Finding the right senior housing choice can be difficult because of the vast range of contracts, services, and costs involved. However, it is worth the time and effort to weigh your options so that you can make a decision that fits all your goals. This article will examine how much elderly assisted living costs are and what you can do to keep assisted living affordable.
Assisted Living: A Quick Overview
Assisted living is senior housing that prioritizes personal care services to its assisted living residents. In particular, basic services include:
- Meal preparation
An assisted living facility (ALF) is a viable option for seniors who need some help with daily duties. Elderly assisted living communities also have seniors who may need support but don’t need high-level, constant medical treatment such as memory care.
In ALFs, residents have the option of receiving as much help as they need than in-home care. In fact, it allows them to maintain high self-sufficiency and dignity. Residents can expect 24-hour, and emergency help from senior care specialist trained staff members on-site at all times.
How Much Does Elderly Assisted Living Cost?
If you’re not familiar with what determines assisted living costs, the monthly median cost might be surprising. Certainly, the cost of assisted living varies greatly depending on various factors, including:
- Quality of nursing home care and facilities provided
- Size of the nursing homes room
The average monthly cost of elderly assisted living communities in the USA, according to Genworth, cost $4,000, or $48,000 annually.
Does Assisted Living Qualify for a Tax Credit?
For the IRS, it all relies on whether you are eligible for dependent care in an elderly assisted living community, primarily for medical treatment. Here, only the cost of medical services provided at the skilled nursing facility is deductible. You can only claim this deduction only if you file your taxes, and the amount you can deduct depends on your income.
How Do You Pay for Assisted Living?
Many people are under the impression that Medicare will cover the cost of their long-term medical needs. 57% of respondents polled stated they would use Medicare to pay for long-term care. Medicare rarely covers assisted living services, even if your health insurance and pharmaceutical coverage remain in place after moving to an assisted living community.
60% of those care survey respondents said they would use Social Security to pay for long-term care costs. Only a tiny percentage of such costs get covered by the average monthly Social Security check.
In most elderly assisted living facilities, the residents pay for their senior living costs out of their own wallets or through their insurance company. Many states, however, do offer community-based and home health aide services waivers to help poor individuals pay for assisted living costs. Consider contacting your state’s Medicaid agency to see if they can offer personal care assistance.
The Benefits of Assisted Living
Organizing payment for elderly assisted living becomes critical when help is essential for daily living care. Look at the Genworth website to see the fees in your region. Consider the extra benefits of many assisted living facilities.
On top of personal support in senior living communities, additional services include:
- Access to skilled nursing care and social activities
- Health and wellness programs
- Cultural experiences
- Nourishing meals
- Educational opportunities and medication management
- Security around the clock
It shocks many people to learn how reasonably cheaper assisted senior living is in comparison to independent living. Assisted living staff provide non-medical care and daily assistance at an annual or monthly cost that is more sustainable than in-home long-term care of aging parents.
Difference Between In-Home Care and Assisted Living
Before deciding, it is crucial to understand how the 24- hour caregiver and elderly assisted living work.
In-home care is when a caregiver comes into the home and assists the elderly with their daily routines. That way, your elderly relative can stay in their own house and be as independent as possible.
Depending on the older adult’s unique needs, the help provided may encompass everything from meal preparation and transportation to bathing, dressing, and using the bathroom.
An elderly assisted living facility is where many elderly people live, either in rooms or tiny apartments. Also, most communities provide a wide range of care alternatives for seniors, from relatively self-sufficient to those who require extensive help. The monthly price usually includes food, transportation, group activities, and housekeeping.
Why Assisted Living Is Better to In-Home Care
Elderly assisted living can be short-term or long-term, depending on your circumstances, and it doesn’t have to be a long-term commitment. It also provides round-the-clock care, and the many abilities of its staff members play a critical part in assuring the safety and well-being of its residents.
Elderly assisted living facilities offer a variety of social events that their residents enjoy. Finally, assisted living is less expensive than in-home care.
The Bottom Line
It is always best to prepare yourself with knowledge so you can make an informed decision that will keep your elderly family member happy, healthy, and safe while still being cost-effective. Of course, people who need help with everyday tasks can get help at Two Hearts Homes for Seniors.
Fill out the form on the Two Hearts website or give us a call. We provide seniors with more customized care in an atmosphere that resembles their own home. Unlike traditional assisted facilities, we only allow 16 people to live in our home which ensures they have more specialized attention.