Cost of Assisted Living: What Seniors and Families Need to Know
Joining the AHCA-reported 800,000 seniors who live in assisted living communities may be a challenge for some. However, it's well worth the assistance, amenities, and activities that residents enjoy.
Understanding the cost of assisted living can help families plan and budget for this transition. Read on to learn the average costs of moving into a retirement community and what benefits these fees bring to seniors' lives.
The Average Cost of Assisted Living in Delaware
Genworth's 2023 Cost of Care Survey assessed the costs of senior living in each state. They found that Delaware families pay an average of $7,425 per month for care.
However, this cost of assisted living can increase when seniors require a higher level of care. Memory care living options made for those with Alzheimer's and Dementia cost between 20% and 30% more.
Why This Makes Sense
This may sound like a lot, but these costs make sense when you consider the Delaware rental market. Zillow cites the average monthly rent in the state at around $2,000. The year-over-year increase is around $72, so rates are going up.
These costs don't include utility fees, which can sometimes be as high as $1,000. Electricity and water are basic utilities that cost money, as is gas. Internet and phone bills can bring these costs up even higher.
Delaware residents also likely will also pay about $380 per person each month for groceries.
These costs total about $3,500. They don't account for any entertainment money or home maintenance. Car expenses like gas and insurance also aren't included.
Assisted living only costs about $4000 more at most each month. This includes all fees for rent, utilities, and food. It also includes so much more.
Are Assisted Living Fees Worth It?
Assisted living is well worth the money for seniors and their families. The rental fee is all-inclusive for more than just basic necessities. Seniors also get the care needed to thrive.
Compassionate caregivers help with tasks such as:
- Bathing and showering
- Dressing
- Personal hygiene (using the bathroom, brushing teeth, etc.)
- Cleaning up unattended messes
- Housekeeping and laundry
- Medication management
When you pay for caregiving services, you ensure that your parent or grandparent can enjoy a high quality of life. You also decrease the burden of caregiving on yourself and your family members. This means more peace of mind for everyone.
Accessible Amenities: A Financial Benefit
Well-appointed apartments and community amenities are specifically made for easy senior access.
Some features include:
- Wheelchair ramps
- Open floor plans for easy mobility
- Wide hallways and doorways
- Low countertops and sinks
- No-slip mats in showers
- Closets with ample space
- Grab bars to prevent falls
- Grip bars and railings for safety
Most homes outside of dedicated senior communities don't come with these features. As seniors age and require them, families may need to perform upgrades and renovations to keep them in their existing homes.
It can cost up to $20,000 to renovate a home to accommodate someone with disabilities. The costs are higher if your loved one requires wheelchair ramps and add-on space.
A Quality Community
When your loved one transitions into an assisted living community, they get more than just personal care. Some things that make the monthly costs worth it include the following:
- Chef-prepared meals with tableside service
- Ample library space with a diverse array of books
- Beauty and salon services
- On-site spiritual services
- Expert-led fitness and wellness programs
- Pet-friendly amenities
- Events like themed dances and parties
- Guest lectures and live musical performances
- Clubs like book clubs and crafting workshops
At State Street Assisted Living, located in Dover, Delaware, the monthly rental rate encompasses everything residents need to retain a high quality of life. They can enjoy their golden years in peace and engage with a vibrant community filled with friends and loved ones.
How to Save on Assisted Living Costs
Setting a budget is the best way to manage senior finances. Paying for assisted living is easier when you know what funds you're working with.
Consider different sources of personal money, including the following:
- Money from retirement accounts
- Personal savings in long-term accounts
- Funds from pensions and social security
- The cash you get from selling an old house and/or car before making the home-to-community transition
Add all the money in these accounts together. See how much you have to spend on an assisted living community. Then, prioritize the features that your aging loved one cares most about accessing.
Setting a comprehensive and well-informed budget lets you make senior living decisions with minimal stress.
Choose an Apartment Wisely
Your loved one's apartment is one factor that massively influences the cost of senior living. All State Street Senior Living apartments come with features such as:
- Comfortable bedding
- Cozy furniture
- HVAC temperature control
- Treated windows
- Natural light
- Carpeted flooring
- Ample storage space
- Wall space to display personal art
However, you can choose between multiple floor plans like:
- Studio-style suites
- One-bedroom apartments
- Two-bedroom apartments (with shared kitchen and living areas)
Some will cost more than others, so check out each type of apartment before making your decision. Weigh your options and talk to your aging loved one to ensure that you make the right investment.
Look Into Alternative Funding
Families can make paying for assisted living easier with alternative finding sources. You can decrease financial burdens with the following:
- Military veteran's programs
- New-resident promotions for decreased first-month rent
- Long-term insurance policies
To find more funding in ways you haven't thought of yet, schedule a meeting with a financial advisor. Experts are well-seasoned in helping families cover the cost of senior living, so you can rest assured that you're in good hands.
Make the Most of Your Assisted Living Budget
Now that you know the cost of assisted living and why it's worth the money, it's time to learn more about the best Dover community. State Street offers a wide variety of programs. Multiple living options and levels of care ensure that there's something for everyone.
We're committed to offering various ways to save money before move-in day, so contact us to learn more about funding the transition to assisted living.