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Long-term senior care is designed for older adults who need assistance when living independently becomes difficult. These communities provide various personal and medical services to seniors.
When an older adult needs long-term care, there are a lot of factors for families to consider.
In addition to finding a senior living community that meets their needs and preferences, families must plan for the cost of paying for long-term care.
However, understanding the costs and paying for long-term care can be overwhelming.
This blog will explain the costs associated with long-term senior care, provide insights into what families can expect to pay, and tips on financial planning for quality long-term care.
Types of Long-term Senior Care and Their Costs
There are several types of long-term senior care communities, varying in terms of services, amenities, and associated costs.
The main factors affecting the cost of long-term senior care are location, amenities, and level of services required. Entry fees, deposits, medical supplies, equipment, and prescription costs can also affect your costs.
Assisted Living
Assisted living communities are perfect for seniors who value their independence and don’t require extensive medical care but need personalized assistance with activities of daily living (ADLs) such as bathing, dressing, eating, medication management, and mobility.
These communities provide various services and amenities, including companion services, housekeeping, personal laundry, pools, fitness centers, planned activities, and events.
Average Cost of Assisted Living
The average cost of assisted living communities can vary. According to Genworth’s Cost of Care Survey, the monthly median cost of assisted living in the United States is $5,350.
Factors Influencing Cost
Assisted living costs will vary depending on your location, size of living space, amenities, and the level of personal care needed.
Independent Living
Independent living communities are ideal for socially active seniors who don’t need help with personal care. These communities provide a vibrant, fun, and supportive environment with resort-like amenities, services, and planned activities.
Residents enjoy chef-prepared meals, fitness and wellness classes, pools, private apartments, social hours, lectures, beauty salons, and more.
Average Cost of Independent Living
The average monthly cost for an independent living community in the United States is $3,100.
Factors Influencing Cost
Location, community amenities, cost structure, and types of services will affect your costs.
Memory Care
Memory care is long-term care designed to meet the unique needs of people with Alzheimer’s disease or other types of dementia.
Memory care communities like Allegro’s Ensemble Memory Care offer a secure, structured environment with programs tailored to each memory care resident's needs. Residents can access housekeeping and personal laundry services, chef-prepared meals, and specially designed rooms with natural light and warm, neutral tones to accommodate people with cognitive challenges.
Average Cost of Memory Care
Because of the specialized care and specialized staff training, memory care is one of the most expensive long-term senior care options. Memory can cost between $5,000 and $10,000 per month.
Factors Influencing Cost
Location, level of cognitive decline, personal care needed, required medical care, and community amenities.
Tips for Planning for Long-term Senior Care Costs
With the rising cost of long-term care and statistics showing a 70% chance of seniors aged 65 and older needing long-term care, it’s critical to start planning early.
Here are tips for planning for long-term senior care costs:
- Consult with a financial advisor
- Evaluate insurance options, including long-term care, Medicare, Medicaid, and life insurance policies
- If you’re a veteran or spouse, you may be eligible for assistance through the VA and Attendance benefit (See also: What You Need to Know About Veterans Aid and Attendance Benefits)
- Downsize or sell your home and utilize your home equity to cover the cost of long-term care
As you age, your chances of needing long-term care are significant. Long-term senior care communities enable seniors to live independently and get the help they need when they need it in a supportive, socially active environment with their peers.
Although the cost of long-term care can be significant, understanding your options and preparing for the costs in advance can ease the financial burden of long-term care if or when it’s needed.
Whether you choose assisted living, independent living, or memory care, pre-planning will ensure families and their loved ones receive the care they need and deserve without risking their financial future.
If you have questions about the cost of any of Allegro’s senior living communities, contact us to speak with an advisor and download your free copy of our Funding Guide.
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