Are You Prepared for the True Cost of Assisted Living?
Independent Living
Independent living is designed for those who can manage most aspects of daily life, but prefer the convenience of a supportive community. Residents often live in apartments, enjoy activities, and may have meals provided. The cost typically ranges from $3,000–$4,500 per month, depending on location and amenities.
Assisted Living Levels
Assisted living is structured into four levels of care:
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Level 1: Help with medication reminders and light oversight. Costs start around $5,000/month.
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Level 2: More frequent reminders, such as help with bathing schedules.
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Level 3: Hands-on support, such as staff-assisted bathing.
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Level 4: Extensive daily care, approaching nursing-level support.
Costs for assisted living generally range from $5,000–$8,000/month, with higher-end facilities charging more.
Memory Care
For individuals with Alzheimer’s or advanced dementia, memory care provides a secure environment with specialized support. Costs range from $8,000–$12,000/month, varying by region.
Nursing Home Care
Full nursing care is necessary for individuals who are bedbound or need total assistance with daily living. This level of care often costs $11,000–$12,000/month.
How to Pay for Care
While these costs can be daunting, most expenses are offset by reallocating existing resources:
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Social Security and pensions
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Investment income
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Proceeds from selling or downsizing a home
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Long-term care insurance (when appropriate)
Financial planning is crucial to determine whether self-funding or supplemental insurance is the best path. Rarely does someone need a full policy covering $12,000/month, but smaller policies can help.
The true cost of assisted living depends on the level of care needed and regional pricing. Generally, expect $5,000–$8,000 for assisted living and up to $12,000 for memory care or nursing homes. Careful planning ensures you or your loved ones are financially prepared for this important stage of life.
Casey Smith
President, Wiser Wealth Management
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