Most people avoid thinking about leaving their home someday and moving into assisted living. But, this is a foreseeable reality for many of us and we should be planning for it financially.
Here are some interesting facts from the October 2017 Consumer Reports article, “Who Will Care for You?”
- In 2016, the national median cost for a private one-bedroom apartment in assisted living was $43,539 a year.
- In 2016, the average move-in age for assisted living was 84 years old.
- Studies have showed that more than half of residents have some form of cognitive impairment.
- For most, savings and Social Security income are not enough to afford assisted living.
- The term “assisted living” can describe anything from a facility that provides just room and board to full-time nursing care, causing confusion to consumers when searching for the right facility.
According to Genworth,1 a source relied upon by Consumer Reports in tracking care costs, the figures for 2017 and the median cost of care in Michigan are as follows:
ASSISTED LIVING - Private One-Bedroom Room - $42,000/Year
NURSING HOME - Semi-Private Room - $95,630/Year
NURSING HOME - Private Room - $103,295/Year
