How Much Does Independent and Assisted Living Cost?
The price of assisted living can vary based on several factors. It’s important to remember that what you pay for assisted living may differ based on where you live, the type of facility you choose, or the level of care and service provided. At Generations, we provide the highest level of comfort and care and each of our assisted living locations.
Alternate ways to pay for assisted living costs
Medicare Part A only covers skilled nursing care and only for up to 100 days. If you need help with other costs of assisted living, you may have other options:
- Medicaid: Along with Medicare, Medicaid may help you cover some of the costs of long-term care. Your eligibility for Medicaid depends on your income. This eligibility requirement may vary from state to state, along with the services covered by Medicaid.
- Social Security Administration Programs: Depending on your medical condition or income, you might qualify for Social Security Disability Insurance (SSDI) or Supplemental Security Income (SSI). Social Security also offers “compassionate allowances” for people with certain serious conditions to help them get disability benefits more quickly.
- Long-term care insurance: These are plans offered through private insurance providers. They may cover several types of long-term care. Details of coverage and costs may vary from plan to plan. (Learn more about how Medicare/Medicaid play into assisted/independent living here.)
Prices Can Vary
Whether you’re choosing an assisted or independent living facility, there are a variety of factors to consider: The type of community, apartment sizes, number of services needed, and locations can vary, and so can the cost.
According to a report from Genworth Financial, the annual national median cost for assisted living was $54,000 per year in 2021. Monthly costs change dramatically based on where you live, ranging from $3,000 to $7000. It’s important to understand the difference between independent and assisted living. Click here to learn more.
What to Consider When Considering Cost
Assisted living is more than just a room. It includes everything else the community provides and more, depending on individual needs. Planning for retirement and long-term care as you get older is something everybody needs to make time for before they reach their golden years. If cost is prohibitive there are some options you can explore!
Differences between Assisted and Independent Living.