Since 19.8% of Ohio's 11.5 million residents are over age 60, senior care communities can have a massive impact on many lives. Families seeking care have a wide range of options, and understanding pricing and finances helps them make the right choice.
There are tried-and-true ways for families to decrease the burden of the cost of senior living. Read on to learn what these costs are and how you can mitigate them while getting your loved one the best care available.
Gensworth reports that the average monthly cost of assisted living is $5,294 in the Buckeye State.
However, the cost of senior living will change depending on a few different factors. The specific level of care your loved one needs will impact fees. Those who need more help with daily care tasks will need to pay more than independent living prices would be. Seniors who require specialized memory support will need to pay an even higher rate.
The location of the assisted living community will also cause pricing changes of up to $2,507 monthly. Some parts of Ohio charge about $4,243 while others charge around $6,750.
Finally, your specific assisted living floor plan will cause prices to fluctuate. You can choose between:
Having multiple options makes it easier for families to find something that falls into their budget. Do your research and talk to experts at Cardinal Place Assisted Living to make an informed decision.
Most families dip into their personal money to finance senior living. Some sources of this money may include:
Selling personal assets like the new resident's former house can also enhance elder care affordability. Cars and furniture sales also can help make the transition smoother.
To create a meticulous, well-thought-out budget, you may want to meet with a professional financial advisor. These experts will:
Ohio's Department of Aging also outlines the state's senior living waiver program.
Those in this program get the cost of care waived in one of Ohio's assisted living communities. Note that these funds only cover personal care costs. Room and board are typically not included.
The most common program is the Basic Assisted Living Service. This program covers:
Some seniors also benefit from Community Transition Services. This program helps older adults move from a nursing home into an assisted living community. Those enrolled get basic household expenses covered so they can build a comfortable home for themselves.
Note that these programs are completely needs-based. To be eligible, residents must:
Families who need some extra funding for assisted living may also be able to take advantage of other programs and services.
Many banks and private lenders give out special assisted living loans. These loans are intended for families who are struggling to pay for care.
Like all loans, the family will eventually need to pay them back to the lender. The exact rate of payment and interest rates will depend on your credit score and loan history.
Other people also get long-term care insurance that pays some of the community's monthly fees. Families pay a premium each month, which decreases the rate of your monthly payment the the assisted living community.
If you think that your loved one may require care in the future, it's a good idea to begin paying for insurance ASAP. Premiums tend to be lower for those who start payments sooner. Investing in insurance as early as possible can save seniors and their families money in the long term.
When you pay for assisted living, you're not just investing in personal care services. Maintaining good hygiene and managing medication are just one piece of the puzzle.
Seniors in assisted living also gain access to:
Ultimately, this doesn't just mean aging gracefully and staying in good shape. It also lets residents:
When you choose Cardinal Place Assisted Living, you're not just investing in a simple wellness plan. You're investing in allowing your loved one to make the most of their golden years.
Now that you know the cost of senior living in Ohio, it's time to get the best value for your money. At Cardinal Place Assisted Living, compassionate caregivers are committed to giving seniors the best care in Cambridge.
Our personalized care plans and interactive community events set us apart and let older adults age gracefully and happily. We're excited to get to know your aging loved one on an individual level, so contact us to schedule a tour of our community.