posted by: Lisa Sneddon
Founder & President, Senior Living Experts www.seniorlivingexperts.com
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The cost of long-term care in Assisted Living Communities varies, depending on the services included. Keep in mind, the costs of various services can add up quickly, just as an all-inclusive resort costs much more than a Motel.
Assisted Living Communities in prime real estate locations, with all the amenities and services included, will cost more than a community in a rural location. Other factors determining the price could include the size and view of the apartment, as well as its location within the building. As the care needs increase, so does the cost. It will cost more to have the advantage of knowing a nurse is staffed 24-hours a day, but at the same time, this benefit may save you money by allowing medical conditions to be caught early. Any additional services offered are reflected in a higher monthly rental rate.
According to the American Association of Homes and Services for the Aging:
- The average daily cost for a private room in a nursing home is $213.00, ($6,390.00 per month and $77,745.00 annually).
- The average daily cost for a semi-private room in a nursing home is $189.00, ($5,670.00 per month and $68,985.00 annually).
- The average monthly cost of living in Assisted Living Communities is $2,969.00 or $35,628.00 annually.
- The average cost of living in a not-for-profit Continuing Care Retirement Community (CCRC) is $2,672.00 per month, or $32,064.00 annually.
- The average monthly rate for assisted living facilities that charge additional fees for providing Alzheimer’s Disease and dementia care is $4,270.00 per month or $51,240.00 annually.
- To move into a community, individuals might also have to pay an entry fee ranging from $60,000.00 to $120,000.00 or more.
While the price may be shocking to some, keep in mind you do not have the expenses of maintaining a house along with the accompanying insurance and taxes. While you may need to hire a private caregiver while living in an Assisted Living Community, you may not need as much private care as if you were living alone at home. The combined upkeep of a house and the cost of a private caregiver could actually be more than the cost of moving to an Assisted Living Community.
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