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How much can assisted living cost?

On Behalf of | Nov 23, 2021 | Elder Law

When you or a loved one are getting older, one of the options you might look into is assisted living. An assisted-living community can provide the help you or a loved one needs with your daily tasks and activities while still allowing you to have control over your life.

Assisted-living communities are ideal for people who may not be in need of around-the-clock care but who do need some help with their everyday activities. It is a long-term care solution that may help you or someone you care about retain your independence for a longer period of time.

Assisted-living facilities can be pricey, but the price will depend on exactly what the facility offers and the amount of support that you or a loved one need.

What is the average cost of assisted-living care?

Assisted-living care can be expensive. Every state has its own fees and costs, but in Indiana, the average daily cost of living in an assisted-living facility was $144. The average monthly cost is approximately $4,382, as of May 2021, and the yearly cost was an average of $52,584.

That sum is higher than in some other states but lower than many, which is why many older people begin to look into the state where they’d like to retire and live if they need longer-term care. For example, the cost of assisted living per year is around $79,590 in Alaska, so someone might want to come to Indiana to save money. Similarly, if you want more affordable long-term care, you might look into moving to Georgia or Florida, where the fees are $42,000 and $44,400 on average, respectively.

Consider long-term care planning now to protect your wishes

Long-term care planning should takes into consideration many variables, one of which can be the overall cost of living in an assisted-living facility in the state where you reside if that’s something that you see yourself or a loved one doing in the future. Other long-term care options also exist, such as going into a nursing home or having in-home health care support, so it’s a good idea to talk about your goals now and to determine what you should plan for financially in the future.