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).
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 2015, the national median monthly cost for a one-bedroom, single-occupancy room was $3,600, and the range was $600 to $11,250. The national median annual rate was $43,200.
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: SeniorHomes.com, “Genworth 2015 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.