Assisted living is an arrangement designed to ensure you or your loved one gets all the necessary help required for a healthy and quality life. However, it is difficult to truly find out how much it costs to finance assisted living.
With so many factors to consider and a lot of hidden expenses that you may not account for, it becomes difficult to arrive at an exact figure. Read on as we try to break down the average cost of assisted living in Coconut Creek, FL.
Understanding the Cost of Assisted Living
A huge portion of assisted living centers requires a move-in fee before any new resident moves in. The move-in fee can either be pro-rated every month or be paid upfront. It can range anywhere between $1,000 and $5,000.
The pricing model for assisted living communities is often broken down into services and rent. The rent part of the cost covers the apartment or accommodation unit of the residents. The rent for each unit varies depending on its location and size.
On the flip side, the expense of the service goes toward covering different levels of personal care and assistance. It also goes on to cover senior-friendly activities, transportation, housekeeping as well as three meals for each day. In some cases, there can be additional costs on top of the base expenses.
Generally, what you pay for assisted living depends on your individual needs and the level of care required. For instance, if you require memory care services for an older adult with dementia or memory loss then you will have to pay more. You need to find out how that reflects on the base costs as well.
You can pay for assisted living using different options including a flat rate fee or a package. Some assisted living communities will provide you with the option of paying for bundled packages or bouquets which are centered on the needs of the elderly. Apart from that, other communities will charge you depending on the time taken to render different services. There is also the option of paying a flat fee that is tied to a monthly package which ensures that every resident pays the same amount of money irrespective of the services provided.
The Average Cost of Assisted Living
The average cost of assisted living depends on different factors such as the quality and quantity of services required, apartment size, and the community itself. The cost may also be affected by state or location. According to recent surveys, the median national cost of assisted living nationally falls at around $4,500 per month.
The average cost of assisted living turns out to be relatively affordable in comparison to other senior living alternatives. For instance, you will have to pay more than $9,034 monthly to afford a private room within a nursing home setup. Similarly, you will need to pay a daily fee of $154 daily to access the services of a home health aide.
Assisted Living is Worth the Cost
From the figures that we have worked out and the comparisons we have made, it is crystal clear that assisted living is an affordable option in the long run. Although there are other hidden costs that we may not have accounted for, the living arrangement has more in store for you or your loved one. It is always prudent to perform some due diligence before settling on the ideal living option. Take time to keenly compare the proposed cost versus the services offered and find out if it makes sense financially.