Think of it as doing it your way, with a little help on hand when you need it.
Assisted living facilities are designed for individuals who want to be as independent as possible, but may need help with some activities of daily living (ADLs). These facilities do not provide 24-hour skilled care, so they are most suitable for older adults who need some assistance with personal care and medication management but who do not need medical care.
Three common sources are used to pay assisted living costs: private funds, some veterans benefits, or certain long-term care insurance policies, although the older adult must qualify (e.g., is unable to perform at least two ADLs) and this varies by policy. In 2019, the national median monthly cost for a one-bedroom, single-occupancy room was $4,051 with a median annual rate of $48,612.
Family gains peace of mind from knowing that their family member is not alone and has support to carry out activities of daily living.
Social engagement with others in a more supported living environment.
Healthcare supervision ensures that medical needs are being met either through on-site staff or periodic medical visits. Patients can be referred if health deteriorates or a higher level of care is required.
Source: “Genworth 2019 Cost of Care Survey”
This content was created and distributed by Legg Mason Global Asset Management. Raymond James is not affiliated with Legg Mason Global Asset Management.
These policies have exclusions and/or limitations. The cost and availability of Long Term Care insurance depend on factors such as age, health, and the type and amount of insurance purchased. As with most financial decisions, there are expenses associated with the purchase of Long Term Care insurance. Guarantees are based on the claims paying ability of the insurance company.