As you age and require additional support and assistance in your daily life, you may be considering moving into a senior living community. Whether you intend to move to a warmer place like Florida or already live here, one of the most critical questions on your mind is likely "how much does senior living cost in Florida?" and "how can I pay for it?" This article will discuss how much senior living costs and how to pay for it in the Sunshine State.
How much does senior living cost in Florida?
Finding affordable senior living is getting more challenging, as it's harder to find extremely affordable ones. For instance, the average monthly rate for assisted living is $3,000/month, depending on apartment type and size. Care and medication management bring the total cost to nearly $5,000/month.
The average cost of independent living ranges from $2800 and up depending on apartment style and second person charges. Memory care cost are usually all-inclusive and have a range of $5,000 and up depending on shared or private and size of unit. Welcome Home can help you compare costs and services at different senior living communities to find the best option that fits your budget and needs.
How much does it cost to move into a luxury senior living property?
Luxury senior living communities generally provide superior services and amenities compared to regular senior living options, such as access to top-notch medical and wellness facilities and upscale dining experiences. As such, you can expect to pay more.
The cost of moving into a luxury senior living property varies greatly depending on the size of the unit, level of services and amenities, and other factors. Typically, luxury properties start from $5,000-$10,000+, not including care and second-person costs.
Consider doing away with luxuries if you cannot afford to pay the extra, or speak with your senior living placement consultant to help you find a balance between affordability and comfort when choosing a community.
How do I pay for senior living? The Long Term Care Insurance Option
Long term care insurance is an option for paying for senior living. It gives you the peace of mind that some or all of your costs may be covered, depending on the policy you choose. The insurance pays out a daily benefit amount to help cover expenses related to long-term care services like nursing homes, assisted living, home health care, adult day care, and respite care. The amount of the benefit, along with how long it is paid out for, will vary depending on the policy you choose.
When considering a long term care insurance policy, make sure to review any exclusions or limitations that may be in place. Some policies may exclude coverage for certain conditions or types of care, so it is important to understand the specifics of your policy. It is also important to make sure you have enough coverage for any potential long-term care needs.
When selecting a long term care insurance policy, there are several factors to consider. These include the cost of monthly premiums and how they may increase over time; the amount of the daily benefit and how long it will last; any exclusions or limitations on coverage; and what types of care are included in the policy.
The cost of premiums can vary significantly, so it is important to compare policies carefully before making a decision. It is also important to review the specific benefits that are included with each policy, as this can help you determine which policy is best for you.
Nursing homes can be costly compared to assisted living communities. As such, the Medicaid waiver program pays communities that participate up to $1650/month to offset costs. The client retains their monthly social security funds. The client pays the difference. If the client has assets, they can seek advice and help from an elder attorney to qualify for Medicaid before applying for the Medicaid LTC (long-term care) waiver program.
Additionally, ICP (Institutional Care Program) Medicaid is for long-term care in skilled nursing, and the client does not retain their social security funds. The selection of communities participating in these social healthcare programs is limited, so it's essential to secure placement with the right senior communities to take advantage of these benefits.
One last option to help fund senior living would be through a Strike Health Insurance plan. Please consult with a licensed insurance broker to view options.
Other options to help fund senior living
If your health insurance doesn't cover long-term care, you can pay for senior living out of your personal savings or retirement accounts. If you do not have enough personal savings or income to cover the cost of care, selling off your assets, such as stocks, bonds, or real estate, is a logical solution to fund care in a senior living community.
Finding a senior living community that suits your budget can be overwhelming. Let's help!
Finding a senior living community that fits your budget can be a challenge. By working with our experienced and compassionate senior placement advisors, you can find a community that meets your needs and budget. Get started by contacting us today.