When you begin the search for assisted living for your loved ones, it's important to be aware of the 3 Major Parts of the Price.
1. One-Time, Community Fee.
This fee can be anywhere from $1,000 - $3,000, and is sometimes equivalent to the first month’s rent. This is sort of like a down payment.
2. Monthly Base Rent.
Just like a traditional apartment community, the cost to live in an apartment is dependent on the apartment’s size: The smaller the living space, the less it costs – and vice versa, the same goes for Assisted Living. For families in need of more economical living accommodations, many communities offer a companion option, which allows two people to share an apartment, with an average of $5,000 in savings per year.
3. Monthly Fee for the Resident’s Care Services.
Families are often charged a lump sum for each individual service their loved one needs. This approach ensures that you are only paying for care services – that are both needed and received.
Another common approach is the “Level of Care” approach, which is usually the option most families pick. If a resident’s care falls on the lower end of the “Level of Care” spectrum, they will likely not see an increase in fees. However, care assessments generally occur every 90 days, so their care level is likely to change a few times a year.
Lastly is the “All-Inclusive” approach. It consists of just one set of monthly fees, which incorporates apartment size, and tends to be higher overall. This is attractive for families that would like a predictable monthly rate.
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November 1, 2016
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