Disclosure: This post was submitted on behalf of Penny Minding Mom.
Did you know there are 28,900 assisted living communities in the US with around 1 million licensed beds?
Are you wondering how to lower the cost of assisted living? Not to worry! In this guide, we’ll go over some tips on how to diminish expenses for your loved one.
Want to learn more? Keep reading to find out.
1. What Kind of Apartment Should You Choose?
Most assisted living centers allow residents to choose a specific room size. Modern spaces offer an activity room and public spaces to use. This way, residents won’t have to pick a large private apartment.
If there are plenty of public spaces, discuss this option with your loved one. Instead of choosing a one-bedroom, they could rent a studio.
2. Share with a Roommate
Most residences have two-bedroom apartments to share with another person. Having a roommate depends on every resident’s specific situation.
If your family member feels comfortable sharing an apartment, consider this option. Your relative can save a lot of money and have the social benefit of living with someone else.
3. How Big Is the Community?
An assisted living home that’s larger might not always have a lower cost. There are different regulations for smaller and larger communities. Sometimes a smaller center is less pricey. They may still offer the same quality of care.
Compare prices with your loved one before choosing a center.
4. Live in a Smaller Area
Instead of sticking with a city, consider a center an hour away. Your loved one can reduce costs by a lot because real estate in cities is higher. This will increase the costs of these urban living centers.
Compared to a spot in the city, a rural assisted living community might have increased space. Consider all your options when helping your loved one find a new home.
5. Cost of Assisted Living Outside Your State
Different state regulations can affect the costs of assisted living across various states.
For families living closer to the border, save money by finding a center in a nearby state. Research the average cost of an assisted living community across states.
6. Plan the Move
Living residences will encounter similar financial pressures that other businesses experience. Sometimes at the end of a calendar year or month, they might offer lower prices.
If you don’t have a time constraint, shop around and find out the different rates during the year. Most residences won’t lower the monthly rent. They might offer move-in credits or waive extraneous fees.
7. Find out the Occupancy Level
Most assisted living residences must keep a specific occupancy level. This helps them keep their operations running well.
If there are a lot of empty rooms, these centers might waive community fees. The initial costs of moving in can drop in a significant manner.
These communities don’t tend to share this information with interested clients. They might share this information with private geriatric care managers or referral services.
Find a professional in your community who can help you find a reduced cost of admission to a center.
Are there any new communities that opened their doors? Some new residences might negotiate with you.
8. What Is the Level of Care?
Sit down with your loved one and go through the different packages available to them. This list should outline the cost of the services needed by your relative or friend.
Choose the correct package so your loved one can save money every month. If you’re not sure what level of care’s needed, sit down with a geriatric care manager. They can help you determine what services your loved one will need.
For example, they will assess the help needed for bathing or dressing. They will determine how much help your loved one needs with grooming or eating.
Will they need help with moving to and from a wheelchair? Do they have any issues managing continence? Sit down with a professional. They will determine what services to choose.
9. Insurance Options
Most long-term care insurance policies will cover specific expenses. Find out what plan your loved one has and if they can help cover costs of care. Coverage will depend on the long-term care insurance policy they have.
In certain situations, your loved one can use life insurance to help with the costs. Your family member might have the option to cash out their policy for a percentage of its value.
Talk to your loved one’s life insurance agent to see if this is a possibility. If you can’t cash out their policy, consider selling it to a third-party settlement company.
These companies might buy your loved one’s plan at a certain percentage. Any benefits will go to the settlement company after the policyholder passes away.
10. Think About the Future
As a family, make a plan for your loved ones who will need to move to assisted living. Most communities do have a waiting list. Find the right place early so you can get your loved one’s name on the list.
Have a conversation about your family member’s needs and finances. This will help you narrow down their choices. Have a clear idea of the budget you have before researching places to live.
Want to Learn More?
We hope you found this article on the cost of assisted living helpful. Take your time researching different residences nearby and an hour away. Make a plan with your loved one months in advance.
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