How much does assisted living cost you? Rates differ significantly between states, communities, and regions. Here are some general guidelines for comparing assisted living costs. Rates vary from $3750 to $3548 per month. The national average for assisted living is slightly higher in Columbia, Missouri and Jefferson City, Missouri. The cost of assisted living in St. Louis and Columbia, Missouri, is less than $3000 a month, but still under the national average.
Rates may vary from one state or another
Although assisted living costs may vary from one state or another, they are usually affordable for seniors. Additional fees can include move-in deposit, cleaning fees, or pet fees. In addition, the cost of living tends to increase by between 3 and 6 percent annually. The majority of people pay for assisted housing with personal funds. Medicaid and longterm care insurance options are available. Reverse mortgages can also be used to help pay for assisted-living.
Region
Cost of assisted living can vary widely depending on where you live and what your community is like. Rent in certain areas can be considerably higher than in others. Additionally, the level of care may also affect the price. Apart from the apartment type and age of the community, state regulations can affect the rent price. Two-bedroom luxury apartments with two bedrooms can run upwards of $6,000 per monthly, while smaller studio apartments can be as low as $3,000 per months.
Community
As an aging adult, locating a community with assisted living services in your area can be difficult. Depending on the level of care your loved one requires, community assisted living costs will differ. Before quoting a rate for your loved one, they will usually evaluate their needs and budget. The community representative may ask you questions or meet with your loved one to determine the level and type of care they need. Understanding the cost structure in assisted living communities can help to reduce the uncertainty surrounding costs.
Care required
The cost associated with an assisted living facility depends on how much care they require. The costs associated with assisted living facilities will depend on the level of care required. A person who needs more assistance might only require help managing their medications or aid in walking. In this case, a nursing aide may be sufficient. Residents who need higher levels in care will require more help and one-on-one attention. This group may also require additional help in the areas of toileting and grooming as well as personal hygiene.
Asset limit
The asset limit for assisted living depends on the state in which the resident lives. Individuals must have a minimum of $16,800 in assets. The Medicaid program places an asset limit on couples. This means that if one spouse owns $6,500 and the other has $16,800, the combined amount cannot exceed $15,000. If the person has multiple assets, the limit may be higher. A person can have assets greater than the asset limit but still qualify for Medicaid.
Tiered or a la carte pricing
For different services, assisted living communities might charge differently. Some will charge a basic fee, while others will add on a la carte services, like physical therapy and medication management. This can be confusing as it can be difficult to budget for assisted living. However, some facilities offer all-inclusive pricing models that make monthly expenses more manageable. All basic services like transportation and housekeeping are included in the cost. Some charge an additional fee for personal care, depending on how many hours they are used.