We know that cost is a huge factor to consider when deciding on the right assisted living community for you or your loved one. As such, it’s important to understand how to go about paying for assisted living and what that entails. Below we’ll discuss what you need to know about cost when it comes to a senior living community.
What Am I Paying For?
When deciding on an assisted living community and looking at cost, it’s essential to know what you’re paying for. Don’t be afraid to ask the community relations or executive director questions about rent or care costs. They are there to help in any way they can. In addition, it’s important to know what it entails to make sure that your loved one’s care needs are met, and there are no surprises later. Additional assistance, such as an extra load of laundry, room service, or the number of showers per week may incur extra costs.
What Costs Are Important To Consider?
For move-in costs, most assisted living communities have a community fee. This community fee is an upfront charge that covers costs associated with the move-in process and preparing your apartment. Please note this fee varies by location. In addition, should you require assistance upon moving in, truck rentals or moving companies will add cost. This expense or portions of it may be refundable upon move-out if it falls within the first 90 days of residency.
Every month, your bill for rent and care should stay the same. Monthly rent costs are generally good for one year. However, some communities offer rate locks that last longer. Talk to your community relations director about rent increases for more information. In addition to rent, care can fluctuate if care needs increase or decrease.
There are some ancillary costs to keep in mind regarding on-going fees. For couples sharing apartments, assisted living communities include a second occupancy fee, which generally covers the second person’s portion of meals, utilities, etc. In regards to utilities, be sure to ask the community what your rent covers and what you may be responsible for outside of it. Discuss what weekly laundry and housekeeping entail, as well as what is considered extra for each. Some assisted living communities also offer complimentary transportation to appointments within the surrounding area. Ask if there are any requirements or restrictions regarding transportation.
How Can I Pay For Assisted Living?
Coming up with the funds for assisted living can feel overwhelming, especially when you don’t have financial planning in place. However, there are plenty of options out there that help make senior living affordable. Most seniors and families rely on private pay, which comes out of pocket. However, keep in mind that veterans or surviving spouses may also be eligible to receive veteran’s benefits.
Long-Term Care Insurance is a significant investment that helps cover a myriad of senior living options. For those looking to sell their homes to cover the cost of assisted living, bridge loans are short-term loans that help cover the transition time between selling your home and moving into assisted living.
Medi-Cal and Medicare do not typically cover the costs of assisted living. However, there are waivers available that are accepted by certain assisted living communities. Be sure to talk to your community relations director about what is available to you. In addition, you can also talk to your tax advisor about how to receive tax benefits on care.
Paying for Assisted Living at Renaissance Villages
Do you know how you or a loved one is going to pay for assisted living? Renaissance Villages is here to help provide resources for financial planning and affordable senior care. Give us a call today to learn more about the options that are available to you.