Cost of Assisted Living: What Seniors and Families Should Expect

What is the cost of assisted living? The price of getting into an assisted living community varies based on the amenities available. The cost will also depend on your care needs and location.

Aging is often associated with different care needs that require specialized care. Although at-home care is an option, the costs for meeting the needs of your loved one can quickly balloon beyond your budget, exposing you to severe financial risk.

The American Healthcare Association estimates that there are over 30,500 assisted living communities in the United States. Let's explore what you need to know about the cost of assisted living and anything else you can expect.

Factors Affecting the Cost of Assisted Living

Senior housing costs are different based on varying factors. In some cases, the expenses are lower for some states due to tax laws. For instance, the cost of assisted living is high in New York, California, Washington, and Massachusetts.

Some of the factors that influence how much you can expect from an assisted living in Morgan Hill, CA, include:

Care Needs

The level of care you need will directly affect the pricing model of a retirement community. The basic care package for senior living in Morgan Hill, CA, is ideal for independent seniors who don't require additional care services.

However, you can opt for a comprehensive package, which comes with a higher cost. Below are some services you'll find at assisted living in Morgan Hill:

Medication management
Continence care
Assistance with daily activities such as bathing

Financial planning for seniors is crucial, given their care needs are ever-changing. The National Library of Medicine found that over 6.7 million Americans were diagnosed with Alzheimer's in 2023.

Consequently, you have the freedom to adjust your package depending on your evolving needs. For instance, you can opt for the basic package when entering a retirement community but gradually adjust to a different package that includes memory care in Morgan Hill, CA.

Available Amenities

Senior living is more than just about addressing healthcare needs; it's about having access to the amenities that can enhance your quality of life. Senior housing costs can change depending on the amenities available in assisted living.

You can get access to resort-style amenities with a premium package. Other amenities you may find for a higher package include:

24/7 concierge services
Entertainment and social clubs
Fine dining with gourmet meal options
Fitness centers and swimming pools

You may opt to pay for additional services and amenities without necessarily getting on the premium package. This option ensures you get access to specific amenities based on your preferences.

Living Options

Retirement community pricing will also depend on the living option selected. Choosing to live independently may cost more than opting for a roommate. The floor plan of the living option will also factor in the cost.

Studio apartments are usually more affordable than a one-bedroom apartment. However, the one-bedroom apartment has more space, enhancing your ability to carry anything you want from home during your transition to assisted living.

Despite choosing the private living option, you can still get assistance. In fact, one of the objectives of the assisted living community in Morgan Hill is to provide you with the aid you need for autonomous living.

How to Pay for Assisted Living

Financial planning is a crucial determinant of elder care affordability. The right strategies and early preparation can ensure you meet all assisted living expenses without causing your family any monetary strain.

Some of the ways you can finance the transition to assisted living include:

Paying Out-of-Pocket

Paying out-of-pocket is an ideal option if you have a solid financial plan and have saved enough for assisted living. You may use funds from:

Retirement benefits
Long-term investments
Savings accounts
Financial aid from family or friends

This option lets you keep all your assets, including your home. Consequently, your loved ones can continue enjoying your family's assets after you've joined an assisted living community.

Selling Assets

The American Association of Retired Persons (AARP) found that the number of people aged 65 and older will increase to 12.9 million by 2040. Failure to plan for the cost of assisted living or memory care in Morgan Hill may force you to sell some assets to afford elder care.

The option to offload your assets is always tricky because it may mean selling your family home. Besides, you or your family may have to sell any personal belongings of value, such as cars and jewelry.

Insurance

Private health insurance typically doesn't cover the cost of assisted living. However, you can ask your insurer if you can take a long-term care insurance policy. Such a policy could help offset some of the expenses of assisted living.

Long-term care insurance policies are usually available for people who don't need assisted living. So, you need to obtain the policy early and learn about the costs it will cover and for how long.

Furthermore, check whether you qualify for any discounts and assistance programs. For instance, if you served in the military, you may be eligible for the veterans' discount programs when moving to an assisted living community.

When to Move to Senior Living in Morgan Hill

Knowing when to move to an assisted living community helps you prepare for the costs you'll incur. Remember, senior housing costs will likely rise consistently with inflation. Hence, getting a jump on saving for the eventual transition can save you from having to offload any assets or take any loans.

You'll likely have to move to an assisted living community due to:

Medical diagnosis
Cognitive impairment
Assistance with daily living activities
Inability to afford at-home care

Aging is an inevitable consequence of life. But planning for the future ensures you protect and enhance your quality of life as you age.

Begin Planning for the Cost of Assisted Living Today

The cost of assisted living is much lower than that of providing at-home care. Aging in place also means making home modifications constantly to keep up with your loved one's evolving needs.

Loma Clara's senior living community offers affordable living options coupled with personalized services to meet your needs. From assisted living and memory care to signature programs such as Elevate Dining, we provide everything you need to be adventurous and stay healthy.