How much does it cost to live in an assisted living facility?

The Genworth Cost of Care Survey 2018 says that the national median cost for assisted living per month is $4,000, which breaks down to around $133 per day (and adds up to $48,000 per year).

What is the average cost of a senior living facility?

Depending on your location, living in an independent living community can cost from $1,500 to $4,000 a month, and seniors residing in assisted living facilities have a monthly average cost ranging from $3,500 to $10,500 a month.

How Much Does Medicare pay for assisted living facility?

Medicare will pay for 100% of the cost of care up to 20 days at a skilled nursing facility and approximately 80% of the cost up to 80 more days. The care must be for recovery following an inpatient hospital stay. Medicare does not cover any cost of assisted living.

Are assisted living facilities covered by Medicare?

En español | No, Medicare does not cover the cost of assisted living facilities or any other long-term residential care, such as nursing homes or memory care. Medicare-covered health services provided to assisted living residents are covered, as they would be for any Medicare beneficiary in any living situation.

Is assisted living cheaper than a nursing home?

Both long-term facilities are expensive, but nursing homes can be more than double the cost of assisted living. 2 The average cost for a nursing home ranges from $6,844 to $7,700 per month,3 while assisted living is around $3,628 per month, on average.

Does assisted living take all your money?

No, they aren’t. As such, many seniors often end up paying all their money to the assisted living facility, especially if they live long enough in the facility. Additionally, the fact that many senior citizens think that an assisted living facility will take all their money is almost universally based on hearsay.

Who qualifies for assisted living?

Assisted living communities provide care to individuals who are 18 years of age or older. Eligibility for admission is based on an individual’s care level requirements.

What are the different levels of assisted living?

Types of Levels of Care Generally, it is common to find communities that feature two to four levels of care within assisted living, including residential living, skilled nursing, memory care, assisted living, and rehabilitation.

Can someone with dementia live in assisted living?

Many people with dementia and Alzheimer’s live in assisted-living facilities receiving specialized care and ongoing support. These dementia residents enjoy living in a community that provides continuing care, social interaction, and assistance in an individual residential apartment.