The primary concern of many people who are considering some type of assisted living facility or in-home care arrangement is cost. Many facilities offer luxurious amenities and top-of-the-line care but are cost-prohibitive to the majority of theÂ U.S.Â population. The average cost of assisted living facilities is difficult to nail down due to the large number of facilities and varying degrees of service.
The average price range of assisted living is about $3000-$3500 per month. This range would include basic care plus meals and lodging. To reside in a skilled nursing facility with Â extensive specialized health care the average cost nearly doubles to around $200/day or $6000/month. If you desire the specialized nursing care but do not require the housing aspect then you might be better suited hiring an in-home health care provider for around $3000-$3500 per month. This would cover the cost of Â hiring a full-time licensed nurse to provide in-home care for roughly 40 hours per week.
If you are considering using Medicaid or Medicare payments to cover the costs you should be aware that Â these government funding sources usually only cover a small portion of the total costs. Additional costs above and beyond the coverage limits will be the responsibility of the patient. One might be able to obtain full coverage through Medicare or Medicaid benefits if they choose to reside in a Medicare nursing home, assuming they qualify for that level of benefits. Many assisted living facilities charge a flat base rate and then add on additional fees/charges for extended services. For example, a one bedroom suite with 3 meals a day might cost $3000/month. However, if you add daily medication administration by a nurse that cost might increase by $300/month. Then if you include 24-7 monitoring there might be an additional $125/month charge. These are just examples of the types of services and possible costs that can be incurred in addition to the basic service plans.
Costs of assisted living also depend heavily on the city and state where services are provided. Each state has its own public policies, taxation, regulations, wage requirements, economic factors, etc and these factors contribute to the cost of health care. Various reports and statistics can be obtained from each state to get a better idea of what to expect in your local market. Another thing to consider is the rising cost of health care and prescription drugs. As these costs increase they will likely cause an increase in the price charged to consumers of health care. Therefore, assisted living facilities and skilled nursing care costs will steadily increase along with prices of related industries.