How much does assisted-living cost? Rates differ significantly between states, communities, and regions. Here are some guidelines for comparing assisted-living costs. Rates can range between $3750 and $3848 per month. The average assisted living rate in Columbia, Missouri (and Jefferson City Missouri) is slightly higher than the national standard. The cost of assisted living in St. Louis and Columbia, Missouri, is less than $3000 a month, but still under the national average.
Rates vary by state
Although assisted living costs may vary from one state or another, they are usually affordable for seniors. Additional fees include move in deposits, cleaning fees and pet fees. In addition, the cost of living tends to increase by between 3 and 6 percent annually. Most people pay for assisted living with personal funds, but Medicaid and long-term care insurance are other options. Reverse mortgages are another popular way to finance assisted living.
Region
Costs for assisted living vary by location and community. Rent prices can be much higher in certain regions than in others. The level of care also plays a role in determining the cost. The price of an apartment can vary depending on its type, age, and compliance with state regulations. For luxury two-bedroom apartments, prices can reach $6,000 per calendar month. Smaller studio apartments may cost as low as $3,000 per calendar month.
Community
As an aging adult, locating a community with assisted living services in your area can be difficult. The costs of community assisted living will vary depending upon the level of care required by your loved one. Care providers will usually assess your loved one's needs and budget before quoting a rate. In order to determine the best level of care, community representatives might ask you questions. Understanding the costs of assisted living communities and pricing is often the next step. This can help reduce uncertainty.
Level of care required
The cost of assisted living will be determined by the amount of care required. Someone who needs less help may need assistance with managing medication or walking. In these situations, a nursing assistant might be sufficient. Higher care levels will require more personal attention and support. This group may also require additional help in the areas of toileting and grooming as well as personal hygiene.
Asset limit
The state where the resident lives determines the asset limit for assisted-living. Individuals must have a minimum of $16,800 in assets. The Medicaid program places an asset limit on couples. This means that if one spouse owns $6,500 and the other has $16,800, the combined amount cannot exceed $15,000. If the person is wealthy, the asset limit may be higher. In certain cases, an individual can still have assets over the asset limit to qualify for Medicaid.
Tiered or a la carte pricing
Different services may be charged by assisted living communities. Some communities will have a minimum fee and others will charge for additional services, such as physical therapy or medication management. The cost of assisted living can seem overwhelming. However, there are some facilities that offer an all-inclusive pricing plan which makes it easier to budget monthly expenses. Basic services such as transport and housekeeping are included within the fees. Some also charge for personal care separately, based on accumulated hours.