Did you know that the term “assisted living” is the most popular Google search term for senior housing? Certainly more so than “nursing homes” and “senior living”, according to a new senior care analysis.
It’s no wonder. Studies show that in 2013, 45% of those who needed long term care and could not age in place chose an Assisted Living Facility (ALF), compared with 20% in 1996. ALFs provide a safe and secure social environment for an aging population.
But what is the cost? A recent Genworth 2014 Cost of Care Survey showed that, while the national median average for one Bedroom–single occupancy apartment in an assisted living community is $42,000 per year, that cost can can be much higher (or lower). What drives the difference in cost? Location, location, location.
The ten most expensive states for assisted living are:
$82,674 — Washington, D.C.
$66,000 — Alaska
$66,000 — Delaware
$65,160 — New Jersey
$63,468 — Connecticut
$59,400 — Maine
$58,740 — Rhode Island
$57,000 — Hawaii
$52,470 — New Hampshire
$51,000 — Washington
The average cost increase over 2013 is 1.45% and the survey estimates a 5-year cost increase of 4.29%, based on the compound annual growth rate for surveys conducted from 2009 to 2014.
Assisted living is for seniors who cannot live independently. ALFs don’t provide the level of medical services found in nursing homes, but, generally speaking, most assisted living facilities may provide:
- Assistance with activities of daily living
- Central dining programs that include two or three meals a day
- Lectures and educational activities
- Emergency call systems
- Exercise activities
- Wellness programs
- Health services, medication administration
- Housekeeping and maintenance
- Laundry services
- Organized recreational activities and “field trips”
- Social services and religious activities
- Transportation arrangements
- 24-hour security
Keep in mind that costs vary within state regions, so be sure to look closely at the costs of assisted living in your specific area.
Is assisted living in your future? Tell us what you look for in a facility and if the higher cost is worth the location.