Senior Living - How Much Does it Cost?

I know I talk about this a lot but it bears repeating as some of the older posts get lost on this blog.

On average, assisted living facilities across the country cost around $3,000 a month or $36,000 a year.  In the Chicago area, costs range from $2,500 to $7,000 a month, depending on the level of care required, location and size of the apartment. The fees are higher when special services and dementia care is added.   In Chicago, most assisted living homes are private pay meaning the resident or the resident family covers the cost of living there.

Some residents pay with the help of long-term care insurance. assisted living communities do not take Medicare or Medicaid (with the exception of supportive living facilities). While assisted living is expensive, it is usually less expensive than nursing homes, which start around $60,000 a year.

Cost Calculator

When considering the cost of senior living, you should truly compare what it costs to stay at home vs. the monthly fee at a senior community.  Here are some items to consider; costs for these items generally are included in the monthly fee.

• Property taxes
• Groceries/take out/dining out
• Recreational and social activities
• Electricity
• Gas
• Water/sewer
• Maintenance (furnace, washer/dryer repair, etc...)
• Transportation
• Security system
• Basic cable TV.
• Housekeeping/cleaning supplies
• Laundry
• Lawn care/snow removal
• Garbage removal

If you decide to stay home and need care, you need to consider the cost of bringing in that care.  A cost for a live-in caregiver can range from $150 to $230 a day or $4,500 - $6,900 a month.  That of course on top of the costs of living at home (mortgage, rent) and those listed above...