Understandably, many families are concerned about the cost of senior living communities. Some can’t imagine they would be able to afford one. However, they often see the economic picture differently after meeting with a retirement community representative. They may discover the cost of senior living communities would be similar to (or even less than) that of remaining at home.
When taking stock of available finances, families shouldn’t overlook resources that could escape attention. We offer this information on financial options for senior living to help them compile a list of potential resources. Note that Medicare doesn’t cover independent living costs or personal care/assisted living costs, though Medicaid recipients may receive aid for some fees.
Here are a few cost-related questions that we suggest you ask:
- What levels of care do you offer, and what are the costs for each?
- Do you require a substantial buy-in or entrance fee? If so, what is the additional monthly service fee?
- If there is no buy-in fee, what is the monthly rental fee, and is there an initial, one-time community fee?
- What health care services and other features are covered by the required fees? What costs are not covered and would be extra? (Be sure to ask about the availability of nurses 24/7, which could be important in an emergency.)
- Are couples with different levels of care able to live together? How might that change the cost?