As an assisted living facility in Tea, SD, Morgan Lane Village fields many questions concerning the price of assisted living. At first glance, the costs associated with long-term care may seem high, especially for anyone paying for these services out of pocket. Many seniors are asking themselves, “Is assisted living too expensive for me?”

Assisted Living Costs

What Am I Currently Paying?

A good place to begin answering this question is by asking another: What is the cost of remaining in my current living situation?

  1. If I live in an apartment or condominium, what is my monthly cost for rent? If I own my property, do I have a house payment?
  2. As a homeowner, what do my property taxes, utility bills, garbage service, homeowner’s insurance and home maintenance cost annually?
  3. Am I able to shop for and cook nourishing meals for myself, and what do they cost me?
  4. Can I keep up on my daily cleaning routine, or am I going to have to hire housekeeping services?
  5. Do I have a family member who can help me with daily hygiene and dressing tasks if need be? Or will I have to pay someone to do them for me? 

Several websites, such as A Place for Mom, offer a breakdown of these monthly expenses and compare them to the average costs of assisted living. Of course, the type of care you require and whether you live in a semi-private or private room will increase or decrease the cost of living in senior housing.

 

How Do Residents Pay for Assisted Living?

Most residents pay for an assisted living residence on their own, with additional help from various resources. They may include long-term care insurance, Veterans benefits, pensions, Social Security, investments, or home equity. Tenants often use multiple sources to cover the costs of assisted living. 

If you’re planning to use investments to finance elder care, always speak with your financial advisor, as he/she will understand your unique situation. Alternatives do exist that may provide the support you need to pay for assisted living. These include:

  • Long-Term Care Insurance
  • Medicare
  • Medicaid
  • Aid and Attendance Veterans Benefit
  • Investments
  • Live Settlements
  • Reverse Mortgage
  • Annuities

 

Assisted Living is an Investment in Yourself

At Morgan Lane, our goal is to help our residents maintain independent living skills as long as possible. We advise potential residents to consider not only how assisted living care will affect their bank accounts, but how it will influence their health and well-being as well. 

Most people discover that they simply cannot afford to continue in their current living setups. Upon moving into our retirement village, they’ve enjoyed better physical and mental health, as well as renewed energy and diverse friendships. 

For more information on joining the Morgan Lane assisted living community in Tea, SD, we encourage you to contact us today!