment size and type
- A fee for additional elderly care expenses
The rent fee will cover housing and utilities. It typically covers meals, too.
Depending on the community, you may also see services like housekeeping and amenities included in that fee. So, factors like location and range of amenities will impact the cost.
Additional care fees will consist of support for everyday activities, which will generally be outlined in a personalized care plan, depending on needs. It could include bathing, dressing, and medication management.
You may find that some communities have tiered packages depending on the level of care support required. For example, dementia patients will require additional, specialized care from trained staff.
Extra Costs and Other Expenses
Always look in the small print for any charges that aren't part of the headline figures. You may see extra charges for services such as:
- Concierge services such as booking appointments
- Group outings to nearby destinations
- Some classes and workshops
- Physical therapy
- Move-in fees
- Personal laundry
- Specific dietary needs
If there is a service you need, check whether it's an add-on or included in the flat monthly fee. If it's not, find out the price before you make your final decision so that you can compare different communities.
It's also worth remembering that not all communities will offer all these services.
Choosing a Customised Plan
The ideal situation for any assisted living resident is to only pay for the services they need and not incur costs for items they don't want. That's why you should aim to customize your plan.
To start examining customized plans, ask communities about whether they offer the costs of tiered care.
What's helpful about this is that you can move to a higher tier if your care needs change in the future. After that, review any additional costs and ask whether you need it or if it's a "nice-to-have" option.
If a service isn't relevant to you, ask if you can remove that from your quote. You can always add it in later if you change your mind. You should also view different room types.
Many communities offer various sizes of rooms, and a smaller private apartment could save you money on your monthly bills. However, remove care services that are crucial to your everyday needs.
Remember that these services are available to give you independence and quality of life in your senior years.
How to Budget for Senior Living Costs
You can help manage the costs of assisted living by creating a budget. Here is how to get your assisted living budgeting right.
Income Sources
Review all current and potential income sources available for assisted living. That might include pensions, savings, and money from a house sale. You may also be entitled to benefits such as our veterans program.
Examine any other financial support you may be able to access, like family funding and Medicare.
Separate Mandatory and Nice to Have Options for Affordable Assisted Living
Your budget should have a base cost which is the minimum amount you need to spend to cover the basic assisted living care. On top of this should be anything you'd consider a nice to have or an additional expense.
Splitting your budget this way will help you prioritize and focus on ways to keep your monthly costs manageable.
Create a Budget for Future Care
If you have a progressive disease, it may be that you'll need more support in the future. Speak to your healthcare professional, who will guide you on what support you may need, including things like medication and daily assistance.
This will help you create a long-term budget that is in line with your changing needs. It helps ensure that any decision you make today about assisted living is the right one in the long run.
Review Your Budget Regularly
Keep track of your budget and check it regularly. Ask yourself whether you are using all the services you pay for and whether you need to adjust your care plan.
This proactive approach will ensure you don't face nasty surprises like hefty bills for services you didn't need.
Understanding How to Budget for Assisted Living Expenses
Assisted living expenses don't have to be a daunting prospect. By doing your research and eliminating costs for services you don't need, you can help keep your budget manageable.
Addington Place of Clinton has everything you'd expect from a premium senior living community. With beautiful interiors, plentiful activities, and caring staff, we offer the perfect setup. Contact us today to find out how affordable our plans are.