Costs of Assisted Living
Paying for assisted living can be complicated, but there are many options that can help defray the costs. When you’re going over the costs of assisted living with your client, here are some facts and figures to keep in mind:
- The monthly cost of assisted living in the United States averaged $3,568 in 2011.
Source: NIC MAP Data & Analysis Service
- Medicare and most commercial health insurance companies do not provide coverage for assisted living, which is why an increasing number of people invest in long-term care insurance policies before assisted living becomes a necessity.
It’s important to ask assisted living communities about the billing process and the possibilities of additional fees or refunds. Understanding the cost structure, as well as any additional monthly costs the family may incur, is critical for financial planning.
Guide your clients to understand the costs per month based on current and anticipated needs to ensure that your client has a solid understanding of the long-term financial picture.