Senior living costs vary widely depending on how a community prices care. This article breaks down common pricing structures, explains how all-inclusive pricing at 1019 communities keeps monthly costs predictable, and covers funding options like Medicaid waivers and long-term care insurance.
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A fair consideration when transitioning yourself or a loved one into senior living is how much it will cost. Pricing can vary from community to community and care level to care level. This may be due to differences in offerings and pricing structures. To help remove some of the confusion in your care journey, we have outlined what senior living costs in 1019 Senior Living communities.
At the time of writing, the average cost of assisted living is $4,500 per month, which has followed a consistent growth rate over the past several years. This figure can fluctuate from state to state and only represents assisted living. However, this can give a point of reference for what senior living looks like today. With this in mind, it is important to understand the specific elements that lead communities to determine their prices.
Depending on the community, you will find that there are different pricing structures throughout senior living. This can potentially lead to unexpected fees or an increase in cost due to a change in care. When transitioning into senior living, consistency can make all the difference in your care journey. Here are common price structures in comparison to our all-inclusive pricing.
Some price structures determine your monthly payment based on your level of care. In assisted living, the amount of ADLs or care needed can cause your cost of living to fluctuate. This can also be true if a resident transitions from assisted living to memory care. This type of pricing removes a level of certainty that residents need when moving into a community by making it difficult to budget short and long term for care. Life changes can be unexpected, and the needs of you or your loved ones may fluctuate overnight. The last thing you need is uncertainty about what care will cost moving forward.
Similar to the previous structure, A La Carte pricing creates a monthly cost that fluctuates based on the services you require and/or request. This structure is typically in addition to a level of care structure for your necessities with services like housekeeping, meal plans, transportation, and other services added on. Although residents have more control over the addition of these services, it can create unwanted stress on the ones managing resident funds by creating conflict over what services should take priority in order to stay within a monthly budget.
What sets 1019 Senior Living apart from these other price structures is that we offer an all-inclusive price for our residents which encapsulates the entire scope of services provided by 1019 communities. Both 1019 Vermillion Place and 1019 Belle’s Place of Bedford (formerly Johnson Christian Village, a faith-based community) offer all-inclusive pricing for every resident.
Of Americans aged 60 and older, 80% do not have the financial resources to cover long-term care services. Regardless of the price structure you find yourself working with, there is a clear financial challenge facing many Americans. However, there are resources available to help alleviate these concerns.
Medicaid Waivers are programs that allow states to waive the normal requirements for Medicaid assistance. This opens the door to more care options for residents who would choose to stay home or pursue assisted living for care. Our 1019 Vermillion Place assisted living location is an example of a campus that accepts these waivers, which means you not only receive our all-inclusive pricing, but you also have the option of paying through a Medicaid Waiver.
Another proactive way to help afford care is creating a long-term care insurance (LTC) policy. These policies are paid into by the beneficiary and can be activated to pay either a daily or monthly amount to help residents afford care.
Life Insurance Policies with a cash value can be a useful asset to residents transitioning into long-term care. These policies can be cashed out and repurposed to help pay for care. This is also true for different financial accounts like IRAs and CDs. When looking for a community, consider speaking with a financial advisor to see how your current financial assets can be optimized to pay for care.
For some Americans, there are federal benefits available to help pay for seniors housing. Some are specifically designed to help Veterans and their spouses to afford care. Other benefits vary from state to state, so it may be worth your time to look at local options to see how you can better afford the care you need.
When considering assisted living or memory care, understanding the costs is crucial to making an informed decision. With various pricing structures and supplemental funding options available, it's important to choose a community that offers transparency and stability in pricing. At our 1019 Senior Living communities, we simplify this process with all-inclusive pricing, ensuring you know exactly what to expect each month. To explore how our pricing can work for you, contact us today and take the next step in your senior living journey.
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