The Real Cost of Assisted Living
Hidden Fees and Added Services
According to the U.S. Census Bureau, the population of seniors is growing. Projections indicate that 56 million seniors will inhabit the country by 2020 and 74 million by 2030. As the number of seniors increases, so does the need for senior living facilities. While you can still find plenty of traditional nursing homes, assisted living facilities have soared in popularity over the years. While this type of community has many benefits for seniors and their families, it can be difficult to parse exactly what you’ll be paying for. The pricing structure and contract details require careful consideration before you decide on an appropriate facility for your loved one. Prices for assisted living facilities vary significantly. Because they offer a slew of services, you need to be fully aware of what you’re paying for. The base price you are quoted will usually include rent, meals, and activities offered on the premises. Some companies may offer a few additional basic services included in this cost, but as a rule, you can expect that any extra services will increase the price. Add-ons for assisted living services can range from basic hygiene needs to medical costs. If your loved one needs help dressing, you can expect an additional fee. The same goes for medication
reminders, escorts to meals, incontinence care, and many other services. On-site activities are usually folded into the base rate, but be sure of that before signing. Access to a gym, pool, or pharmacy, for example, may incur extra charges.
One advantage of the pricing model of assisted living facilities is that you can add services at any time. Many care facilities house seniors of varying health and ability levels. In the event that your loved one needs more services, they are easy to add to your payment package. However, it’s important that you read the terms and conditions detailing any services you decide to include. Otherwise, you may end up paying for a service your loved one doesn’t need. The most important piece of advice when it comes to the hidden costs of assisted living is to read your contract thoroughly. You can also consult an estate planning or elder law attorney to ensure that you’re fully aware of all charges and possible future costs.
From theWife’s Perspective
A Month Full of Memories
It has been a month for memories here at the Libman household. For our two oldest sons, Evan and Ethan, the school year is underway. As much as his dad, older brother, and I have been trying to convince Ethan that school is a fun experience, he staunchly disagrees. He likes the opportunity to meet new friends, but still isn’t sure that the early-morning wake-ups are worth it. To balance all the time spent at school, we took a family camping trip to Big Sur where all six of us slept in a single tent. The close proximately meant that we all stayed warm at night, but it also meant that all the sand that accumulated on the boys’ clothes, hands, and feet from playing in the river came right into the tent with them. But even with the slight claustrophobia and dirty clothes, experiences like that one make me feel so blessed for the family I have. That being said, maintaining familial contentment is not as easy as taking fun-filled family vacations. Sometimes happiness requires hard work and foresight. For example, we just finished celebrating Yom Kippur, a day focused on atonement and repentance. During our annual observation of this holiday, Adam and I examine our lives,
our kids’ lives, and our relationship. We consider the ways we may have wronged one another or other people and ask for forgiveness. More often than not, we discuss seemingly trivial topics like cooking, cleaning, and laundry — small issues, but ones that can cause irritation over time. People tend to think that at this time of year, Halloween masks, pranks, and films are the scariest things you can encounter. But talking to your spouse about issues can definitely seem like the scarier option! Ultimately, though, this process is about self-reflection, forgiveness, and healing, all of which are fundamental for a strong relationship. Sometimes it is the hardest talk that helps the most.
-Maria Libman
4 • www.AdamLibman.com • Pay Less Taxes by Implementing Tax Reduction Strategies
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