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#1 Thing You Need To Know About Assisted Living Costs of Senior Living

On February 24th, 2021

Posted In:
Assisted Living

Choosing an assisted living community for your loved ones can be stressful, difficult, and emotionally taxing. We hope this information makes this important decision a little easier for you by explaining the potential costs of senior living - which is the #1 thing you need to know before considering assisted living.
Please brace yourself as we explore the potential costs of senior living.
There are many options to consider for your loved ones as they begin needing more assistance at home with chores, cleaning, shopping and personal care.

Independent Living

This option typically includes a private living residence with additional cost options for food preparation and household cleaning and chores. No personal care is included in these types of communities unless you contract privately for care at home (see more below under Care at Home).

  • The average cost for Independent Living is $3,500 per month or $42,000 per year (usually included meals and light cleaning services)

Care at Home (In-Home Care)

Also referred to as in-home care, this option is performed though a non-medical private duty agency. The cost will depend on the number of hours per day required and typically the rate per hour will go down slightly as the number of hours per day goes up.

  • At four hours of care per day, you could expect to pay $3,650/month or $43,200/year.
  • Six hours per day could cost $5,475/month or $65,700/year
  • Eight hours per day could cost $6,813/month or $81,760/year
  • 12 hours per day could cost $9,125/month or $109,500/year
  • 24 hour care could cost as much as $14,600/month or $175,200/year

Skilled Nursing or Long Term Care

These care facilities are designed to care for elderly or disabled people. Sometimes referred to as care homes, rest homes, or convalescent homes, the range of services offered varied but typically care for those with higher needs.

  • Average cost for a semi-private shared room is $7,147 per month or $85,764 per year

Assisted Living

Seeking to maximize lifestyle and independence, assisted living provides the 24 hours attention of in-home care for activities of daily living coupled with the services of home-cooked meals, laundry services and household cleaning and chores. Memory care is also a level of care that is offered in an assisted living environment.

  • Average cost for assisted living private room with bath is $4,517 per month or $54,204 per year.
  • Average cost for memory care assisted living private room with bath is $5,304 per month or $63,648.

Aid and Attendance Pension

Veterans New Mexico

There is also a wonderful benefit that veterans might be eligible to receive.  It's called the Aid and Attendance Pension and can be used for any one of the services mentioned above.  For more information you can visit our page at https://assistedlivingcarenm.com/services/veterans/ or our friends at Senior Care Associates.

We hope that explaining the potential costs of elderly care will help you in your journey as you consider what options will be best for your loved one.

2 responses to “#1 Thing You Need To Know About Assisted Living Costs of Senior Living”

  1. ENGELA DINA BERTOLINI says:

    Thanks for the information. I'm looking for my step-mom. It looks like a well-kept facility with great services. I am wondering if you accept any federal assitance (i.e. medicaid or medicare) to be allocated to medical care.

  2. Owen says:

    Thanks for the question. Unfortunately we do not accept any federal assistance to help cover the costs. We are a private pay home.

    I hope the information will help guide you as you look for a great place for your step-mom!

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