Assisted Living is considered an attractive residential option to aging at home for older adults who cannot safely live alone. There are approximately 30,000 assisted living communities in the United States with about 1 million residents. Most communities offer private apartments, plus shared activity rooms, such as libraries and gyms, and transportation to appointments and shopping.
Assisted Living communities usually include these services:
- On call supervision and assistance
- Housekeeping and maintenance
- Meals
- Medication management or assistance
- Some personal care services
Although costs vary widely from state to state, according to the 2021 Genworth Cost of Care Survey, $4,500 per month, or $54,000 a year, is the national median cost for a one bedroom unit in Assisted Living. In 2022, rates at most care facilities increased as much as 12% or more due to higher costs of food, utilities, insurance, labor, and everything else.
Medicare is not coming to the rescue. Medicare (federal health insurance for people 65 and older) covers only 20 days of care in Assisted Living. Coverage by Medicaid (federal and state partnership that subsidizes long-term care for low income older adults) varies from state to state and has strict income requirements.
Consider that only one-third of people age 50 or older are facing retirement with enough money put aside to provide for themselves in later life. It’s easy to see how limited finances mean limited choices in eldercare facilities.
“For most people, savings and Social Security income
aren’t enough to pay for Assisted Living.”
(Consumer Reports, 2017)
Even once you become a resident in an Assisted Living community, it is likely that your needs will increase as time goes on either due to mobility challenges or chronic conditions. There’s no way to predict how much help will be need or the costs of such help. In short, Assisted Living is an option only for those who have money now and in the foreseeable future.
