{"id":13838,"date":"2018-09-24T07:00:57","date_gmt":"2018-09-24T12:00:57","guid":{"rendered":"https:\/\/www.senioradvisor.com\/blog\/?p=13838"},"modified":"2018-09-21T15:27:39","modified_gmt":"2018-09-21T20:27:39","slug":"financing-assisted-living-for-yourself-or-a-loved-one","status":"publish","type":"post","link":"https:\/\/d30braiqprupoq.cloudfront.net\/blog\/2018\/09\/financing-assisted-living-for-yourself-or-a-loved-one\/","title":{"rendered":"Financing Assisted Living for Yourself or a Loved One"},"content":{"rendered":"

Financing Assisted Living for Yourself or a Loved One<\/h1>\n

Assisted living care can cost upwards of $5,000 a month and many Americans have found that they or their senior loved ones are running out of money to cover their\u00a0care.\"Financing<\/p>\n

Here are some expert tips to help your\u00a0finances go further during these difficult times.<\/p>\n

Assisted Living Costs<\/h2>\n

Retirement costs<\/a>\u00a0are often much higher than people anticipate and can drastically affect the quality of you or your loved one\u2019s retirement years. Searching for assisted living can be both emotionally and mentally draining, not to mention time-sensitive, which is why families often end up spending more than they need to on care.<\/p>\n

With the\u00a0rising costs of assisted living care<\/a>\u00a0and\u00a0the\u00a0average monthly assisted living rent,\u00a0finding quality care that also fits within your family budget can make a situation go from difficult to overwhelming.<\/p>\n

In fact, many families are caught in the gap between being able to pay for senior care out of pocket, compared to having low enough income and assets to qualify for\u00a0Medicaid<\/a>, which makes finding affordable assisted living a very frustrating dilemma. Don\u2019t lose heart, though, as there are ways to help make financing assisted living easier.<\/p>\n

Since assisted living costs differ by state, it\u2019s important to\u00a0do your research<\/a>\u00a0and creatively cut costs depending on your geographic location and individual situation. The chart below can help you decipher average costs by state.<\/p>\n

Average Assisted Living Costs by State<\/h2>\n

According to\u00a0Genworth Financial\u2019s Cost of Care Survey<\/a>, the average monthly assisted living cost in the U.S. was $3,750 and the average monthly assisted living cost by state can be found below:<\/p>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
\n

State<\/strong><\/p>\n<\/td>\n

\n

Minimum<\/strong><\/p>\n<\/td>\n

\n

Median<\/strong><\/p>\n<\/td>\n

\n

Maximum<\/strong><\/p>\n<\/td>\n<\/tr>\n

\n

Alabama<\/p>\n<\/td>\n

\n

$930<\/p>\n<\/td>\n

\n

$3,075<\/p>\n<\/td>\n

\n

$6,524<\/p>\n<\/td>\n<\/tr>\n

\n

Alaska<\/p>\n<\/td>\n

\n

$800<\/p>\n<\/td>\n

\n

$5,703<\/p>\n<\/td>\n

\n

$8,250<\/p>\n<\/td>\n<\/tr>\n

\n

Arizona<\/p>\n<\/td>\n

\n

$1,400<\/p>\n<\/td>\n

\n

$3,418<\/p>\n<\/td>\n

\n

$7,072<\/p>\n<\/td>\n<\/tr>\n

\n

Arkansas<\/p>\n<\/td>\n

\n

$1,100<\/p>\n<\/td>\n

\n

$3,063<\/p>\n<\/td>\n

\n

$5,900<\/p>\n<\/td>\n<\/tr>\n

\n

California<\/p>\n<\/td>\n

\n

$698<\/p>\n<\/td>\n

\n

$3,750<\/p>\n<\/td>\n

\n

$10,650<\/p>\n<\/td>\n<\/tr>\n

\n

Colorado<\/p>\n<\/td>\n

\n

$2,050<\/p>\n<\/td>\n

\n

$3,750<\/p>\n<\/td>\n

\n

$8,850<\/p>\n<\/td>\n<\/tr>\n

\n

Connecticut<\/p>\n<\/td>\n

\n

$2,551<\/p>\n<\/td>\n

\n

$5,575<\/p>\n<\/td>\n

\n

$10,800<\/p>\n<\/td>\n<\/tr>\n

\n

Delaware<\/p>\n<\/td>\n

\n

$5,061<\/p>\n<\/td>\n

\n

$5,745<\/p>\n<\/td>\n

\n

$8,175<\/p>\n<\/td>\n<\/tr>\n

\n

District of Columbia<\/p>\n<\/td>\n

\n

$4,950<\/p>\n<\/td>\n

\n

$7,838<\/p>\n<\/td>\n

\n

$8,600<\/p>\n<\/td>\n<\/tr>\n

\n

Florida<\/p>\n<\/td>\n

\n

$1,000<\/p>\n<\/td>\n

\n

$3,150<\/p>\n<\/td>\n

\n

$8,280<\/p>\n<\/td>\n<\/tr>\n

\n

Georgia<\/p>\n<\/td>\n

\n

$619<\/p>\n<\/td>\n

\n

$2,880<\/p>\n<\/td>\n

\n

$6,840<\/p>\n<\/td>\n<\/tr>\n

\n

Hawaii<\/p>\n<\/td>\n

\n

$1,384<\/p>\n<\/td>\n

\n

$4,000<\/p>\n<\/td>\n

\n

$8,892<\/p>\n<\/td>\n<\/tr>\n

\n

Idaho<\/p>\n<\/td>\n

\n

$1,800<\/p>\n<\/td>\n

\n

$3,240<\/p>\n<\/td>\n

\n

$5,450<\/p>\n<\/td>\n<\/tr>\n

\n

Illinois<\/p>\n<\/td>\n

\n

$1,278<\/p>\n<\/td>\n

\n

$4,050<\/p>\n<\/td>\n

\n

$9,840<\/p>\n<\/td>\n<\/tr>\n

\n

Indiana<\/p>\n<\/td>\n

\n

$1,600<\/p>\n<\/td>\n

\n

$3,693<\/p>\n<\/td>\n

\n

$7,860<\/p>\n<\/td>\n<\/tr>\n

\n

Iowa<\/p>\n<\/td>\n

\n

$1,534<\/p>\n<\/td>\n

\n

$3,500<\/p>\n<\/td>\n

\n

$9,425<\/p>\n<\/td>\n<\/tr>\n

\n

Kansas<\/p>\n<\/td>\n

\n

$2,300<\/p>\n<\/td>\n

\n

$4,188<\/p>\n<\/td>\n

\n

$7,500<\/p>\n<\/td>\n<\/tr>\n

\n

Kentucky<\/p>\n<\/td>\n

\n

$1,181<\/p>\n<\/td>\n

\n

$3,350<\/p>\n<\/td>\n

\n

$10,125<\/p>\n<\/td>\n<\/tr>\n

\n

Louisiana<\/p>\n<\/td>\n

\n

$600<\/p>\n<\/td>\n

\n

$3010<\/p>\n<\/td>\n

\n

$4,722<\/p>\n<\/td>\n<\/tr>\n

\n

Maine<\/p>\n<\/td>\n

\n

$1,935<\/p>\n<\/td>\n

\n

$4,800<\/p>\n<\/td>\n

\n

$8,880<\/p>\n<\/td>\n<\/tr>\n

\n

Maryland<\/p>\n<\/td>\n

\n

$1,750<\/p>\n<\/td>\n

\n

$3,900<\/p>\n<\/td>\n

\n

$8,950<\/p>\n<\/td>\n<\/tr>\n

\n

Massachusetts<\/p>\n<\/td>\n

\n

$1,988<\/p>\n<\/td>\n

\n

$5,300<\/p>\n<\/td>\n

\n

$9,495<\/p>\n<\/td>\n<\/tr>\n

\n

Michigan<\/p>\n<\/td>\n

\n

$800<\/p>\n<\/td>\n

\n

$3,250<\/p>\n<\/td>\n

\n

$8,465<\/p>\n<\/td>\n<\/tr>\n

\n

Minnesota<\/p>\n<\/td>\n

\n

$876<\/p>\n<\/td>\n

\n

$3,468<\/p>\n<\/td>\n

\n

$10,500<\/p>\n<\/td>\n<\/tr>\n

\n

Mississippi<\/p>\n<\/td>\n

\n

$1,525<\/p>\n<\/td>\n

\n

$3,150<\/p>\n<\/td>\n

\n

$6,600<\/p>\n<\/td>\n<\/tr>\n

\n

Missouri<\/p>\n<\/td>\n

\n

$700<\/p>\n<\/td>\n

\n

$2,525<\/p>\n<\/td>\n

\n

$6,400<\/p>\n<\/td>\n<\/tr>\n

\n

Montana<\/p>\n<\/td>\n

\n

$1,000<\/p>\n<\/td>\n

\n

$3,560<\/p>\n<\/td>\n

\n

$6,000<\/p>\n<\/td>\n<\/tr>\n

\n

Nebraska<\/p>\n<\/td>\n

\n

$1,985<\/p>\n<\/td>\n

\n

$3,628<\/p>\n<\/td>\n

\n

$6,225<\/p>\n<\/td>\n<\/tr>\n

\n

Nevada<\/p>\n<\/td>\n

\n

$1,500<\/p>\n<\/td>\n

\n

$3,238<\/p>\n<\/td>\n

\n

$5,889<\/p>\n<\/td>\n<\/tr>\n

\n

New Hampshire<\/p>\n<\/td>\n

\n

$2,750<\/p>\n<\/td>\n

\n

$5,103<\/p>\n<\/td>\n

\n

$8,975<\/p>\n<\/td>\n<\/tr>\n

\n

New Jersey<\/p>\n<\/td>\n

\n

$3,280<\/p>\n<\/td>\n

\n

$5,725<\/p>\n<\/td>\n

\n

$11,250<\/p>\n<\/td>\n<\/tr>\n

\n

New Mexico<\/p>\n<\/td>\n

\n

$2,000<\/p>\n<\/td>\n

\n

$3,500<\/p>\n<\/td>\n

\n

$6,000<\/p>\n<\/td>\n<\/tr>\n

\n

New York<\/p>\n<\/td>\n

\n

$1,100<\/p>\n<\/td>\n

\n

$4,100<\/p>\n<\/td>\n

\n

$11,100<\/p>\n<\/td>\n<\/tr>\n

\n

North Carolina<\/p>\n<\/td>\n

\n

$1,000<\/p>\n<\/td>\n

\n

$3,000<\/p>\n<\/td>\n

\n

$7,143<\/p>\n<\/td>\n<\/tr>\n

\n

North Dakota<\/p>\n<\/td>\n

\n

$959<\/p>\n<\/td>\n

\n

$3,239<\/p>\n<\/td>\n

\n

$5,250<\/p>\n<\/td>\n<\/tr>\n

\n

Ohio<\/p>\n<\/td>\n

\n

$877<\/p>\n<\/td>\n

\n

$3,890<\/p>\n<\/td>\n

\n

$8,940<\/p>\n<\/td>\n<\/tr>\n

\n

Oklahoma<\/p>\n<\/td>\n

\n

$950<\/p>\n<\/td>\n

\n

$3,345<\/p>\n<\/td>\n

\n

$6,340<\/p>\n<\/td>\n<\/tr>\n

\n

Oregon<\/p>\n<\/td>\n

\n

$2,000<\/p>\n<\/td>\n

\n

$3,880<\/p>\n<\/td>\n

\n

$6,955<\/p>\n<\/td>\n<\/tr>\n

\n

Pennsylvania<\/p>\n<\/td>\n

\n

$900<\/p>\n<\/td>\n

\n

$3,555<\/p>\n<\/td>\n

\n

$6,955<\/p>\n<\/td>\n<\/tr>\n

\n

Rhode Island<\/p>\n<\/td>\n

\n

$3,370<\/p>\n<\/td>\n

\n

$5,325<\/p>\n<\/td>\n

\n

$8,500<\/p>\n<\/td>\n<\/tr>\n

\n

South Carolina<\/p>\n<\/td>\n

\n

$1,341<\/p>\n<\/td>\n

\n

$3,125<\/p>\n<\/td>\n

\n

$5,700<\/p>\n<\/td>\n<\/tr>\n

\n

South Dakota<\/p>\n<\/td>\n

\n

$1,900<\/p>\n<\/td>\n

\n

$3,023<\/p>\n<\/td>\n

\n

$5,250<\/p>\n<\/td>\n<\/tr>\n

\n

Tennessee<\/p>\n<\/td>\n

\n

$600<\/p>\n<\/td>\n

\n

$3,395<\/p>\n<\/td>\n

\n

$7,128<\/p>\n<\/td>\n<\/tr>\n

\n

Texas<\/p>\n<\/td>\n

\n

$900<\/p>\n<\/td>\n

\n

$3,545<\/p>\n<\/td>\n

\n

$9,000<\/p>\n<\/td>\n<\/tr>\n

\n

Utah<\/p>\n<\/td>\n

\n

$2,000<\/p>\n<\/td>\n

\n

$3,000<\/p>\n<\/td>\n

\n

$6,750<\/p>\n<\/td>\n<\/tr>\n

\n

Vermont<\/p>\n<\/td>\n

\n

$1,266<\/p>\n<\/td>\n

\n

$4,020<\/p>\n<\/td>\n

\n

$6,050<\/p>\n<\/td>\n<\/tr>\n

\n

Virginia<\/p>\n<\/td>\n

\n

$1,200<\/p>\n<\/td>\n

\n

$3,933<\/p>\n<\/td>\n

\n

$10,350<\/p>\n<\/td>\n<\/tr>\n

\n

Washington<\/p>\n<\/td>\n

\n

$1,845<\/p>\n<\/td>\n

\n

$4,625<\/p>\n<\/td>\n

\n

$9,750<\/p>\n<\/td>\n<\/tr>\n

\n

West Virginia<\/p>\n<\/td>\n

\n

$1,600<\/p>\n<\/td>\n

\n

$3,500<\/p>\n<\/td>\n

\n

$8,452<\/p>\n<\/td>\n<\/tr>\n

\n

Wisconsin<\/p>\n<\/td>\n

\n

$740<\/p>\n<\/td>\n

\n

$3,980<\/p>\n<\/td>\n

\n

$10,000<\/p>\n<\/td>\n<\/tr>\n

\n

Wyoming<\/p>\n<\/td>\n

\n

$2,250<\/p>\n<\/td>\n

\n

$3,900<\/p>\n<\/td>\n

\n

$4,695<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/div>\n

Tips for Financing Assisted Living<\/h2>\n

Even though assisted living can be expensive, it\u2019s important to\u00a0know that there are plenty of strategies that can help you fit quality senior care into your budget.<\/p>\n

Here are a few\u00a0tips for financing assisted living and cutting spending:<\/p>\n

1. Compare Locations<\/h3>\n

If you have family members in different areas and states, it might be worth it to find out if they live in an area where the cost of senior care is less expensive. For example, assisted living in Alaska and New Jersey average a monthly cost of $6,000, yet Alabama and Missouri average $2,500 a month. As with other types of housing, the\u00a0cost of assisted living<\/a>\u00a0varies by location.<\/p>\n

2. Consider Paying for Services Separately<\/h3>\n

Depending on your loved one\u2019s needs and whether your assisted living community offers a la carte pricing in addition to all-inclusive pricing, you may want to consider doing some services yourself.\u00a0Family members or volunteer services may be able to fill in the gaps in a more cost-effective way. Keep in mind, though, that for some families an all-inclusive option might be more affordable, especially in some geographic areas where the cost of living is higher.<\/p>\n

3. Discuss Move-In Incentives and Negotiate Price<\/h3>\n

It doesn\u2019t hurt to ask whether there are any move-in specials or ways to negotiate price. Not all assisted living residents require the same level of care. Those who need help with fewer aspects of daily life will often pay less than those who need extensive services; so you might be able to bring the monthly cost down, simply by asking.<\/p>\n

4. Look at Estate Planning Options and Long-Term Care Insurance<\/h3>\n

Some Americans find that\u00a0estate planning<\/a>\u00a0can help fund assisted living costs and others qualify for long-term care insurance for senior care.\u00a0Long-term care insurance<\/a>\u00a0can\u00a0address a gap in coverage<\/a>\u00a0not covered by out of pocket expenses, like\u00a0Medicare<\/a>\u00a0or Medicaid.<\/p>\n

5. Plan Ahead<\/h3>\n

If you and your loved ones discuss retirement and senior care early, everyone is more prepared to act during pressure. Researching senior care communities ahead of time to find the ideal place and get on the waiting list also helps. A Place for Mom \u2018s financial expert,\u00a0Andy Smith<\/a>, Senior VP of Financial Planning at Financial Engines and host of the\u00a0call-in\u00a0radio program,\u00a0Investing Sense<\/a>,\u00a0provides financial planning to families on a daily basis and was kind enough to offer his guidance:<\/p>\n

\u201cIt\u2019s important to have the \u2018tough conversation\u2019 about finances and senior care sooner rather than later. On the radio program, we talk about wanting people to do this while everyone\u2019s healthy and sharp. The longer you wait, the more difficult and expensive these talks may be.\u201d<\/p>\n

6. Research Benefit Options<\/h3>\n

If you or a loved one\u2019s spouse has served in the armed forces, they may be eligible for\u00a0Veteran\u2019s Benefits<\/a>\u00a0to help fund care. Social security benefits are the most common way Americans fund retirement, so make sure to include these benefits in financing care.<\/p>\n

7. Share a Room<\/h3>\n

Often senior living communities offer shared rooms at more of an affordable rate. Many seniors benefit from having a roommate for social reasons as conversing and having company can increase happiness, so it doesn\u2019t hurt to also cut costs if this situation works for your loved one.<\/p>\n

Ways Your Family\u00a0Can Finance\u00a0Assisted Living<\/h2>\n

According to A Place for Mom\u2019s\u00a0Senior Living Price Index<\/a>, the average monthly cost of a one bedroom apartment in an assisted living community is $3,823 per month. Paying for care requires understanding options through careful planning and research.<\/p>\n

These additional resources can also help you with financing assisted living care:<\/p>\n