Comparing the costs of In-Home Care Services to those of Nursing Homes and Assisted Living? Depending on the number of services you are looking for, Assisted Living can be a surprisingly affordable alternative.
This chart compares the average monthly costs for Skilled Nursing Facilities, Home Health Care services and Assisted Living and Memory Care Assisted Living Communities in New England.
Most people pay for Assisted Living with current income from social security and pensions coupled with the use of savings, including the proceeds from selling a home. Long Term Care Insurance is more and more widely used to offset the cost of Assisted Living. Some consumers convert life insurance policies to a loan, and others have family members who help pay a share of the monthly cost.
Medicare and other health insurance plans and HMOs will NOT pay for assisted living services. There is, however, a program for veterans that will contribute over $1,900 a month (and over $2,200 for couples) called the Veterans’ Aid and Attendance Benefit.
Most Assisted Living communities have a year-long lease that residents sign, just like renting an apartment. The base monthly fee will be a set amount outlined in the lease, but the total monthly cost depends on the fee system used to calculate personal care where your Mom or Dad lives.
Also, keep in mind that most Assisted Living communities will increase their fees every year. Ask the community what their typical increase has been for the last few years. This will give you a good indication of what to expect when your one-year lease is up for renewal.
Costs may vary: