A Guide to Understanding the Costs of Assisted Living

A Guide to Understanding the Costs of Assisted Living

Assisted living helps seniors with daily activities such as bathing and medication management but is not a replacement for home care or memory care.

Seniors and their families need to understand how assisted living costs work and some of the different ways they can pay for it.

Costs of Living

The cost of living in assisted living depends on location, level of care, and amenities. Prices may rise over time, so carefully consider your options and budget.

Personal funds are the most common way to pay for assisted living. However, many families utilize assets like investments and property to help cover costs.

Private health insurance typically doesn’t cover assisted living fees, but some policies include a component for personal care services. Some long-term care insurance plans may also cover some or all of the cost. In addition, many communities offer room sharing to reduce the cost of care.

Medication Management

Assisted living facilities in Saint Petersburg, FL have medication management services, including storing a resident’s medications, transporting them to the apartment, and administering them to the resident. Efficient medication management helps to minimize liability exposures, as well as promote the health and safety of residents.

It also ensures that the right prescription is administered to the right resident at the right time. For example, giving someone with low blood pressure medicine intended for high blood pressure would be dangerous.

Ask a potential assisted living resident about their pharmacy management system. This should involve regularly reviewing medication-related issues, implementing quality improvement initiatives, and staying up-to-date on industry trends and best practices. It should also ensure clear communication between staff and residents, their families, and pharmacists.

All-Inclusive Pricing Model

There are a few different pay structures for assisted living, and understanding each can be confusing initially. Some communities use an a la carte model where each service has a cost attached to it. Others have an all-inclusive model where all services are included for a set rate.

Which one is best for your family will depend on how much flexibility you have regarding the care your loved one requires. If you anticipate their needs changing and requiring a higher level of care, an all-inclusive model might be suitable.

Veteran’s Benefits

Many veterans are unaware that they or a surviving spouse may be eligible for financial assistance to help pay for assisted living services. The VA offers a monetary pension for wartime veterans that is not explicitly intended to cover assisted living costs. Still, it can be used to help offset the costs associated with it.

Wartime veterans who cannot take care of their daily needs without the help of another person and those who are substantially confined to the home because of illness or injury can qualify for this increased pension.