Cost Of Assisted Living  

In the US, the cost of assisted living differs from one facility to another. In fact, the cost may differ even in the same city. This is because the cost depends on the type of service a person requires. While the cost of assisted living has increased, according to Genworth Financial, it is probably because the types of services offered by facilities have also increased. At the moment, it is claimed that the cost is a little above the average inflation rate, and it about 4.5 percent.

The cost of assisted living is dependent on many factors, such as which state the facility is located, the size of the facility, the location of the accommodation in the community, and the type of care the person requires. As per a study done in 2010 by MetLife Mature Market Study, the average cost across the country is around $3,131. In the year 2011, a single bedroom apartment for a single person could cost on an average anywhere from $2,400 per month in the state of Georgia to a whopping $5,500 per month in the state of Alaska.

The size as well as the location of the apartment has an effect on the cost of assisted living. Apartments can be studio apartments, studio alcove apartments, one bedroom apartments or two bedroom apartment. The base price of the care is dependent on the size as well as location of the apartment. No doubt a bigger apartment with a better view will cost more than a smaller apartment with average view.

Furthermore, the cost also depends on the kind of care the elderly person requires. This further adds to the base price of assisted living. If a person requires help in daily living activities, then the cost will go up. Usually, facilities use a point system or the amount of care the person requires in order to calculate the cost. When the former is used to calculate the cost, the frequency and type of care are taken into consideration. For instance, if a person requires medication once a day, the cost could be an extra $150 each month, while medication 3 times a day could an extra $300 every month.

Besides all these costs, there are other costs that add up when an elderly person chooses assisted living. For instance, there will a deposit fee for the apartment. This fee has to be paid in advance. Once the elderly person moves into his or her apartment, this fee may be used as a community fee. Then there will non refundable fees, which can be anywhere from $1,000 to $5,000. This amount is used for administrative purposes and getting the apartment ready for the senior person. Other additional costs could include cost associated with transportation, activities outside the community, meals for guests or using the guest apartment when guests stay over.

Hence, when it comes to cost of assisted living, it is very difficult to determine a fixed price. It all depends on where the person is living, the type of service the facility offers and the kind of service the elderly person requires. All this will determine the cost of the facility and hence, it can vary from one facility to the next.

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Elderly Assisted Living Financial Advice      Typically, it has been seen that most average people in the US end up paying for assisted living with their own money along with some help from the Social Security, pension schemes and savings. At times, people also use reverse mortgage to raise money to pay for assisted living. However, if such seniors had gotten proper financial advice, this would not have been necessary. More..




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