The U.S. states with the most expensive median monthly assisted living costs are:
1. Alaska – $6,000
2. New Jersey – $5,994
3. Delaware – $5,533
4. Connecticut – $5,000
5. Massachusetts – $4,950
The U.S. states with the least expensive median monthly assisted living costs are:
1. Missouri – $2,288
2. Alabama – $2,600
3. Georgia – $2,703
4. Kentucky – $2,720
5. Michigan – $2,850
OTHER FACTORS IN ASSISTED LIVING COSTS
While location is an important factor in assisted living costs, there are several other considerations that can play a big role in the bottom line:
· Apartment Size: A 400-square-foot studio apartment will obviously cost less than a 1,200-square-foot two-bedroom in the same community.
· Level of Care Required: Not all assisted living residents require the same level of care. Those who need help with fewer aspects of daily life will often pay less than those who need extensive services.
· Additional Fees: Assisted living communities typically charge a non-refundable administrative fee upon move-in. This fee covers everything from getting the new resident enrolled in services to renovating his or her apartment, and typically ranges from $1,000 to $5,000.
MOST LIVING EXPENSES INCLUDED
When comparing assisted living to home care, it’s important to remember how many expenses are included in the price. Assisted living fees replace typical expenses associated with living at home, including:
· Mortgage or rent: Current homeowners will additionally eliminate property tax and insurance expenses by moving to assisted living.
· Utilities: Assisted living fees generally cover all utilities outside of phone and cable, including garbage/water/sewer, heat and air-conditioning, and electricity.
· Maintenance: Not only will you not be on the hook for emergency repairs, you’ll no longer have to hire out yard work or housekeeping services. Many assisted living facilities even offer linen service and help with laundry.
· Meals: Food is a major-line item in most people’s budgets, accounting for up to a third of total monthly expenditures. Two or three hot meals per day are included in most assisted living plans.
· Household assistance or personal care: At $10-25+ per hour, hiring this type of help can add up quickly. At-home medical care can cost even more.
ASSISTED LIVING BOOSTS QUALITY OF LIFE
“Relocating to a foreign country can be a dramatically different way of life,” says Ivonne “But in your Golden Years quality of life is all that matters to most people.”
Living in a vibrant, cost effective, engaging community with numerous daily opportunities for social interaction and entertainment is a welcome change of pace for most seniors. In fact, many seniors struggle in the U.S. to afford living at home cut back on entertainment first as a way to save money.
Comments