Senior living is a natural progression as people age. Sometimes, older adults, children with aging parents, or caregivers can no longer adequately care for an elderly loved one. You might not have enough time, resources, or skills to provide the best quality of life for your older family member or friend.
In this case, looking into senior living can be the best way to guarantee a fulfilling way of life, complete with extracurricular activities, social interactions, professional nurses, and immediate healthcare,
However, many older adults and children with aging parents face the question of whether they can afford the cost of assisted or senior living. We are here to tell you that you don’t have to break the bank to pay for what really matters and give back to your parents.
What is the average monthly cost of senior living?
The average monthly cost of senior living in the United States is $4,500, or just below $55k annually. The overall cost of senior or assisted living depends on numerous factors, such as the type of community, size of the community, residential state, level of care provided, extracurricular activities, amenities, and much more.
The basic fee for only a room and board for a senior living community is the minimum amount you can pay for residence, whereas adding extras, such as personal care services, will increase the price. Unfortunately, healthcare programs like Medicare and Medicaid can sometimes cover healthcare in an assisted living community but do not cover the basic room and board package.
Factors Affecting the Cost of Senior Living
There are numerous factors affecting the cost of senior living in the United States. Every situation is different and will have unique costs involved.
State
One of the most influential factors that can change the price of senior living is the current state in which you or your loved one live.
For example, the price of assisted living in Florida comes to around $4,750 per month, whereas the cost of senior living in Alaska is more than $7k per month. This could be due to the lack of facilities and healthcare programs, driving up the demand and making it only accessible to those with extensive savings.
Along with the state, the geographical location within the state can influence the price. Care facilities that are easy to get to from major cities could be cheaper due to accessibility. However, communities that are harder to reach, contain more land, or have more picturesque surroundings could be much higher.
For example, an assisted living in Portland, OR, costs $6,370 per month, whereas one in Eugene costs nearly $1,000 less. Portland’s location is much more desirable than Eugene’s, with easy access to highways, tons of nearby attractions, a burgeoning city on the doorstep, and ample nature.
Level of Care
The next factor influencing the overall cost of assisted living is the level of care required. There is a basic monthly fee for room and board. Still, many older individuals need additional care, such as assistance from staff or nurses to help with administration, daily tasks, walking, and taking medication.
Most assisted living communities evaluate potential patients according to some eligibility criteria:
- Medical conditions
- Medications
- Assisted Daily Living — If the patient needs help with everyday tasks like bathing, basic hygiene, eating, walking, and going to the bathroom.
- Physical Activity
- Cognitive Function
- Diets
- Risk Factors
After evaluating the current state of the potential patient, the senior living center will determine how much the additional costs will be per month. It is not uncommon for the base rate to nearly double or triple, based on factors like medication management, help going to the bathroom, special diets, and cognitive decline.
Hidden Fees
In addition to the extras not included in the room and board package, there are also ‘hidden’ fees that many care centers do not disclose upfront. These include unforeseen circumstances, such as patients experiencing anxiety, distrust of the staff, or reckless behaviors.
In this case, the senior living staff could increase the monthly payment or have the patient leave the facility.
Community
Many senior living centers require patients to pay a ‘community’ fee as one initial, upfront payment. The non-refundable payment can vary depending on the living conditions and ‘exclusivity’ of the center, typically ranging between $1,000 and $6,000, depending on the residential estate and accommodations.
Rent
Facilities sometimes increase yearly rent based on the number of residents, the desirability, and any improvements, such as more extracurricular activities, classes, recreational opportunities, or bedrooms.
Most senior living centers inflate their rent between 4 and 10%, so checking with the staff before you sign a contract is key to avoiding rent increases.
Memory Care
Many elderly patients could suffer from memory loss, remembering, or difficulty concentrating. Memory care is crucial in helping older patients fight off cognitive decline, interact with their loved ones, and make new friends in a community.
If your loved one needs to transition from a senior living center to a memory care center, this can increase between $1,500 and $2,000 per month.
Amenities
Lastly, amenities are one of the main factors that influence the price of assisted living in any state. This is similar to that of an apartment building or townhouse complex—locations with extras, like swimming pools, fitness centers, restaurants, cafes, and common areas, tend to have a much higher price than locations with just the basic amenities.
A facility that offers excellent quality of care, fun things for seniors to do in their free time, and extras catered towards older individuals (ex, comfortable beds, massage studios, etc.) can have a higher price.
Explore Our Living Options with Elder Care Alliance
We know that making the decision to transition your loved one to an assisted care community can be stressful. But we are here to make it as seamless as possible.
Elder Care Alliance offers assisted living, skilled nursing, age-focused apartments, memory care facilities, and life enrichment programs to suit your unique needs. Whether you want your mom to enjoy independent living with a similar-aged social circle, or you need assisted living for your aging dad, we have exactly what you are looking for.
When it comes to answering ‘how much does senior living cost’, giving back to your loved ones can be worth the extra money.
