Cost of Assisted Living in Cambridge: What to Expect
According to the Ohio Department of Aging, the cost of assisted living is around $4,300 per month in the Buckeye State. However, if you're looking at evaluating senior care costs in Cambridge, OH, there are several factors to take into account.
Location, amenities, and included services can all greatly impact assisted living expenses. In this post, we will explore the factors that influence the cost of assisted living. We will also see how you can budget for long-term care options with the goal of achieving affordable retirement living.
Factors Affecting the Cost of Assisted Living
Assisted living sits between independent living and nursing care communities in terms of the level of support it provides. An assisted living community is ideal for seniors who are still independent and do not need daily medical care.
Assisted living communities provide comfortable apartments with a kitchenette. Caretakers are on hand 24/7 to provide the support seniors need. This may include:
- Going to the bathroom
- Washing
- Dressing
- Mobilizing
- Cooking and eating
Assisted living communities also provide communal spaces to enjoy meals together and take part in various activities. While this overview describes most assisted living communities, each one has its own features and amenities. And this is why the cost can vary significantly depending on the community.
Apartment Size
In one survey, 51% of retirees said they wanted to downsize so they no longer had the responsibility of maintaining a large home. Apartment sizes at assisted living communities are small and manageable. This makes it easy to keep them clean, and the management will take care of all maintenance!
However, the size of the apartment you choose will impact the cost. Suite apartments that do not have a separate bedroom are usually the most affordable option. The bigger the apartment and the more bedrooms it has, the more it will cost each month.
Community Location
There are many factors that make a location desirable, and they can depend on the individual. If you're a long-time Cambridge resident, staying in the city may be your goal. Premium locations that are close to nature or popular hospitals can also command higher fees.
Amenities On-Site
Some assisted living communities are set up like resorts, with on-site swimming pools, fitness centers, and concierge services. However, these premium amenities command a premium price tag.
It's far more usual to find amenities that focus on health and enjoyment, such as:
- Wellness programs, including exercise and social activities
- Weekly events that encourage socialization, arts, and crafts
- Dining services that provide tasty meals three times a day
- Caretaker support, including medication management
These amenities foster what many seniors are really looking for - a sense of belonging and community. As a family, talk about the amenities that matter to your loved one. Ask your loved one for their input and choose a community that offers the amenities they need within your budget.
Included Services
Assisted living communities offer many services to make life easier for seniors. However, it is important for families to find out which of these are included in the base price and which are charged separately.
Some services to consider include:
- Housekeeping
- Laundry
- Outings
- Activities
Getting a full breakdown of what is and is not included is crucial when comparing several communities. It will help you compare them on a like-for-like basis and ensure there are no nasty surprises down the line.
Financing Long-Term Care Options
Effective financial planning for aging family members is a great way to ensure they have the support they need when the time comes.
Early Financial Planning
It's good for families to have open discussions about future care preferences and how to cover the costs as early as possible. While these discussions may be awkward at first, understanding your loved one's financial health and plans can help you support them in preparing for assisted living expenses.
Consult Financial Advisors
A financial advisor specializing in elder care can give tailored advice. This can include:
- Managing assets
- Assessing insurance options
- Reviewing eligibility for assistance programs
An advisor may also be able to help your loved one navigate applications for assistance and consider asset protection strategies.
Utilize Home Equity
For many seniors, their home is their biggest asset, and they may wish to use it to fund the cost of assisted living.
Some options to realize home equity include reverse mortgages and selling the property to provide funds for assisted living expenses. Other seniors rent out their homes to defray the costs.
Family Support
Some families decide to pool resources to cover the cost of assisted living. However, senior care costs are considerable and can go on for a long time, so this needs to be weighed very carefully.
Financial Planning for Aging: Assistance Programs in Ohio
For some seniors, assistance programs can help them to cover the costs associated with joining an assisted living community. Here are two examples.
Veterans' Programs
Veterans and their spouses may qualify for benefits, such as the Aid and Attendance Pension, that could help with the costs of assisted living.
Residential State Supplement Program (RSS)
The Ohio Department of Mental Health runs the RSS program. In certain circumstances, it can provide financial assistance toward the cost of assisted living.
State initiatives and those by non-profits and charities change frequently. Therefore, it's important to research all options that could reduce senior care costs and help your loved one enjoy the retirement they deserve.
Enjoy a Great Value Retirement at Cardinal Place Assisted Living
When considering the cost of assisted living, don't forget to consider the value it can add to your loved one's life. For many, assisted living allows them a level of freedom from worry they have not experienced for decades. Your family member can now receive the support they need in a safe and enjoyable setting.
At Cardinal Place Assisted Living, each resident has their own care plan and 24-hour support. You can rest easy knowing your loved one is able to thrive in a secure environment.
Discover our amenities and learn more about senior care costs by contacting us today!