Assisted living can be a blessing for individuals and families, but it can also be expensive.
According to Genworth Financial, the average cost of assisted living in 2021 was $4,500 per month. Depending on where you live, costs may range from $2,000 to $7,000 or more per month.
If you’re at a stage in life where you’re looking for an assisted living community for yourself or a loved one, the cost is likely to be one of your most important priorities. Below, find some tips on choosing a location that feels right and that you can afford.
Factors that Affect Assisted Living Costs
You may assume that most assisted living communities cost about the same, but that’s usually not true. Several factors affect how much one particular facility may cost. These include the following:
Level of care
A community that offers memory care, for instance, will cost much more than one that offers minimal assistance. If the resident is still mostly independent, can still take care of herself, and needs only a little help with medications, meals, and laundry, she will pay less than someone who requires help with medical treatments and daily activities of living.
Market values affect property prices. They also affect assisted living prices. So a community in a coveted area of town may cost much more than one in an older section. A community in one state may also cost more than one in another state. If you can be flexible on location, you may be able to save money.
According to Seniorly.com, New Jersey has the most expensive assisted living communities in the country in 2021, with Georgia having the least expensive ones on average. SeniorLiving.com offers a table of assisted living costs by state, updated May 2021.
How many “extras” do you require? Being able to go without a few of these may help you save money. Communities with luxury accommodations like swimming pools, tennis courts, and transportation services are likely to cost more than those with fewer add-on services.
How to Find Assisted Living Facilities Near You
In addition to doing a basic Internet search for assisted living communities near you, you can also take advantage of some directories that may be helpful:
- The Senior Living Directory
- Assisted-Living Directory
- Caring.com Assisted Living Directory
- Senior Care Authority Directory
- Seniorcare.com Find Assisted Living
- Assisted Living Locators Directory
Tips to Save Money on Assisted Living
Find ways to pay less for assisted living with these tips.
1. Ask about their specials.
Many assisted living communities offer specials and discounts at various times of the year. Particularly if they have empty rooms and want to increase their move-in rates, they may offer you some incentives to choose them.
When touring a community, ask whether the company has any specials going on, or if they might in the near future. They may also offer discounts if you sign up for an extended lease, or if you offer lump-sum payments.
2. Consider a roommate.
In general, single rooms are more expensive than double ones. If you or your loved one is open to the idea of a roommate, that may help you save money. For some seniors, it may also be beneficial as a roommate can help prevent loneliness.
3. Compare different types of costs.
Different assisted living communities offer different types of pricing methods. Whereas some will allow you to select either an all-inclusive fee or pay for services individually, others will have different pricing levels from which you can choose.
An a la carte pricing model, for instance, will allow you to purchase services or items based on need. Maybe family members are willing to help with laundry or meal delivery, for instance, which could eliminate your need for these from the community.
An all-inclusive model requires a monthly fee for a range of services. A community may offer different levels of this model, with the base level including only basic services, and the top level including all the extras. Be sure you know all that is included.
4. Explore tax credits and deductions.
Seniors who need help with two or more activities of daily living, or who are considered chronically ill, may qualify for senior living tax deductions. Relatives who pay for at least 50 percent of a loved one’s care may also be eligible for caregiver tax benefits. Be sure to look into all of those for which you may qualify.
5. Look for discount programs.
You or your loved ones may be eligible for financial assistance through senior benefit programs offered by the state or by nonprofit organizations. The Eldercare Directory lists these resources, which may include state assistance programs, food and nutrition programs, caregiver assistance services, and more.
It is possible to find affordable assisted living in CT, but for those who want to ensure that their loved ones care needs will be met no matter how they change over the years, a continuing care retirement community (CCRC) like Arbors of Hop Brook might better meet their needs. These communities offer several levels of care (typically including independent living, assisted living, skilled nursing, and memory care) on the same campus, allowing residents to easily move between levels of care as their needs change without moving to a totally new community and adjusting to a new environment. Schedule a tour or browse our floor plans and take a virtual tour to explore everything that Arbors of Hop Brook has to offer.