Cost of Assisted Living: What to Expect and How to Plan
Demand for assisted living is increasing across Wisconsin. This makes sense since the number of residents over 75 will increase by 41% across the state by 2030.
If your loved one is beginning to look into retirement communities, understanding the cost of assisted living is important for financial well-being.
Read on to learn what you can expect when paying for senior housing and how you can actively plan for these costs.
The Cost of Assisted Living: What to Expect
Per Genworth, Wisconsin residents can expect to pay an average of $5,500 for assisted living. They can also expect these costs to continue increasing. This 2024 figure has increased by nearly 20% since the last report in 2021.
However, the precise location of your community will impact how much money you should set aside. Communities in some parts of the state charge $1,600 more than those in other areas.
According to the most recent data available, people in Menomonee Falls can expect to pay about $4,340 monthly for care. This is good news since it's well below the state average!
Location is just one factor that influences the cost of assisted living. You'll need to know all of them to understand what you should expect in terms of payment.
Factors Influencing Assisted Living Expenses
The specific community you choose will alter retirement community pricing. You should expect high-quality care from reputable communities to cost more than lower-end locations.
The floor plan for your loved one's apartment may also influence how much you pay for assisted living. Our community offers several studio and one-bedroom floor plans for residents.
The sum that you pay for rent may vary based on the type of room you choose. However, you can expect to pay more for rooms with a larger square footage.
Luckily, since all of our apartments are made with open floor plans for accessibility, choosing a room is just a matter of personal preference. A large, expensive room isn't a necessity since our community prides itself on comfortable resort-style spaces across the board.
Most importantly, those who require a higher level of care will pay more than those who can retain more independence. Assisted living is made for seniors who need help:
- Maintaining personal hygiene
- Taking showers or baths
- Choosing clothes and putting them on
- Getting around the apartment, including into and out of bed
- Moving through multiple areas of the community to enjoy our amenities
- Planning and preparing meals
- Connecting with other residents in social situations
Compassionate caregivers create comprehensive care plans tailored to the needs of every resident. The amount you pay will depend on your loved one's unique requirements for daily assistance.
What Services Come With Retirement Community Pricing?
When you invest in assisted living at Lakehouse Menomonee, you gain access to:
- Personalized care plans
- Well-appointed apartments
- Comfortable furnishings
- Game and card rooms
- TV-equipped lounges
- Outdoor courtyards and pathways
- Pet-friendly amenities
- Community events like live music performances and guest lectures
- Crafting workshops
- Wellness programs for healthy dieting and exercise
You can rest assured that you're getting the most bang for your buck with us.
When you pay your rental fee, you're not just investing in a community for your loved one to live in. Retirement community pricing is almost all-inclusive.
How to Plan for Senior Housing Costs
Meeting with a financial advisor is the first step toward managing senior living expenses. These professionals will help you look into personal assets like:
- Long-term savings accounts
- Short-term checking and banking accounts
- Retirement savings
- Pensions
- Social security income
- Liquidated assets (like a house, vehicle, or unique collection of items)
They'll also help you consider other avenues for personal payment that you have not thought of yet.
Once the financial expert knows exactly how much money you have to spend, they can discuss the cost of assisted living with both prospective residents and their families. They'll initiate and mediate conversations about:
- What features and amenities are most important in a senior living community
- Priorities for senior care and lifestyle options
- Floor plans that residents want and what they're willing to compromise on
- What avenues can provide families with additional funding to cover senior housing costs
Advisors will help you feel more confident in your financial decisions. After all, these meetings ensure that you're as informed as possible about expenses and what you're paying for.
Additionally, some banks and private credit institutions offer specialized long-term care loans.
These loans work like any other loans, but they're specifically made to help families pay for the cost of assisted living. You pay them back to the vendor at a pre-determined rate, so you'll always know what to expect.
Get Long-Term Care Insurance
Financial planning for seniors is much easier for families with long-term care (LTC) insurance. The National Council of Aging outlines these policies in detail.
Traditional LTC insurance is a standalone insurance policy. Those investing in it pay a monthly premium and get a portion of their assisted living costs covered.
The premium will depend on several factors, including:
- The policyholder's credit score
- What the policy covers
- The time at which you purchase the policy
Those who start paying for LTC insurance early can often enjoy lower premiums. So, if you think your loved one may need assisted living in the future, it's a good idea to start paying for a policy now. It may save money in the long term.
There's also another kind of LTC insurance called "hybrid long-term care insurance." These policies:
- Come with the same benefits as a traditional LTC insurance policy
- Are combined with either an annuity contract or permanent life insurance
- Offer a return of premium after the policyholder passes away
Insurance is a great way to save money.
Boost Elder Care Affordability With a Quality Community
Now that you have the information needed to plan for the cost of assisted living, it's time to get informed.
Lakehouse Menomonee is committed to offering great care and extensive amenities to residents. We also pride ourselves on enhancing elder care affordability through open communication with families.
Reach out to our caregivers to learn more about our community and how we ensure that your money goes a long way.