How much does assisted living cost? Rates can vary significantly between states, regions, and communities. Here are some guidelines that will help you to compare the costs of assisted living. The monthly rates range from $3750 up to $3848. The rates for assisted living in Columbia, Missouri, as well as Jefferson City, Missouri, are slightly higher that the national average. The cost of assisted living in St. Louis and Columbia, Missouri, is less than $3000 a month, but still under the national average.
Rates vary depending on where you live.
While assisted living costs can vary from one state to the next, they are generally affordable for most seniors. Additional fees may include move-in deposits and cleaning fees. The cost of living increases by 3 to 6 percent each year. 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
Costs for assisted living vary by location and community. Rent prices can be much higher in certain regions than in others. The level of care also plays a role in determining the cost. Prices can also vary depending on apartment type, age and regulations. Luxury two-bedroom apartments can cost upwards of $6,000 per month or more, and smaller studio apartments can cost as little as $3,000 per month.
Community
As an aging adult, locating a community with assisted living services in your area can be difficult. The costs of community assisted living will vary depending upon the level of care required by your loved one. Care providers will usually assess your loved one's needs and budget before quoting a rate. The community representative may ask you questions or meet with your loved one to determine the level and type of care they need. Assisted living pricing is often the next step, and understanding the cost structure of assisted living communities can reduce the uncertainty surrounding the costs.
Care level required
Costs associated with assisted living facilities will depend on the level of care required. For those who require less assistance, such as walking or managing medication and other medical issues, it may be possible to get help with these tasks. A nursing aide could be sufficient in these cases. Residents who require higher levels of care will need more attention and assistance. These residents may need additional assistance in toileting, grooming, personal hygiene, and other areas.
Asset limit
The state where the resident lives determines the asset limit for assisted-living. The Medicaid program of the state places an asset cap on individuals. So if one spouse is worth $16,800 and the second has $6,500 the combined total cannot exceed $15,000. If the person is wealthy, the asset limit may be higher. In certain cases, an individual can still have assets over the asset limit to 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 make it difficult to budget for assisted-living. Some facilities have an all-inclusive pricing structure that allows you to budget your monthly expenses. The fee includes basic services such as housekeeping and transportation. Some services may also be charged separately based upon the hours worked.