Budgeting Tips for Families Considering Assisted Living
Choosing the right assisted living community for a loved one is an important and personal decision for many families. These state-licensed communities are designed for independent living with vibrant social interactions, engaging activities, and community meals from caring staff and skilled nurses who help seniors with everyday activities like bathing, dressing, and medication. So, how do you find the right community for the special senior in your life?
To start, many families begin with proper financial planning. According to the American Health Care Association (AHCA) and the National Center for Assisted Living (NCAL), the national median rates for assisted living services are $4,000 monthly and $48,000 annually. In Utah, the cost of assisted living care also varies by region. In Salt Lake City, the average 2020 cost was around $3,700 per month, whereas in St. George it was closer to $3,400 per month, respectively.
Here are some simple budgeting tips for families considering assisted living:
· Think Ahead: 55% of assisted living residents are over the age of 85. Start considering options once you or your loved one reaches retirement age, so you have plenty of time to start saving
· Automatic Saving: Set up a monthly automated bank transfer that moves money from a checking account into a dedicated savings account
· Do Your Research: Learn what is included in an assisted living community’s monthly cost and what is not
· Online Banking: Set up an easy, paperless way to help stay ahead of spending
· Federal and State Aid: Check to see if your loved one qualifies for health coverage like Medicare or Medicaid to help with medical expenses
· Stick to the Budget: Don’t spend more than you should
Choosing the right assisted living community is an important decision. The Utah Assisted Living Association (UALA) is ready to help answer any questions to help guide families through the process.
For more information, visit https://utahassistedliving.org/.