The average costs of a one bedroom assisted living apartment in the Twin Cities is about $3600 yet cost can vary widely, as do the amenities and apartment sizes and features. When considering a place for mom or dad cost is often a first consideration even though it typically isn’t what drives the decision. There are three basic pricing methods: all inclusive; tiers; and a la carte. The type of pricing can make a big difference in your monthly cost depending on your specific care needs.

Most assisted living communities have two parts to their monthly cost. First is the price for rent which includes your apartment and meals, utilities and housekeeping. That price varies based on the size of the apartment and its’ location in the building. The second part  is based on the amount of care that you need. For all inclusive communities you pay one price for room, board and care.

Here are some sources to consider for paying for assisted living:

• Long term care insurance – if you are having trouble with claims, there are companies that will help for a fee
• Life Insurance – some life insurance policies will let you borrow money from them to pay for long term care.
• Use your savings – when you are down to about $120,000 consider whether you should move to assisted living.
• Reverse mortgage – This can only be used if one of the homeowners continues living in your house.
• State and county programs – Depending on your unique situation, there may be programs that can help such as the Elderly Waiver (EW) program. If you need help in Minnesota, call the Senior Linkage Line at 800-333-2433.
• Veterans – Veterans and their spouses may qualify for the Aid and Attendance benefit. Contact the VA for more information.

It is important to think about whether you are likely to outlive your money. Some communities do not accept the state programs. If you move into one of those and run out of money, you will need to move. Planning in advance can save you a lot of hassles.

Choice Connections can help you through this process.