Do you know anything about the cost of assisted living? If you are planning for the future or currently caring for a loved one, it is important to become familiar with these numbers as soon as possible. You may be surprised at what you find, so it is essential to collect as much information as possible on assisted living costs.
Factors on the Cost of Assisted Living
Generally speaking, the cost of assisted living is 60 to 65 percent less than that of a nursing home. From a financial standpoint, this is why so many people are interested in assisted living. With this information in mind, you should realize that costs will vary and extend past “board” depending on the level of care needed.
For example, is the patient only in need of intermittent checkups? If so, this will lead to assisted living costs on the low end. On the other side of things, if any type of regular care is called for the cost is going to quickly increase.
Did you know that the cost of living will also affect the cost of assisted living? Those who live in Washington DC, for example, will pay more for assisted living care than somebody in a rural location with a below average cost of living. This is a point to consider as you decide if you are going to stay in your current location after retirement. If you are going to move, it may make sense to head for an area where the cost of living is low. This will benefit you financially in all aspects of retirement, not just if you need medical assistance.
There is no denying that the cost of assisted living is much less than a nursing home. Just remember that costs can and will vary based on a number of factors, many of which are detailed above.