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What is the cost of Assisted Living?
Determining whether you can afford assisted living will depend on various factors, such as the cost of living, the level of care you require, and your income and assets. It’s essential to conduct thorough research and consult with financial advisors or assisted living professionals to evaluate your financial situation and determine the best course of action.
- Research the cost of assisted living. You can talk with North Star Senior Advisors, to get an idea of the average cost of assisted living in your area.
- What we’ve found is the average cost for room and board for a studio starts at $3700 per month, excluding care (not to include memory care).
- We do partner with communities that are +/- that amount.
- Determine the level of care you require. Depending on your health and medical needs, you may need a higher level of care, which may increase the cost of assisted living.
- Evaluate your income and assets. Determine your monthly income and expenses, including any retirement accounts, investments, and savings you have. This will give you an idea of how much you can comfortably afford to spend on assisted living.
- Health insurance does NOT pay for assisted living monthly room and board or care costs.
- Consider your funding options. There may be financial assistance programs, such as Medicaid or Veterans Benefits, that can help cover the cost of assisted living.
- Medicaid is a separate benefit and not to be confused with traditional Medicaid. Contact our team to discuss this benefit.
- There are only a handful of facilities that accept Medicaid LTC benefits.
- The Medicaid LTC benefit for Assisted Living Facilities only pays a small portion of care. You must pay the difference for room and board etc., per month for the monthly rate.
Ultimately, the decision to move into assisted living should be based on your needs, preferences, and financial situation. While it may be challenging to afford assisted living, there are some resources and options available to help you make an informed decision. We’re here to help guide you through this journey. Our consultation is complimentary to you. Contact us for more details.
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Share this article on social media!
What is the cost of Assisted Living?
Determining whether you can afford assisted living will depend on various factors, such as the cost of living, the level of care you require, and your income and assets. It’s essential to conduct thorough research and consult with financial advisors or assisted living professionals to evaluate your financial situation and determine the best course of action.
- Research the cost of assisted living. You can talk with North Star Senior Advisors, to get an idea of the average cost of assisted living in your area.
- What we’ve found is the average cost for room and board for a studio starts at $3700 per month, excluding care (not to include memory care).
- We do partner with communities that are +/- that amount.
- Determine the level of care you require. Depending on your health and medical needs, you may need a higher level of care, which may increase the cost of assisted living.
- Evaluate your income and assets. Determine your monthly income and expenses, including any retirement accounts, investments, and savings you have. This will give you an idea of how much you can comfortably afford to spend on assisted living.
- Health insurance does NOT pay for assisted living monthly room and board or care costs.
- Consider your funding options. There may be financial assistance programs, such as Medicaid or Veterans Benefits, that can help cover the cost of assisted living.
- Medicaid is a separate benefit and not to be confused with traditional Medicaid. Contact our team to discuss this benefit.
- There are only a handful of facilities that accept Medicaid LTC benefits.
- The Medicaid LTC benefit for Assisted Living Facilities only pays a small portion of care. You must pay the difference for room and board etc., per month for the monthly rate.
Ultimately, the decision to move into assisted living should be based on your needs, preferences, and financial situation. While it may be challenging to afford assisted living, there are some resources and options available to help you make an informed decision. We’re here to help guide you through this journey. Our consultation is complimentary to you. Contact us for more details.
