Author: Sarah Williams
Reviewed By: Rachel Rose
Effective strategies to control and cut costs in assisted living include researching local options, choosing a lower-priced accommodation, claiming applicable benefits, being selective when choosing a la carte services and making full use of community amenities and programs. Seniors and their families should make sure they fully understand what base fees include and what assisted living aspects attract additional charges.
Genworth’s Cost of Care Survey 2023 lists the median cost of assisted living in the United States as $5,350 monthly. However, exact costs vary widely depending on the location and services. When researching local facilities, expanding the search area may yield more cost-effective communities. Similarly, moving to an entirely new location can sometimes significantly slash monthly rates.
Seniors with limited financial means may qualify for Medicaid or Home and Community-Based Services waiver programs, which reduce out-of-pocket expenses. Similarly, pension-claiming veterans might be eligible for the supplemental Aid and Attendance allowance. Individuals should also check whether their insurance policies provide any coverage for long-term care. Obtaining advice from their local Area Agency on Aging, State Health Insurance Assistance Program and VA Center can help older adults maximize their resources.
Many assisted living facilities have accommodations at varying price points. For example, seniors can expect to pay less for a companion suite or studio than for an apartment. Additionally, communities typically offer a la carte packages, meaning that individuals only pay for the exact services they require.
Residents can cut costs by using community resources as much as possible, such as joining scheduled shopping trips and outings rather than paying for transport. They can also take advantage of scheduled enrichment and wellness activities for more cost-effective options compared to independent recreation. Favoring on-site features, such as TV rooms, libraries, gyms and swimming pools, also saves money over visiting off-site amenities.
