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In the search for assisted living for a senior loved one, adult children may quickly realize how much the cost of care varies between communities. It also becomes apparent that the options for financing assisted living can be confusing.
To help clarify these crucial issues, we are sharing some insight on community pricing and resources for potential funding solutions.
The True Cost of Assisted Living Care
Once you’ve toured a few assisted living communities, you will notice how different the pricing structures are. Every community has their own way of assessing monthly fees.
For some assisted living communities, bundled rates that include all housing, care, and services are the standard. Other communities have a base fee with level of care charges assessed on an individual basis. These differences can make comparing communities more challenging.
To make sure you are comparing apples to apples when it comes to pricing, consider:
Assisted Living Funding Solutions
Once you are confident you understand the monthly fees, the next step is to create a budget for a senior loved one’s care. While private funds are usually the primary source of funding for assisted living communities, there are other potential solutions to investigate.
A few options for financing assisted living include:
One final suggestion is to share an apartment with another senior. Some assisted living providers, such as Sunrise, offer companion living programs. These bring older adults together to help them reap the rewards of assisted living at a more affordable price.
If you need help creating a budget for a move to senior living or have questions about financing options, our partner Elderlife Financial Services can help. An Elderlife concierge can help you design a personalized financial plan so your family can start enjoying the assisted living care, service, and peace of mind you deserve. Call 1-866-506-4244, email Sunrise@ElderlifeFinancial.com, or visit SunriseSeniorLiving.com/financial to learn more!