Planning and paying for an assisted living facility

In evaluating assisted living, the cost is often a major consideration, especially since the majority of the costs will most likely come out of your own pocket. Assisted living facilities are owned and operated by both for-profit and non-profit organizations.

Costs range from  $800 to $4,000 a month or more, depending on where you live.

This is a big investment, so taking time to develop a budget and prioritize your needs will really pay off in the long run.

Paying for an assisted living facility

You may be wondering if health insurance or government programs will cover any of the costs of assisted living. If you have purchased private long-term-care insurance, check the provisions of your plan to find out how much assisted living is covered.

Evaluating the costs of an assisted living facility

• Don’t assume that expensive always means better. Focus on what the facility has to offer specific to your wants and needs, and the quality and responsiveness of the staff.
• Make sure you understand how the facility bills. Is there a flat fee, or do additional services require additional costs? For example, say you start to need a higher level of care at the facility. How will that be managed? It is your right to have access to this information. If a facility balks or is vague, find another facility.
• Get a sense of rate increases. You don’t want to be unpleasantly surprised by sharp rate increases. While you can’t completely predict the future, try to get a sense of how rates have risen in the past.

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