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How to Save Money on Assisted Living

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This is a guest post by Mariana Ashley.

Assisted living facilities are designed for those who struggle maintaining their own homes and need regular assistance from professional caretakers. While many homeowners don’t ever really plan on relocating to an assisted living facility, there may come a time when this option seems ideal.  In fact, according to the American Healthcare Association, about 1 million senior citizens choose to relocate to an assisted living facility to live out the rest of their Golden Years.

 

But assisted living typically doesn’t come cheap. According to the most recent statistics, the average price for a one-bedroom assisted living apartment is $3,185. That’s a whopping $38,000 a year. But there are some ways you can reduce costs by planning ahead. To ensure that you can make your new living arrangements affordable for both you and your family when/if the time comes, consider following these money saving tips listed below.

Choose the Smaller Layout

Often, assisted living facilities will offer its tenants two different sized-rooms: a one-bedroom apartment and a “studio.”  The one-bed apartment will have a layout similar to a college dorm.  They might be a tad smaller than what some are accustomed to, especially if one is used to sleeping in a grand master bedroom in their own home. But they are rather cozy. Studios on the other hand are much larger. They have more walking space and larger closets, but they also come with a hefty price tag. By choosing a one-bedroom apartment layout as opposed to a studio, you can save as much as $7,500 a year.

But sometimes the one-bedroom apartments are the first to go and you may be waitlisted. So prepare accordingly. Don’t expect to get a room immediately. Plan at least six months ahead.  Additional tip: Assisted living residences, similar to other housing facilities, are subject to meeting certain quotas and must fulfill a certain occupancy rate. Thus, facilities (especially the larger ones) often give “specials” or price reductions at the end of each month or financial quarter if they do not meet their occupancy goal.  These discounts can include waiving “community fees” or “move-in fees” which can save you hundreds of dollars.

Double-Up

While renting a one-bedroom apartment is cheaper, if you are married and are expecting to move into an assisted living facility with your spouse then the best option would be to rent a studio-sized room and share it. This same idea can be applied to single tenants as well. Think college-life and a dormitory lifestyle. Granted, this arrangement is not ideal for everyone. But if you have a best friend who is looking to relocate to an assisted living facility as well, or you find someone else who is looking to save a few bucks by sharing a room, then get yourself a roommate.

Go Smaller, Not Bigger

Lastly, generally the larger, multi-level assisted living complexes seem more appealing because they typically house more tenants and provide more amenities, but  they are also always more expensive. Smaller  facilities offer the same level of care but are more intimate, tenants  get to know just about everyone (including fellow tenants and staff) and most importantly its cheaper. Smaller facilities in rural and suburban areas can also be cheaper than facilities in the city. This is partly due to the city having higher real estate value and assisted living facilities must find a way to cover costs.

About the Author:

Mariana Ashley is a freelance writer who particularly enjoys writing about online colleges.   She loves receiving reader feedback, which can be directed to mariana.ashley031@gmail.com.

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The post How to Save Money on Assisted Living appeared first on Senior Money Memos.


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