When I meet with families just beginning their search for assisted living or memory care, I find many are experiencing sticker shock. Unfortunately, the cost of high-quality senior care can be expensive.
The median cost of assisted living in the U.S. in 2020 was $4,300 per month according to Genworth's Cost of Care Survey.
However, remember that while these monthly costs aren’t inexpensive, they do allow many seniors to leave behind other expenses. If you’re living at home now, you may be paying rent or mortgage payments, property taxes, utilities, lawn care, groceries, property insurance, housekeeping, maintenance and repairs.
A move to a senior living community will mark the end of those bills. You’ll enjoy the freedom of a maintenance-free lifestyle and the many amenities the senior living community offers.
For some families, even with the expected savings, the cost of senior living remains out of reach. However, don't give up too easily. In this Ask the Expert from Arbor Terrace Lakeway, a Senior Care Counselor shares four excellent options for you to consider. Plus, walk away with must-know tips including:
- When you should begin the claim process for long-term care insurance
- What a reverse mortgage on a home owned by a senior or loved one allows you to tap into
- When is Medicaid available as an option
- How much is offered in assistance under the Veterans benefits program
- And more!
This Ask the Expert is one of many tools in our Caregiver Toolkit, to gain access to the full kit, visit here.