11 Essential Facts About Assisted Living You Need to Know

Assisted Living vs. Nursing home: What is the difference?

People often confuse assisted living facilities with nursing homes but the two are actually quite different.  Assisted living communities provide care and assistance for seniors who can no longer live by themselves. These include everyday activities, assistance with medications, housekeeping, prepared meals, organized social activities and outings. In contrast, a nursing home provides constant skilled nursing care and medical assistance for residents with more serious medical conditions.

How much does assisted living cost?

According to a study conducted by Genworth Financial, a long-term care insurance company, the median cost of assisted living in 2018 was $4,000 per month. In addition, the National Center for Assisted Living reported that the average cost for assisted living in the United States is about $4,000 per month or $48,000 annually.

When choosing an assisted living facility, there are several factors that need to be taken into consideration, such as its location, size of the space to be occupied, level of luxury and level of care to be received by the resident. “Sometimes called tiered or à la carte pricing, the amount you pay depends on the level of help you need with ADLs (activities of daily living) and the amount of time it takes to deliver those services,” notes Beth Burnham Mace, chief economist at the National Investment Center for the Seniors Housing & Care Industry (NIC). For example, for a single-occupancy room you could pay a yearly amount of $32,400 in Missouri and of $72,180 in Delaware. That’s certainly no peanuts money!

Top 5 most expensive monthly median cost for a single bedroom:

  • Washington, D.C. – $11,288
  • New Hampshire – $7,021
  • New Jersey – $6,400
  • Delaware – $6,035
  • Alaska – $6,000

Top 5 least expensive monthly median cost for a single bedroom:

  • Missouri – $2,881
  • Arkansas – $3,175
  • Alabama – $3,250
  • Georgia – $3,335
  • Nevada – $3,400
1 23 ... 6»

Most Recent Posts

Personal Finance

Retirement Life

Saving & Spending