What is Assisted Living and How Much Does It Cost?
May 22nd, 2021
As we get older, we start thinking about what comes next. That includes where we’ll retire, what our golden years will look like, and if we’ll need help to keep living life. Assisted living is one such option for many of us. It gives us independence while having the resources on hand to tackle difficult days. Let’s explore assisted living and the costs associated with planning for the future.
What is Assisted Living?
Assisted living is a residential community that helps provide for the elderly who may not be able to live independently anymore. These seniors may need a little help daily, or they may have medical conditions or a disability. Assisted living facilities have staff on-site, amenities, and more to cater to those living there and provide them with everything they need to succeed as a resident.
For example, at Serento Casa, we provide housekeeping, transportation, laundry services, meals, and activities to keep our residents active and engaged. We understand that assisted living isn’t about what you’re giving up in life. It’s about what you keep doing to enjoy every day.
How Expensive is Assisted Living?
It varies. We’re not trying to dance around an answer here.
Depending on where you live, what type of assisted living community you choose, and other factors assisted living could set you back $3000+ a month. According to a 2020 survey by Genworth, the average monthly cost of assisted living in the United States is roughly $4300 a month.
Don’t let the sticker shock surprise you.
Assisted living is more than just a room. It includes everything else the community provides that we mentioned above and more depending on your individual needs. Planning for retirement and long-term care as you get older is something everybody needs to make time for before they reach their golden years.
What Options Are There to Pay for Assisted Living?
There are plenty of options out there to pay for assisted living. Everything from your retirement fund, pension, Social Security, low-income grants, insurance, and even your family can pitch in to make assisted living an affordable choice.
Saving early is essential to being able to be comfortable with an assisted living community. Most assisted living residents pay with a combination of funds from retirement and supplemental income like Social Security.
Several states, most, provide low-income grants and other resources for seniors looking at assisted living. Unfortunately, Medicare doesn’t cover most assisted living options even if you need it. Many believe it will and find out too late that it doesn’t.
How to Plan for Assisted Living
If you or your parents are looking at assisted living options for the future, you can never start planning too early. The last thing you want to do is scramble to figure out how to pay for retirement. This is something you should think about earlier in life if possible.
Ask yourself these questions to get started:
- What type of assisted living community are you interested in?
- Where do you think you might live during retirement?
- What insurance covers assisted living, and can I afford it in the future?
The surefire way to plan for assisted living is to save as much as you can as early as you can. Most jobs offer a 401k, pension, or other types of retirement plans. We recommend investing in one when you can and maximizing your contributions when it’s financially responsible to do so.
You can’t predict the inflation of monthly costs for assisted living. Saving is essential to being able to afford a retirement community in the future.
Let Serento Casa Help You Settle into Assisted Living
If you’re considering assisted living, Serento Casa is here to help ease your worries and ensure you’re making the right choice. We work with you to go over your options, the care you need, and what ongoing costs you can expect. From there, you can trust us to make you feel at home. Contact us today.< Back