If you are the adult child of an aging parent, you may be considering assisted living facilities. It can be a tough decision to make, but it is important to have all the information before you decide. This guide will give you everything you need to know about assisted living facilities, from what they are to how to choose the right one for your loved one. We’ll also discuss the cost and benefits of assisted living so that you can make the best decision for your family.
What Are Assisted Living Facilities And Who Are They For?
Assisted living homes, sometimes known as assisted living apartments, are residences that provide housing and a variety of services to persons who are unable to live independently but do not require skilled nursing care.
They are nonmedical residential environments in which personal and health care services, 24-hour supervision, and assistance with the care of elders who are frail or disabled.
Services Provided in Assisted Living Facilities
Assisted living residents can get help with ADLs and self-administering medicine. Laundry, housekeeping, transportation, meals, and administrative services are usually available. Residents generally use outside agencies or individuals to obtain health care services.
The following are some of the most popular services provided by assisted living facilities:
- medication assistance
- manage and monitor health care
- assistance with activities of daily living
- regular housekeeping and laundry services
- recreational and social activities
- daily transportation
- home security
What Type Of Facilities Provide Assisted Living?
Assisted living homes are part of nursing homes, senior housing neighborhoods, or retirement communities. Others are standalone institutions. These facilities encourage residents to bring their own belongings and keepsakes to make the rooms seem more like their own.
How Much Does Assisted Living Facilities Cost?
Assisted living facilities are intended to be a less expensive alternative to more restrictive, institutional settings for persons in need of 24-hour nursing care. Residents generally reside in apartment-like units with lockable doors and private bathrooms.
The cost of living in these facilities varies considerably, depending on the services provided or required. In assisted living homes, the kinds of accessible services available differ by state and home.
According to Genworth, the annual median cost for assisted living facilities (nationally) is $51,600 in 2020.
How To Pay For Home Health Care At A Fraction Of The Cost
A long-term care annuity is a hybrid annuity that is set up to assist in paying for assisted living facilities without causing retirement funds to be depleted. To create a tax-free long-Term Care Insurance benefit, an LTC annuity doubles (200%) or triples (300%) the investment (based on medical records). If there is money in the annuity, it passes along a death benefit to beneficiaries.
If you don’t have a lump sum of money lying around, another great option is a long-term care life insurance policy (LTCi). In simple terms, these policies are designed specifically for long-term care and allow the insured to access the life insurance’s death benefit while alive to pay for LTC costs. Applicants can pay a fixed premium monthly or annually instead of a one-time deposit.