Assisted living facilities are designed to help ease some of the stress and worry associated with growing old and needing extra aid in your everyday activities.
While assisted living can relieve some of the stress associated with seniority, it can also create a significant amount of financial stress for many elderly and their families.
Offering daily care, companionship, fully equipped living quarters, and much more, assisted living facilities typically come at a hefty price.
It is estimated that the average price for a one bedroom assisted living arrangement is more than $3,000 a month. This can be a challenging expense to commit to, but is oftentimes one that is essential to the wellbeing of all involved.
While assisted living facilities are going to come at a price, there are several ways in which you can reduce the costs by planning ahead. Consider trying these money saving tips when/if the time comes that your loved one new living arrangements that are affordable for every party involved.
Rent a Smaller Apartment: Like regular apartment complexes, most assisted living communities offer a variety of room sizes. It is typically more cost effective to choose the smallest option available if this makes sense for your particular situation. Because most modern communities provide public spaces, such as activity rooms, dining rooms, and outdoor areas, many individuals can live comfortably in a smaller unit by utilizing public areas for a large portion of their day. Renting an apartment that has a studio layout rather than a one bedroom setup can save you a significant amount of money. On average renting a studio apartment at most assisted living facilities will reduce costs by 15 to 20 percent. While it can be a difficult adjustment to move from a home or larger living space to a small studio area, it may be financially worth the sacrifice.
Share the Space: Though this option may not work for every individual, it can be extremely cost beneficial for individuals in assisted living to share a living space. If the community offers the option and your individual situation permits it, sharing a two bedroom apartment with another individual can cut living costs by 10 to 20 percent. Furthermore, sharing a unit can provide companionship for individuals who are new to assisted living. Sharing a two bedroom between two people allows for a larger living space and separate sleeping areas. Of course, this option would have to be explored wit h the seniors involved, the community, and the doctors involved, but it is a great option to consider.
Leave the City or State: Assisted living costs vary greatly based on location. If the option is possible and desirable, families can save a significant amount of money by selecting a facility that is outside city limits. Because, in general, real estate is more expensive within urban areas, assisted living facilities in urban areas also cost more. In most cases, seeking facilities in a rural setting can reduce costs by up to 25 percent. Moreover, some states charge significantly less overall at their assisted living facilities. Though this isn’t always a plausible choice, finding a state that has lower costs for assisted living may be a good option for some families. It may be possible for families living near state borders to save money by finding a community in a bordering state.
This guest post is contributed by Patricia Garza, who writes about gadget, technology, design, social media, e-learning related articles at online university rankings.