3 Ways to Tackle the Cost of Assisted Living

assisted living costDid you know that nearly seven out of 10 individuals over the age of 65 will eventually need long-term care? Assisted living centers are for individuals with all kinds of needs, as they provide the option of 24-hour, seven day a week care, with each assisted living facility offering unique services. However, for every individual thinking about entering eldercare, the assisted living cost often feels like a burden and a difficulty. Choosing an assisted living facility can be emotional enough, but combined with finding an affordable option, it can often feel impossible for families and loved ones to grapple with.

Luckily, there are ways to tackle the high cost of assisted living facilities; all it takes is time, planning, and a bit of patience. Here are three things that will help you to better afford assisted living:

  1. Do Your Homework
    Choosing the best eldercare facility means taking a great deal of factors into account, including cost, facilities, licenses, community amenities, and so on. Before deciding on a facility, make multiple visits, speak to the local long term care ombudsman, and have your attorney review the contract before signing. When weighing costs of different facilities, keep in mind that assisted living costs vary from location to location. Typically, suburbs are more affordable than cities, so try and be flexible with your locale.
  2. Compare Types of Care
    Since every assisted living facility is different, the cost of assisted living may vary based upon your needs. For example, the cost of assisted living is different from independent living. Speak with your facility to see what works for you.
  3. Explore the Benefits of Long-Term Care Insurance
    While they don’t cover all costs, Medicare and Medicaid may help individuals who are unable to pay for assisted living out-of-pocket. Two ways to address these gaps are through estate planning, and long-term care insurance.