Assisted living is a form of long-term care that provides you with independent living while also receiving care, either a helping hand or more intensive around-the-clock skilled nursing care. With more New Mexican seniors working beyond retirement age, you may begin wondering if an assisted living community is right for you.
Assisted living communities are as diverse as the seniors living there. You can find a facility to meet your needs and match your lifestyle. A facility can be in the form of a historical mansion, a sprawling hotel, or a skyscraper building with balconies. Some communities resemble townhouse units with private patios so you can continue to enjoy Albuquerque’s sunny days.
Utilities are covered typically, as well as indoor maintenance and outdoor upkeep. Assisted living communities can provide meal preparation, light housekeeping, transportation, respite care, medication management, dressing, bathing, laundry, and other activities of daily living (ADL). Continuum of care will allow you to stay in the community even if your health changes and you require 24 hour care.
Assisted living is available at home for those seniors who are not ready to move to a community. A home health aide can provide full or part-time ADL care.
49 percent of assisted living communities in the state allow small pets.
93 percent of assisted living residents receive help with housework.
86 percent of New Mexico’s assisted living residents receive help managing their medication.
New Mexico is home to approximately 284 licensed assisted living facilities.
The population for New Mexico’s assisted living communities varies - ranging from 2 residents to more than 200.
In-home assisted living with a full-time home health aide runs about $48,414 per year in Albuquerque, according to the Genworth 2015 Cost of Care Survey for New Mexico. This figure is expected to increase by as much as two percent by the year 2020.
Assisted living facilities in Albuquerque cost less than both the national and state median rates. Rates will vary according to location and services offered, but the average community in ABQ runs about $3,125 per month. Facilities in other parts of the state average $3,500 per month for a one bedroom, single occupancy apartment. That same size apartment in the country averages $3,600 monthly.
Most assisted living communities provide additional services that may or may not be included in the monthly rate. Communities, like The Woodmark at Uptown, offer one-stop services:
Activities on-site and off-site Transportation Beauty salon and barber shop Common areas, both indoor and outdoor Devotional services Hospice Physical, occupational, and speech therapy Podiatrist available Dentist available Doctor and nurse on call Aging in place (continuum care)
Tour any assisted living facilities you are considering and speak with the manager and staff about the available services and any additional fees.
Assisted living communities are available in studio, one, and two bedroom apartments, depending on the facility. You may want to consider getting a two bedroom unit and splitting the cost with a roommate. Having a roommate can make social events more pleasurable as well.
Depending on the type of care you need, it may be cheaper for you to hire assisted living help in your home. If that is the case, you can consider funding the care with a reverse mortgage if you own your home. Make sure you consult with an elder-law attorney before agreeing to the loan terms.
Families tend to turn to private funds to pay for assisted living expenses, such as savings accounts, trusts, IRAs, retirement benefits, and investments. It is advisable to meet with your financial advisor to create a plan for your future care.
Long-term care policies will cover assisted living facilities. If you carry life insurance, the policy can be cashed in early, however you will only receive a percentage of the face value. This percentage is usually 50 to 75 percent.
Veterans that served during war time may be eligible for the VA Aid and Attendance benefit that will help pay for assisted living, both at home and in a facility. Surviving spouses are also covered under the pension. Contact the Veterans Administration to learn more.
New Mexico’s Medicaid program, Centennial Care Community Benefit, covers assisted living as a long-term care service. Low-income residents that meet the income and medical requirements may be eligible. Contact your local Medicaid office to apply.
Find assisted living in Albuquerque near you.