Some facilities will refund this charge in the event that you are unable to move into the property. The one-time move-in fee is like a reservation deposit for holding your spot at an assisted living facility, many of which have lengthy waitlists. When setting aside funds for assisted living, be sure to account for this annual increase. The More You Know: Assisted living costs go up each year, and these costs are passed along to the patrons of these facilities. Finally, with older adults waiting longer to sign up for long-term care, the care they end-up needing often proves more costly. Finding qualified staff to take care of their specific set of needs is proving to be quite expensive. Recent hikes in minimum wage requirements and changes in overtime payment legislation are also increasing assisted living costs.Īdditionally, more adults with Alzheimer’s and dementia are entering retirement homes than ever before.
Due to a growing shortage of qualified caretakers, facilities have needed to pay more in order to secure the right people. In 2022, the average national cost of assisted living rose to over $4,500 per month. These offerings will vary by the facility, but they’ll most often come with additional charges on top of the monthly rent. While this figure varies depending on the location of the community, the apartment size, and some additional factors, this will likely be around $4,000.įinally, there are a number of add-on care services such as help with bathing, eating, and medication. Secondly, you’ll have to pay monthly rent, almost like an apartment.
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This can be paid upfront in full or prorated monthly.
First off, when initially moving into an assisted living facility, you’ll need to shell out a fixed fee that can range from $1,000 to $5,000. There are three key components that comprise the majority of assisted living costs. Best Prescription Discounts for Seniors.
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