STRATEGIES TO EMPLOY AS THE COST
OF ASSISTED LIVING CONTINUES TO
RISE IN 2022
According to the 2020 Census, every day until
2030, 10,000 Baby Boomers will turn 65. Up to 70
percent of this aging group will require some form
of long-term care in their later years.
This steep rise in the number of adults becoming
seniors has created a large imbalance in the supply
and demand of long-term care, whether it be from
in-home caregivers to residential care homes and
assisted living communities.
Other factors affecting the cost of assisted living include
the continual increase in the minimum-wage level,
increased costs of keeping facilities free of COVID-19,
and record-high inflation rates that have driven the cost
of everything from food to supplies and utilities higher.
Since 2020, the national median cost of assisted living
facilities has risen approximately 4.65 percent annually,
and this number is only expected to go up.
First, expand the area in which you’re searching for
a care home or facility. Metropolitan areas typically
have higher costs of real estate ownership,
including property taxes.
Another strategy is to avoid paying for services that
are not yet required. Some care homes or assisted
living facilities charge an all-inclusive rate, which
groups together a large list of services for a
minimum monthly rate.
Finally, increasing the number of care homes or
assisted living facilities to choose from will allow
you to filter out options that cost more for
amenities or services you don’t value.
By starting your research as early as possible and
finding every available option for one of the most
important decisions toward the end of life, you can
make the most informed decision knowing that
you’ve considered all your options and have chosen
the very best fit for you or your loved one.
Call: +1 (925) 322-1397