When you’re exploring the option of an assisted living community for your senior loved one, you may find that the cost is a bit intimidating. How will you and your family pay for the level of care your loved one needs? What options are available to you to make it as feasible as possible? The Timbers on Blackwell Creek is here to help. Our expert advisors have all the information you need when it comes to the cost of assisted living and how you can pay for it.
How much does assisted living cost?
How much does assisted living cost cost when all is said and done? There’s no black-and-white answer – the cost of your loved one’s care will vary depending on where they live, the type of community they choose, the level of care they need, and any extra amenities or services that they add onto their care. However, to give a general idea of the cost of assisted living, here’s some recent data:
- The estimated median cost of assisted living in 2024 is $5,511 a month.
- The estimated median cost of memory care in 2024 is $6,935 a month.
Looking at the numbers without context can cause a bit of sticker shock, to be sure. However, when you consider what your loved one will get from assisted living and memory care communities (personalized around-the-clock care and support, connection and community, and a chance to retain independence) it’s well worth it. After all, aging in place at home can be significantly more expensive with far fewer perks. But how will you pay for the cost of assisted living or memory care? The Timbers on Blackwell Creek is here with some tried-and-true ideas as well as a few new creative ones.
How to cover the cost of assisted living and memory care
Traditional methods
There are always traditional options available to you when you’re trying to plan for the cost of memory care or assisted living. These include:
- Long-term care insurance
- Life insurance policy conversion or life settlements
- Medicare and Medicaid benefits
- Veterans benefits
- Social security benefits
However, if you’ve exhausted that list of possibilities and are searching for another way to help pay for the cost of assisted living, here’s what our advisors at The Timbers on Blackwell Creek suggest.
More creative methods
Home equity: Ask the bank about a home equity conversion mortgage (HECM) on your loved one’s home. This can help you access the home’s equity and use it to supplement the cost of assisted living or memory care. You can also consider renting out the home to help cover expenses.
Liquidation of other assets: Explore the possibility of liquidating other assets, like property or stocks, to help support your loved one’s financial needs. Be sure to check in with a financial advisor or attorney to chart the best plan of action.
Bridge loans: Bridge loans provide short-term financing to help cover costs until you can find a more permanent solution (like cashing out a 401k, selling property, etc.). They can give you temporary respite, so you don’t feel the pressure of the clock ticking while you wait for your financial plans to be finalized.
Grants and non-profits: There are several non-profit organizations that help support seniors who need assistance with covering the cost of memory care or assisted living. Look into non-profits like The Assistance Fund. They can help you seek out grants and assistance programs, determine if your loved one is eligible, and iron out all of the paperwork and details.
Crowdfunding and community efforts: It never hurts to lean on the generosity of your local community, friends, and family. It’s easy to build a compelling crowdfunding page to help collect funds for your loved one’s care, and social media makes it simple to spread the word.
Let The Timbers on Blackwell Creek Help
Still feeling uncertain about how you’ll navigate the cost of assisted living for your loved one? We’re here to help support you through the process. Download our free guide to explore more ways to fund senior living, and then speak to one of The Timbers on Blackwell Creek’s trusted advisors today to find the best possible solutions for you and your family.
