How Much Does Assisted Living Cost?

Assisted living communities provide seniors with a level of care that bridges the gap between independent living and skilled nursing care. These communities offer assistance with daily activities such as bathing, dressing, and medication management, while still allowing residents to maintain a level of independence.

“What is the cost of assisted living?” is a common and important question we hear.

At Park Senior Villas, our goal is to help residents and their families understand what assisted living means since searching for the perfect senior living option is a big decision. Making sense of multiple contracts, services, fees, and amenities is an undertaking, but it’s worth the time and research to find the best senior care community.

The cost of assisted living can seem like a loaded topic, as many variables make up the total investment. Simply put, assisted living costs vary based on several factors, including but not limited to the community, the size of available apartments, the number of services needed, what type of amenities are offered, and the area in which you live.

An Overview of Assisted Living

Assisted living communities offer seniors private living spaces, typically apartments or suites, with access to common areas, and amenities such as dining rooms, activity rooms, fitness centers, a salon, and outdoor spaces. These communities typically offer assistance with daily activities, medication management, housekeeping, and transportation services.

One of the primary advantages of assisted living communities is the social aspect. Many seniors find themselves feeling isolated or lonely when living alone, and assisted living communities offer opportunities for socialization and connection with others in their age group. However, it’s important to note that some seniors may find the communal living aspect of assisted living to be overwhelming or uncomfortable.

Understanding the Average Cost of an Assisted Living Community

The cost of assisted living varies depending on several factors, including location, level of care required, and amenities offered. According to the Genworth Cost of Care Survey 2022, the national median monthly cost for assisted living is $4,500. However, this monthly cost can range from $2,000 to over $10,000.

The Cost of Assisted Living Versus the Cost of Other Senior Care Types

Assisted living is just one of many senior care options available, and the cost of each option also varies widely. Here’s a quick comparison of the cost of assisted living versus other senior care types:

In-home care: The national median monthly cost for home care is $5,148 which can be a more affordable option for seniors who do not require 24-hour care.

Skilled nursing care: The national median monthly cost for a semi-private room in a skilled nursing facility is $7,908.

Memory care: Memory care, which is specialized care for seniors with dementia or Alzheimer’s, is more expensive than traditional assisted living, with a national median monthly cost of $5,865.

Size of the Room

Depending on the senior living community, different types of living options will be available. The size of apartments will vary by community, as will the setup and arrangement of those apartments. At Park Senior Villas, we have a unique situation in that our apartments are situated in what we call neighborhoods. We provide an intimate home setting with several apartments around a large common living space.

Location of a Senior Living Community

What’s the geographic location of the facility? Some markets are more expensive than others, which means the cost of assisted living could significantly increase.

Services Needed

Assisted Living, Memory Care, Respite Care, or Behavioral Care? What type of senior living service and care is needed? The level of care that is required will change the senior living price.

Additional Costs

What type of amenities are included in the senior care community? Do they offer activities like socialization, intellectual stimulation, physical activities, philanthropic opportunities, and spiritual wellness? These should be included to help residents maintain a level of independence for as long as possible.

The Value of a Senior Living Community

The importance and value of the right senior living community are priceless. When considering all that is included in the monthly fee, it’s clear the services provided are more than worth it. By bundling costs and removing the need to pay rent or a mortgage, utilities, landscaping, cable, repairs, in addition to care, we can offer the most valuable option in assisted living. Here at Park Senior Villas, we take pride in all that is included in our assisted living cost as we believe in making our communities feel like home.

Our senior care communities provide a unique approach to senior living. The monthly assisted living price includes the following:

  • Low resident-to-caregiver ratio
  • 24/7 caregiving services
  • Onsite clinical staff
  • Neighborhood-style communities with open courtyards
  • Chef-prepared meals (in specific locations)
  • Activities, entertainment, and daily socials
  • Therapeutic resort-style spa
  • Full-service salon
  • Pets welcome
  • Multiple senior living services and locations

How to Pay for Assisted Living

Finding ways to pay for assisted living can be a daunting and overwhelming task. However, there are numerous ways to gather the funds. As this process will vary per family, we’ve seen firsthand the many ways individuals can finance senior living. We’re happy to help you navigate this process, so don’t hesitate to contact Park Senior Villas with questions about paying for assisted living. Often, the best way to figure out the financial aspects is to come in for a visit with our staff, who can walk through options with you and your family. Give us a call at (602) 345-1992.

Medicaid (ALTCS)

Medicaid is a government-funded program that provides health care coverage to low-income individuals, including seniors who require long-term care. In some states, Medicaid will cover the cost of assisted living, but eligibility requirements vary by state.

Veterans Benefits

Seniors who are veterans may be eligible for benefits through the Department of Veterans Affairs to help cover the cost of assisted living. These benefits can include a monthly pension, which can be used to pay for long-term care services.

Long-Term Care Insurance

Long-term care insurance is a type of insurance that can help cover the cost of assisted living, as well as other long-term care services. Policies vary widely in terms of coverage and cost, so it’s important to research and compare options before purchasing a policy.

Reverse Mortgages

Seniors who own their home may be able to use a reverse mortgage to help pay for assisted living. A reverse mortgage is a type of loan that allows seniors to convert a portion of their home’s equity into cash, which can be used to pay for long-term care services.

Life Insurance

Seniors who have a life insurance policy may be able to use it to help pay for assisted living through a process known as a life settlement. A life settlement involves selling the policy to a third party in exchange for a lump sum payment, which can be used to cover the cost of long-term care services.

Of course, these are not the only options when paying for senior care. At Park Senior Villas, we can help you find the best approach and plan when moving into senior living.

Learn More About Assisted Living Near You

If you or a loved one is considering assisted living, it’s important to research and compare communities in your area to find the right fit. Look for communities that offer the services and amenities you need, as well as a welcoming and supportive environment.

Some factors to consider when researching assisted living communities include:

  • Location: Look for communities that are located near family members or other important amenities, such as shopping or medical facilities.
  • Cost: Compare the cost of different communities to find one that fits your budget.
  • Services and amenities: Consider the level of care and services offered by each community, as well as the amenities available.
  • Reputation: Research the reputation of each community by reading online reviews or speaking with current residents and their families.

Learn More at Park Senior Villas

Here at Park Senior Villas, we provide tours of each community and walk you through the entire process. Additionally, we break down the cost of senior living to provide you and your family with a stress-free process along the way.

Ready to make the move to Park Senior Villas? We are here to help provide ease and comfort during this time. Whether it be for you or your loved ones, understanding the assisted living cost shouldn’t be a burden. We understand cost and affordability are a large concern and deciding factor for families in need of supportive care, which is why Park Senior Villas uses a compassionate approach when providing services and pricing. Take a look at the many assisted living services we offer as well as each of our Arizona senior living locations. We look forward to hearing from you!