This Guardian article states that 100 million U.S. citizens are caregivers for another person. Over half of these caregivers -- 53 million -- aid elderly parents, relatives, spouses, or special needs children.
If you're reading this, you're probably one of the 53 million caring for an elderly relative. You might have noticed your loved one is moving more slowly or having issues getting dressed.
However, you're unsure what to expect from assisted living costs. You've heard retirement home fees are costly no matter where you go. In reality, how much you pay depends on various factors.
Financial planning for seniors can be tricky, but this article will help demystify senior care expenses. The guide below will hopefully help improve your understanding of assisted living.
The 2023 Genworth Cost of Care Survey said assisted living cost $5,350. However, what you pay depends on four factors:
Cedar Rapids is a relatively large city, the second largest in Iowa, but senior care costs will likely be cheaper here than somewhere like New York City. Cedar Rapids assisted living costs will be greater than in rural areas.
A general rule of thumb is that assisted living will be pricier in larger, more urban areas, and communities with higher costs of living. You may pay more for a community with a bar and pool than just gardens.
Laundry and housekeeping may be included in the base room fee. A "base room fee" is how much you pay for room and board.
Some communities, though, count these as separate from the base room fee. Other amenities may include:
Larger communities will generally have more amenities, bigger apartments, and more residents, so it makes sense that it may cost more. Conversely, smaller establishments, with fewer staff and residents, may not cost much.
Your loved one's care requirements will play a large part in what you pay for assisted living expenses. Keep in mind what activities of daily living (ADLs) your parent needs help with.
Some seniors, perhaps your mother, may need minimal help with ADLs; for example, she may need help walking and shopping, but she can groom, bathe, and use the bathroom herself.
The more aid they need, the greater the price. A loved one diagnosed with Alzheimer's or other form of dementia will need memory care to help slow the progression of cognitive decline.
Memory care provides a valuable service, but it is costlier than regular assisted living due to the highly specialized care they offer. Ask the communities you tour about changes in cost for different levels of care.
Medication management is another potential fee to be aware of. Medication management is when your loved one receives help taking their medicines on time and in the correct doses.
Many assisted living communities add this service to their base fees. Others, however, don't. People with dementia often need help with medication management, so consider choosing a community where this service is included.
Some communities ask would-be residents for an upfront entrance fee, which may be refundable. How much you pay for senior care depends on the contract; for example, month-to-month contracts have higher rates.
Annual (or other long-term) assisted living community contracts often have financial benefits or other savings. Don't be afraid to ask how you can defray costs for you and your loved ones.
Some communities with independent apartments include utilities and maintenance services in the base room fee. However, others may not. Ask whether these are separate fees before enrolling your parents.
Before setting your loved one up in their new community, take some time to plan where they're going to go and how you'll pay for it. Thoroughly research your options.
Ask about the pricing structure. Inquire about what's included in the base room fee and what will count as separate charges. Question the staff about any fees you may incur. For example, are there "contract termination fees?"
You should ask whether you'll be charged for your dad deciding to move elsewhere before his contract is up. Once you understand what you're paying for, you can figure out how to cover costs.
Long-term care insurance policies may cover some required care for your loved one. It may pay for aid with ADLs and dementia care. Your parents can get coverage for skilled nursing care and:
You and your loved one should speak to their insurance agent if they already have a long-term insurance policy. It is best to have this insurance before enrolling in an assisted living center.
Veterans and their spouses may qualify for the Aid and Attendance Benefit. This tax-free benefit can help lower assisted living costs for people who need it. A potential recipient must:
Prairie Hills Cedar Rapids also has a Military Veterans program. If accepted, a new veteran from any branch of the United States Armed Forces could receive half off their first month's rent.
We work alongside Patriot Angels. Anyone who qualifies for veteran's benefits through them will receive a one-time $1,000 credit off their second month's rent.
We hope we've helped you understand assisted living and associated fees. Retirement home fees and other expenses don't have to stay mysterious.
Assisted living costs boil down to room, board, and funds for required care. Prairie Hills Cedar Rapids can help you defray expenses to make your loved one's twilight years easier.
We offer relaxing and fun community rooms with peaceful outdoor spaces. Our certified staff provides helpful support while encouraging resident independence. Contact us to schedule a tour.