Many people worry about the cost of assisted living. According to Statista, the annual median cost is more than $64,000. Few middle-class families can afford that type of expense.
However, there are a lot of nuances to assisted living costs. There are many factors that increase or decrease the costs. For example, your loved one’s health insurance or Medicare may cover a portion of those expenses.
Read on to explore the question how much does an assisted living community cost? Learn about topics such as financial planning for seniors and retirement housing expenses.
What Are the Factors that Affect Assisted Living Costs?
Assisted living is a financial and personal choice. You can find more cost-efficient options than the $5,000 per month mentioned above. On the other hand, you will pay more for additional services.
Location is a major factor in assisted living costs. A comparable community in Oklahoma City is more affordable than one in Los Angeles.
The level of care that the patient needs is another driver. The majority of patients require physical assistance.
Does the patient also require other forms of assistance? Bringing in other specialists is naturally going to drive costs.
Amenities are another factor that will increase prices. Some assisted living communities only provide physical care.
Morada Southridge provides its residents with a full slate of community-centered amenities. The community has several activity rooms and lounges. They also offer community outings and wellness programs.
Lastly, the size of the living quarters affects the price. There is a direct correlation between square footage and rising assisted living costs.
Does Private Health Insurance Cover Assisted Living?
When a family looks at assisted living costs, their mind typically turns to health care coverage. Unfortunately, traditional health insurance plans do not cover assisted living.
Also, Medicare does not cover retirement housing expenses. This includes supplementary Medicare insurance.
Your traditional health insurance plan or Medicare will cover medical expenses. It will continue to cover your doctor’s appointments, physical therapy, and prescription drugs.
This does not mean you cannot get financial help to pay for assisted living communities. Instead, you can purchase long-term care insurance catered to these situations.
Some people use other forms of insurance in creative ways. They may use a life insurance policy payout to cover assisted living costs.
This is a quick way to raise the capital necessary for assisted living. You can choose to withdraw money from a life insurance plan or take out a loan against it.
What Are Senior Care Costs?
Living in an assisted living community, you will have a wide range of services available to you. Beyond the community fees, you will have professional staff that are certified to care for you.
They will help you with daily tasks. The staff also assists in meal preparation and taking showers. They perform light housekeeping and help dress their patients as well.
At an advanced age, you are less capable of maintaining your housing unit. The best-assisted living communities have professional staff to do it for you.
The staff performs maintenance on your housing unit. They will make sure the community’s exterior is clean and presentable. This includes lawn care, cleaning the gutters, and power washing the sidewalks.
Sprinkler systems keep the landscape looking great at Morada Southridge. This way, you can enjoy the fresh-cut grass and spring flowers.
What Are Community Fees?
Many people view assisted living communities as an additional expense. The truth is that most Americans pay for their living quarters regardless. This usually comes in the form of a mortgage or monthly rent.
Senior care costs also include general housing. At Morada Southridge, for example, residents pay for their apartment units.
Depending on your budget, you can secure a one-bedroom or studio apartment. Like most Americans, you will use retirement income like Social Security or a pension to pay the rent.
What Do the Community Fees Cover?
There is a lot of value in paying the community fees. Below is a list of where the value lies:
- Accessibility – your apartment unit is just a short walk away from all of the community’s amenities. Both dining and activities are easily accessible from the apartment
- The Great Outdoors – At Morada Southridge, the apartments have outdoor spaces for each resident. Here, you can relax and enjoy the fresh air
- Decor – The apartment units have nice carpeting that looks good and minimizes the injury risk of a fall. They also have window treatments that look aesthetically pleasing
- Pet Policy – Morada Southridge realizes that pets are crucial to its residents’ happiness. This is why management allows residents to have pets in their apartments
- Communication – You will have your own personal mailbox at Morada Southridge. This helps you communicate with loved ones while retaining your privacy
While this is a lot of value, Morada Southridge offers many housing amenities as well. Residents will remain comfortable in the Oklahoma summers with air conditioning.
Also, our apartment units have oversized closets for all of your belongings. This allows you to keep all of your prized personal belongings.
At Morada Southridge, your kitchen comes with all of the modern amenities. You will have a refrigerator and freezer for your favorite food and drinks. The kitchenette has all the devices that you will need for meal preparation as well.
How Much Does an Assisted Living Community Cost?
There is no easy answer to this question. There are so many factors that go into assisted living pricing.
One general rule to follow is that you get what you pay for. An unrealistically tight budget may lead to an unacceptable living condition.
At Morada Southridge, you get what you pay for. Community fees go towards an apartment unit and community that you can be proud of. You will have a robust social life with community dining and activities.
Morada Southridge has been providing excellent senior care and housing for many years. If you want to learn more about how much does an assisted living community cost, contact us today at Morada Southridge to speak with a sales professional.
