Assisted Living Prices Increasing
The average monthly cost for assisted living has risen 5%, which might drive
some seniors to consider other, more economical options when it comes to
long-term care, according to the 2012 American Association for Long-Term
Care Insurance (AALTCI) Sourcebook.
Assisted living costs an average of $3,350, reports the association, but
despite the increase, more people have been turning to assisted living or home
healthcare options rather than nursing home care. Less than a third (31%) of
newly opened long-term care insurance claims are for nursing home care,
according to AALTCI data.
However, many seniors are realizing that long-term care insurance can allow
beneficiaries the option of staying out of assisted living communities in favor
of more economical, in-home care, according to Jesse Slome, executive director
of AALTCI. While the monthly cost of assisted living facilities saw the 5%
increase, from 2006 to 2011, home health care saw just under a 1% annualized
increase, he says.
Most of today’s seniors want choice and control about where they are going to
live as they age and to be as independent as possible.
One million people resided in long-term care facilities in 2011, according
to the association. The average age of seniors moving into assisted living
communities is 84.6, and residents stay in facilities for an average of 22
The AALTCI also found a wide range in the monthly rates assisted living
facilities charge. As monthly rates in our area are a lot more than the
Assisted living is a wonderful option for the people who can afford it.
Unfortunately, people are not planning for living a long life. Most people
don’t have a plan, so they stumble along. Those who have a plan, have many
options available to them. Consequently, call the office and we can start
you the right path.