There is no question that the cost of getting older can be high. Regardless of whether a senior needs assisted living care, a nursing home setting, or prefers in-home care, they will have to pay for it. While the cost of living in Memphis is lower than the national average, it does not mean that this late-in-life care is still costly. One of the best ways to cover the costs of assisted living care is to know what to expect.
There are a number of factors that will impact the cost of the selected assisted living facility. Some of the impacting factors include:
Location of the facility Level of care needed Additional services desired
Learn more about assisted living, cost expectations and other factors to know what to expect when it comes time to find a place to live.
In the state of Tennessee, the assisted living bed capacity is 15,375.
The total population of individuals over the age of 65 in Tennessee is 856,664, which provides 18 beds per thousand elderly residents.
Every day more than 100,000 people in the U.S. turn 65 and this is a trend that is going to continue for the next 15 years.
Tennessee is ranked number 38 in the nation in regard to elderly care.
In Memphis, the average cost of an assisted living facility on a monthly basis is $3,710. The minimum is $1,000 per month and the high is $7,728 per month. Per year, this averages out to $44,520. This is only slightly higher than the national annual costs for assisted living care, which is $42,200 per year.
It is important to note that there are a number of factors that will impact the final cost of the assisted living facility selected. However, it is estimated that in Memphis, there is a five-year annual growth of 4%.
For seniors who are thinking about moving into an assisted living care facility, there are a number of factors that have to be considered. For example, they need to think about what services are included with the cost of the room, if any. Some questions to ask when visiting or considering a location include:
Will the quoted price cover just the room, or other services? What other services are included in the cost, if any? Will there be options for additional care needs at the location, if the senior ever requires them? Are meals included in the cost that is being paid?
If possible, stick around the assisted living location to have a meal and speak with residents who are there. This can provide invaluable insight regarding the quality of care and the living environment that is present at the location being considered.
The absolute best way to save money on assisted living care is to share a room with another resident. This will reduce the costs significantly and provide the person with company throughout the day.
There is no question that the cost of living in an assisted living facility can be high. This number gets higher as a person’s needs increase and while some assisted living facilities offer additional care resources, this comes with a cost. As a result, many people need assistance in covering this cost. Many people have to pay for care themselves by using bank accounts, stocks, and other assets. However, Medicaid is also a payment option.
Medicare will usually not cover assisted living care. It also is not covered by most types of health insurance. However, Medicare should not be dropped, since you will still likely need medical care while in the nursing home.
One option to help pay for assisted living care is Medicaid. This is a joint state and federal program that pays for assisted living care. A person has to meet the financial and medical requirements to get this coverage.
Assisted living care can also be paid by long-term care insurance. This type of coverage can vary greatly. There are some policies that may only cover the actual residence while others provide a range of services, such as home care, medical equipment, nursing home care, etc.
Federal employees and members of the military may also be eligible for Veteran’s benefits. This is all subject to meeting certain requirements in regard to finances and medical need. In many cases, speaking with the assisted living representative will help ensure that the available help is sought and used.
Find assisted living in Memphis near you.