The average cost for living in an Assisted Living facility ranges between $60 and $80 per day ($1800 to $2400/month) for the basics. This cost covers room and board, basic utilities (electricity, heat, water, and garbage), basic housekeeping (fresh linens) and some meals. Many facilities include 20 to 40 meals as part of the package. These meals can be breakfast, lunch or dinner.

Many facilities then have individually assessed levels-of-care. This additional cost can range from $300 to $1200 per month. There may also be other miscellaneous charges for additional meals, personal care , parking, activities. Add all these factor together and that $1800/month low-end can easily grow to $4000/month or more.

This is similar to what many seniors would pay in an Independent Living facility but is much less expensive than the $70-$300 per day ($2100 to $9000/month) for a Nursing Home..

Use the Senior Service by state (right toolbar) to get more detailed information about the cost of senior living in that state. For even more detailed information, many of the facilities include information about the costs and service at that assisted living facility.

Most facilities also require a non refundable security deposit. If the facility is part of a continuing care business, the security deposit can be used if the senior is moving to another facility within the same business.
Additional services are also available at most assisted living facilities. These a-la-cart services can include a personal assistant to help with almost any additional needs. A temporary personal assistant can make living in an assisted living facility and easy transition from a more independent environment.

Savings in home utilities, automobile insurance, gas, entertainment and meals offsets some of the costs of assisted living.

Medicare may not pay for any assisted living costs. In almost all cases, the senior must pay 100% of the cost of assisted living. Some states may offer some limited assistance through Medicaid for supplemental Social Security. Make sure to contact your local health office or Medicaid to see if you qualify. Some long-term health insurance plans may include coverage for assisted living. In addition some facilities offer financial aid to help pay for the overall cost.

  • Options for Help Paying The Cost of Assisted Living

Since Medicare does not help pay for assisted living services, many seniors are stuck with a dilemma. They need to help with some of their daily activities but they cannot afford to live in an assisted living facility. Two options for generating income for a temporary stay in an assisted living facility include reverse mortgages and life settlements. A reverse mortgage is similar to a home equity line in that you take the money out of your home slowly. It differs in the fact that there are no payments to be made at the loan and the loan is usually settled as part of the estate. These loans can be a very quick and painless way for seniors to pay for their stay in an assisted living facility. And life settlement allows a senior to sell an existing life insurance policy in exchange for a cup for a lump sum. This is especially good for seniors who do not have dependents and no longer need their life insurance policy as part of their estate. For a senior in his/her 80s, a $250,000 life insurance policy can generate up to $100,000 in a life settlement.