It’s not easy for anyone to budget for the future. We don’t know what will happen with the economy, real estate, jobs, or world affairs, and it can sometimes be stressful.
Those feelings are magnified if you have to make a long-term decision that has a big impact on finances, like assisted living. So, we’ve put together this helpful guide on comparing costs between different assisted living facilities.
Discover our cost comparison tips to ensure you get value for money.
1. Check the Pricing Structure
Comparing the costs of assisted living facilities isn’t always straightforward, as there isn’t a single pricing structure.
When selecting an assisted living facility, you’ll mainly see one of three pricing structures. The first is all-inclusive. If this sounds familiar, it might be because you have seen it in the travel industry.
All-inclusive means there’s one single fee that covers all services. It’s fixed cost, which means you won’t get any unexpected charges.
You’ll also see a tiered structure. Tiered pricing differs depending on the level of care and services you need. A higher level of care will come with a higher fee than a basic one.
The third option you’ll also see with assisted living facilities is a fee-for-service arrangement.
This pricing structure is almost like a pay-as-you-go, menu-style arrangement. If you need a service, you pay a fee for that. Otherwise, you only pay a low base rate.
2. Consider the Services, Amenities and Other Pricing Factors in Senior Care
If you are comparing senior living costs, it’s vital that those costs fully reflect what you need in an assisted facility. This will also help you decide which pricing structure best suits your needs.
Facilities will always offer slightly different services, but all will have basic amenities. Look beyond that and list the more comprehensive services that you might prefer.
For example, a facility with classes or fitness rooms could be a must-have if you or your relative like to exercise. On-site medical care may be essential for those with pre-existing conditions.
Some will want lots of social and cultural activities available,e ensuring their day is busy and rewarding.
Once you’ve listed your priorities, it’s easier to compare costs side by side. You can check more comprehensive offerings and see if the price is worth paying compared to more basic services.
If a provider doesn’t offer a key service that you need, it might be best to leave it off your shortlist, even if the pricing seems cheaper.
3. Check for Additional Fees and Assisted Living Expenses
Some people prefer all-inclusive models because they offer peace of mind that they won’t face extra bills they didn’t anticipate.
Additional costs can be troublesome if you haven’t budgeted for them, so always check the small print of any pricing structure to see what is and is omitted.
The brochure or quote should include a section outlining additional services and fees. Also, look for other potential costs, such as late payment fines.
Contact their team for clarity if you can’t find this information when evaluating an assisted living facility.
Common areas where you might see extra fees include specialist medical care, transportation, and outings.
However, some of these will be non-negotiable if they come up, so even if you don’t want to pay upfront, it’s still worth understanding the costs if you need them in the future.
4. Check Whether You Have Access to Financial Assistance
Covering assisted living costs shouldn’t put a strain or worry on anyone. That’s why some financial assistance schemes are in place.
These forms of aid differ by facility, so you will need to check what’s available when you get your quote. You might find help through scholarships, the Medicaid program, and scaled fees.
Some also have partnerships with non-profit groups which offer subsidized programs.
Many of these will be means-tested, and you must show evidence that you need additional financial support by completing forms showing your income, wealth, debts, and outgoings.
However, they can be a valuable way to alleviate financial pressures if they create stress and worry.
5. Consider Additional Costs Associated With the Location
Location is something to keep in mind when you are crafting a budget for assisted living support. It’s often a factor that people forget to include.
First, there is the cost of moving. Moving further away will mean more complexities in the moving process, which will increase the expenses.
There is also the proximity to family to consider. If the facility is far from family members, they will face high costs each time they want to visit.
The costs of living also vary depending on the facility’s location. Medical care, food, and activities may be higher in a popular metropolitan area than in a rural one.
Always think these costs through to ensure your budget is sufficient.
6. Plan for Future Costs for the Most Affordable Assisted Living
Assisted living facilities must offer long-term affordability. So, when calculating the costs, think about the long-term expenses and whether they will still be viable.
There are a few factors that might increase the costs. Firstly, there is inflation. It’s been an issue in the USA in the past few years and impacts living costs, food, and fuel.
That could affect pricing.
There are also the costs of additional care you or your family member might need. Some diseases like dementia and Parkinson’s are progressive, which means their care needs will increase in the future.
There is also the risk of health episodes that lead to additional care needs, like a fall or a stroke. Make sure you have a financial cushion to fall back on if circumstances change so that it doesn’t cause worry.
Comparing Costs Between Different Assisted Living Facilities
It may take some time when you begin comparing costs between different assisted living facilities. But it’s an essential step in your process for choosing the right community.
It ensures that you find a facility that delivers value for money alongside excellent care.
We’ve designed Morada Senior Living as an answer to people looking for that perfect combination of excellent care at an affordable price. Discover more about what we offer by viewing our facilities.
