How Much Does Assisted Living Cost Per Month?
Moving into a supportive living environment can greatly improve your lifestyle, but many people wonder if they can afford it. How much does assisted living really cost per month? Per year?
Assisted living costs an average of $4,051 per month or $48,612 annually for a residential community.
$4,051 is the national average, but assisted living prices vary by location as well. Monthly costs range throughout the United States, from $2,881 in Missouri to $11,288 in the District of Columbia. In Florida, it costs around $3,500 monthly, on average, depending on whether you live in the south, on the Panhandle or in between.
Of course, the costs vary with the different amenities, as communities also range in size and services. Let’s look at some of the things worth considering when budgeting for supportive living for yourself or your family members.
What Type of Accommodation Do You Want?
Each assisted living community has a different layout, and many have information online as to the different options regarding accommodations. Overall, the more private a sleeping space is, the more expensive it will be.
This is true not only for shared and private rooms, but also for the community itself. Smaller communities with only a handful of rooms sometimes offer more personalized services. Larger communities may be less expensive, depending on the services provided.
Residential rooms inside a supportive living establishment can have private or shared rooms, with either private or shared bathrooms. As mentioned, private rooms are typically more expensive, but not always. For example, at The Sterling Aventura in Florida, we offer private assisted living apartments starting at $3,675, less than $200 more than the state average for all rooms, including shared spaces.
How Have Costs Changed Over Time?
Like other expenses, assisted living costs have changed throughout the years. In the big picture, the costs of supportive living environments have risen over time. In 2004, an assisted living community cost just $28,800, while in 2019 the average was $48,612, according to the Genworth survey. That’s a nearly 69% increase over the last 15 years.
It’s important to be aware of the change in cost over time because it could affect how you budget. In most cases, adults expect living expenses to rise over time – after all, they do so for every adult, whether you’re 20 and living in an apartment or retired and living in a community.
If you’re concerned about cost changes, however, the best course of action is to talk to the community you’re interested in. At The Sterling Aventura, we’ve designed the community to be both comfortable and affordable. Team members are always available to answer questions about pricing, accommodations and services and amenities so you have the information you need to make the right choice.
How Does Supportive Living Compare to Other Long-Term Options?
Is a supporting living environment the best financial choice for you? Many older Americans hope to stay in their homes as long as possible, especially if they’ve already paid off their mortgage. However, there are costs associated with this option, too.
That independence may require hiring help to live or work in your home on a regular basis. Housekeeping services cost $22.50 an hour, on average, while a home health aide would cost $23 an hour, according to the Genworth survey. If a housekeeper works five hours a day, three days a week, that yearly cost would be $17,550. Home health aides often work more frequently.
And, this doesn’t consider the lawn maintenance, property taxes, insurance and other bills that come with homeownership.
Conversely, some people may be considering a more intensive medical choice, like a nursing home. Depending on the level of privacy, a semi-private room will cost $7,513 each month. A private room, on average, is $8,517 a month.
What’s Included in the Cost of Assisted Living?
When looking at the costs for different supportive living spaces, note whether the monthly price includes additional services. In general, you can choose from rooms with your desired level of privacy and then decide between an all-inclusive, flat-fee package or an option to pay for services as the need arises.
For a flat fee, most assisted living communities include help with dressing and grooming, laundry services, specific medical needs, cleaning and provide dining services. There are often entertainment options and recreational activities, including art and exercise classes, which are usually included in the monthly costs.
You don’t know when your health will decline, and the “a la carte” payment option makes it much more difficult to know whether you will be able to afford the care you need in the future. In most cases, adults who live in communities prefer all-inclusive pricing so they know what they’ll pay every month and have the peace of mind that they’ll always have the assistance they need.
Tips for Budgeting for the Future
An assisted living community is often the most affordable option for people who need or want a little bit of help on a daily basis. It’s often cheaper than regular in-home care and provides amenities that help them stay active and enjoy their retirement more.
However, budgeting is still important. People interested in assisted living have several options to improve their budgets, including retirement savings, annuities, downsizing from their home and using money from the sale, long-term care insurance policies and aid programs, such as VA benefits, Medicare or Medicaid.
When preparing your budget, evaluate your current financial position and the additional support options available to you. If Medicare or Medicaid can cover more healthcare costs, you can devote that money to supportive living. Or, if you have long-term care insurance, you may have a wide range of options available to you.
If you’re still unsure about your options, bring in someone who can help. Friends and family, as well as financial advisors, can help you better understand your options.
Florida Assisted Living Communities
Every person deserves an active, enjoyable retirement in comfortable surroundings. In almost every case, there’s a way to afford the support and your favorite community.
At The Sterling Aventura, we’re here to make your goals a reality. Our team can help answer your questions about assisted living, including costs and what’s included in our community. Contact us to learn more or download our free Assisted Living Resource Guide today.