How Do Seniors Afford Assisted Living?
As you look well into the future, you might wonder how much assisted living homes cost, and how do seniors afford assisted living? According to Genworth’s 2020 cost of care survey, the average cost of an assisted living community is $4,300. Planning for the future means finding the right community that fits into your budget.
Where does the money come from?
Seniors get the funds to afford an assisted living community from many sources. Knowing how much you can afford is a key step in choosing the right senior living home. Many seniors use income from:
- Retirement plans including 401(k) plans
- Pension plans
- Long Term Care (LTC) insurance
- Social Security benefits
- Current home equity
- Department of Veteran Affair benefits
Many seniors are surprised to learn that Medicare does not cover the actual cost of assisted living. Medicare and private healthcare insurance may contribute to the cost of the healthcare you receive while in an assisted living home. Personal care expenses or the cost of the home will not be covered by these plans.
Elder law attorneys and financial planners are excellent sources for retirement planning.
Finding a home that fits your budget
As you search for your new senior living home, understanding the costs is important. When you tour new communities, asking the right questions is key. You will want to ensure that you can afford your assisted living community today and for years to come. Some questions to ask are:
- What are the move-in or admissions fees?
- Is there an extra cost for medicine management?
- Will my cost go up every year?
- Are there additional service fees?
- Will my cost go up as my care needs increase?
Kenwood Care offers fixed monthly rates
Kenwood Care manages four Howard County assisted living homes in Fulton, Dayton, and Laurel. Each location is in a beautiful residential setting and features:
- 24-hour care with 2.5:1 resident-to-caregiver ratio
- Best-in-state medical partners and Alzheimer Specialists
- Affordable fixed rates
Kenwood understands that our seniors are on a fixed income. We want to provide the peace of mind to our residents that they can afford the care that they require.
At Kenwood, all facets of care are included. We do not have any admission or move-in fees. No matter the level of care needed, the rate does not change. You will be charged the same fixed rate for the entirety of time you live in our assisted living community. The only things we do not include are the cost of medications, personal care items (such as toothpaste), incontinence supplies and supplementary dietary needs (Ensure).
So when you ask, how do seniors afford assisted living? They afford it by selecting Kenwood Care as their new home. Come visit us today.