We know better than anyone that making the decision to move to assisted living is a big one, both emotionally and financially. Assisted living offers a multitude of perks – personalized care, safety and security, and a sense of community – but we also realize that for some, the price tag can seem daunting. Our expert team at Innovation Senior Living is here to help you every step of the way! Explore this detailed guide on assisted living costs, what’s usually included, and how you can fund your senior loved one’s assisted living care plan.
What Do Typical Assisted Living Costs Look Like?
Assisted living costs vary – they can shift based on where you geographically live, the type of community and apartment you’re considering, and the care level you need. However, here’s an average to give you an idea of the costs: 2025 assisted living costs are usually around $6,077 a month in the United States. These costs usually include amenities like:
- Housing in a private or semi-private apartment
- Three daily meals plus snacks and nutritional support
- Personal care assistance with activities of daily living (like help with bathing, dressing, or medication management)
- Housekeeping, maintenance, and laundry services
- Transportation services
- Activities, enrichment, and social events for residents
- 24/7 staff and emergency support
Further, some communities also offer memory care services, therapies, or on-site medical care. These services may come with additional fees, so it’s critical to ask the community you’re exploring for a detailed list of what’s included in their assisted living care plans. This will ensure your loved one is getting the perfect level of support for this stage of their lives.
How to Pay for Assisted Living: The Options
You can pay out-of-pocket for assisted living, but for some families that’s just not feasible. Many families use a combination of different funding sources to pay for assisted living costs, and there are many options to consider. Here are some of the most common ways families help fund assisted living costs so you can find the best fit for your family’s needs.
1. Long-Term Care Insurance
Does your senior loved one have a long-term care insurance policy? This funding source may cover a portion of their assisted living costs, especially if they need help with two or more activities of daily living (like bathing, dressing, etc.). Be sure to review the policy carefully so you have a clear idea of what it covers, and contact the insurance company to get more information about how to file a claim.
2. Veterans Benefits
If your senior loved one is a veteran or the spouse of a veteran, they might qualify for VA Aid and Attendance. This is a monthly government benefit for veterans and their spouses that helps cover the cost of senior care. If you’re unsure about eligibility, reach out to your local VA office to get more information.
3. Home Equity
Your senior loved one’s home can be a huge asset when it comes to funding assisted living costs. Selling it can generate a great deal of money that can be used toward finding the perfect senior living community. If selling isn’t an option, renting the home is another excellent way to generate income that’s needed to offset assisted living costs.
4. Bridge Loans
Bridge loans are special, short-term loans that help families pay for assisted living costs while they wait for other sources of funding to become available (like proceeds from a home sale or long-term insurance benefits). They’re not a long-term solution, but they can be helpful in “bridging the gap”.
5. Life Insurance Conversions or Settlements
Did you know that some life insurance policies canoe converted into long-term care benefits or a cash settlement? Be sure to explore your senior loved one’s insurance policy to see if a conversion or settlement is possible.
6. Medicaid
While Medicaid typically doesn’t pay for room and board in assisted living, it may cover some care services depending on the state you live in. This option usually applies to seniors who have exhausted other assets and meet particular income requirements.
Let Innovation Senior Living Help Guide You
It’s easy to feel overwhelmed by the price tag, we know – but remember, you’re not just paying for a place to live. You’re investing in a safe environment where your senior loved one can enjoy independence, community, connection, and personalized care to help them thrive in this new chapter. Not only that, assisted living provides families with peace of mind that their loved ones are safe, secure, and cared for by experts.
Ready to explore assisted living and how it can benefit your family? Contact us today – our expert advisors are here to walk you through it, and you can take a personalized tour of our beautiful community while you’re here. We’re looking forward to welcoming you to Innovation Senior Living!
