James McPeak, Owner, McPeak’s Assisted Living, says assisted living for senior citizens proves to be more economical than staying in the home or renting an apartment. Assisted living still provides the independence that many senior citizens desire, but at a fraction of the cost.
The Assisted Living Federation of America reports that the median cost of a private one-bedroom apartment in an assisted living facility in 2010 is $2,575 per month. Prices can range from $800 to more than $4,000 a month, depending on the size of the unit, the location and services offered. More often than not, senior citizens or their families pay the cost of having the assisted living facility, although some facilities offer financial assistance programs. Medicare currently does not cover assisted living care and few states are authorized to utilize Medicaid waivers to help families pay for care.
Assisted living can be a great solution for people who do not require the full services of a nursing home and offer a less expensive alternative to home health care. They also allow seniors to save on the expense and hassle of owning and maintaining a home.
When figuring out the numbers, the cost of an assisted living facility is favorable compared to living at home. Seniors who live at home must buy their own food and pay the mortgage or rent, utilities (phone, cable, heat, electricity) and, if applicable, home health care. For those living in a condominium, the cost may be higher because of maintenance fees. In order to save money, many seniors living at home have to cut back on social activities and entertainment.
One expenditure that gets overlooked in the equation is food. According to the U.S. Labor Consumer Expenditure Survey, in 2008, adults ages 65 and over spent $4,682 annually on food. In addition, with the price of wheat and milk having gone up over the past few years, many seniors have restricted their purchases to food at home rather than going out to a restaurant.
For assisted living facilities such as McPeak’s, the monthly cost includes food, utilities, housekeeping and on-site personal care. There are no additional out-of-pocket expenses for the residents or their families to pay.
“McPeak’s Assisted Living is a great value because you, the resident, or your loved one receives the benefit of the optimal level of healthcare in this setting,” Mr. McPeak said. “Combined with the attention and personal care given by the trained staff and the heartfelt empathy of the administration, McPeak’s is an unparalleled choice as an assisted living residence in a boutique-style setting.”
For more information, call McPeak’s Assisted Living at (631) 475-0445 or visit www.mcpeaks.com.