year millions of people are placed in assisted living residences all across the country. Often times these families are picking up tremendous amounts of unexpected expenses.
If you and your loved one are considering making the move toward assisted living or a nursing home environment, you’ll certainly want to know as much about the costs that are involved as you can. The cost of assisted living will obviously make a tremendous impact on family finances - however, one of the advantages is that it’s often less expensive than the cost of a nursing home.
Comprehensive care nursing facilities can cost up to 50% more than their counterparts in assisted living. The reasons are fairly obvious; Often times patients that are cared for in nursing homes have larger medical expenses than those who are being cared for in assisted living residences. Anything from different insurance factors to medical staffing must be on a larger scale. At the end of the day, nursing homes are really just smaller versions of hospitals, while assisted living can take any of several different approaches, all of which are generally considered to be closer to a home environment than the classic nursing home model.
So what exactly is the cost of senior living? The answer, of course, is that it depends on a broad range of factors, such as the amount of care needed or the patient’s location.
Depending on whether the patient will need intermittent care in his own home or a full-time staff at an assisted living building, the difference in cost can range from a few hundred dollars per month for in-home care, to several thousand dollars for an upscale apartment in a room and board facility.
As for location, the same cost of living factors that affect those without assisted living needs will have an impact on those who do. AARP estimates suggest that depending upon which state the patient will reside within, the cost can vary by more than 150%. For example, 2007 estimates point to an annual cost of assisted living in North Dakota at just over $23,000.00 per year. Washington DC, on the other hand, would have actually cost just over $60,000.00 in the same year!
The cost of assisted living will always be dependent on a variety of elements. Deciding to put a loved one in unfamiliar hands is uncomfortable enough, not to mention the burden of the financials on top of it. But with a small investment in time to research your options, you may find that the financial sting of the experience can be minimized without compromising on the quality of care.