What is the cost of assisted living? Rates are subject to significant variation between states, cities, and regions. Here are some guidelines that will help you to compare the costs of assisted living. Rates can range between $3750 and $3848 per month. The average assisted living rate in Columbia, Missouri (and Jefferson City Missouri) is slightly higher than the national standard. While the cost of assisted living in St. Louis, Missouri and Columbia, Missouri is lower than the national average, it's still less than $3000 per month.
Rates vary by state
Assisted living costs vary from state to state, but they're generally affordable for the average senior. Additional fees may include move-in deposits and cleaning fees. Additionally, the cost per day of living tends be increasing by between 3-6 percent annually. Most people pay for assisted-living with their personal funds. But Medicaid and long term care insurance are options. Reverse mortgages can also be used to help pay for assisted-living.
Region
The cost for assisted living varies by area and community. Rent can be significantly higher in some areas than in others, and the level of care can also determine the price. Prices can also vary depending on apartment type, age and regulations. Two-bedroom luxury apartments with two bedrooms can run upwards of $6,000 per monthly, while smaller studio apartments can be as low as $3,000 per months.
Community
It can be difficult for seniors to locate assisted living facilities in their area. The costs of community assisted living will vary depending upon the level of care required by your loved one. Before quoting a rate for your loved one, they will usually evaluate their needs and budget. In order to determine the best level of care, community representatives might ask you questions. Understanding the cost structure of assisted living communities is a good way to reduce uncertainty around the price.
Care level required
The level of care a person requires at an assisted living facility will determine the costs associated with it. An individual who is less dependent on assistance may only need help walking, managing medications, and dealing with medical issues. A nursing assistant may be enough for this person. Residents needing higher levels of care will require more assistance and one-on-one attention. This group may also require additional help in the areas of toileting and grooming as well as personal hygiene.
Asset limit
The asset limit for assisted living depends on the state in which the resident lives. Individuals must have a minimum of $16,800 in assets. The Medicaid program places an asset limit on couples. This means that if one spouse owns $6,500 and the other has $16,800, the combined amount cannot exceed $15,000. If the person has multiple assets, the limit may be higher. In certain cases, an individual can still have assets over the asset limit to qualify for Medicaid.
Tiered or a la carte pricing
For different services, assisted living communities might charge differently. While some communities charge a standard fee, others will charge additional fees for specialized services such as physical therapy and medication administration. This can make the cost of assisted living very confusing, but some facilities offer an all-inclusive pricing model that makes monthly expenses easier to budget. Basic services such as transport and housekeeping are included within the fees. Some also charge for personal care separately, based on accumulated hours.