What does assisted living cost? Rates vary greatly between states, communities, or regions. Here are some guidelines that will help you to compare the costs of assisted living. The monthly rates range from $3750 up to $3848. The average assisted living rate in Columbia, Missouri (and Jefferson City Missouri) is slightly higher than the national standard. The cost of assisted living in St. Louis and Columbia, Missouri, is less than $3000 a month, but still under the national average.
Rates may vary from one state or another
While assisted living costs can vary from one state to the next, they are generally affordable for most seniors. Additional fees may include move-in deposits and cleaning fees. Additionally, the cost per day of living tends be increasing by between 3-6 percent annually. While most people pay for assisted living using their own funds, Medicaid or long-term care insurance can be used as well. Reverse mortgages can also be used to help pay for assisted-living.
Region
Cost of assisted living can vary widely depending on where you live and what your community is like. Rent costs can vary greatly depending on where you live and what level of care you need. The price of an apartment can vary depending on its type, age, and compliance with state regulations. Luxury two-bedroom apartments can cost upwards of $6,000 per month or more, and smaller studio apartments can cost as little as $3,000 per month.
Community
Finding an assisted living community in your area is difficult as you age. The costs of community assisted living will vary depending upon the level of care required by your loved one. Before quoting a rate, care providers will typically assess the needs and budget of your loved one. You may be asked questions by community representatives and able to meet with your loved ones to discuss the care you need. Understanding the cost structure and pricing of assisted living communities will help you reduce your uncertainty.
Care required
The cost associated with an assisted living facility depends on how much care they require. A person who requires less care may only require assistance walking and managing medications and medical issues. A nursing aide could be sufficient in these cases. Residents who require higher levels of care will need more attention and assistance. This group may also require additional help in the areas of toileting and grooming as well as personal hygiene.
Asset limit
The asset limit for assisted living depends on the state in which the resident lives. Individuals must have a minimum of $16,800 in assets. The Medicaid program places an asset limit on couples. This means that if one spouse owns $6,500 and the other has $16,800, the combined amount cannot exceed $15,000. However, this limit can be much higher than that if the person has many assets. In certain cases, an individual can still have assets over the asset limit to qualify for Medicaid.
Tiered or a la carte pricing
Different services can be charged at different assisted living facilities. Some communities will have a minimum fee and others will charge for additional services, such as physical therapy or medication management. The cost of assisted living can seem overwhelming. However, there are some facilities that offer an all-inclusive pricing plan which makes it easier to budget monthly expenses. The fees include basic services, such transportation and housekeeping. Some companies charge extra for personal care based on the hours worked.