Assisted Living Retirement Homes: Choosing Smart Financially

When choosing from among the best assisted living retirement homes in the country, do not base your decision solely on the amenities and services offered in such facilities. Make sure to also consider the financial aspects of living in one of those places or communities. For the total contract price that you pay, your retirement home should be able to provide you with a clean and safe environment where you can spend your golden years. Here are some tips on how you can be financially smart when picking the right retirement home.

Ensure that the Retirement Home Contract Has an Exit Clause

In most cases, you will be asked to pay for surcharges if you choose to leave one assisted living facility for another one. Sure, it would be more convenient to stay in just one retirement home, but what if the place you have chosen does not live up to your expectations? To avoid paying additional fees whenever you need to transfer to another housing facility, you need to make sure that your contract with the retirement home has an exit clause. This part of the agreement protects you from financial liabilities that can cost anywhere from $50,000 to $100,000. You can have a lawyer negotiate with the retirement home and have an exit clause provided in the service contract.

Appraise Your Medical Needs before Signing Up

Studies conducted by the American Association of Homes and Services for the Aging (AAHSA), a nonprofit organization of nursing homes and communities, revealed that the basic cost of living in regular nursing or assisted living retirement homes can reach an average of $30,000 per year. This figure can easily increase when added with the health care costs of the residents or patients, especially those with disabilities. So, you really need to evaluate your health care needs before you sign up for any retirement home plan. Make sure to match your needs with the services included in your package.

Check the Number of Workers in a Retirement Home

On top of health care costs, the number of staff members working in a nursing or retirement home can also affect your monthly rates. Assisted living retirement homes that employ more nursing attendants will definitely charge higher monthly fees. So, a nursing residence that has a staffing ratio of around five residents to one staff member will be more expensive than a facility with fifteen residents for every staff. If you think that you do not need round-the-clock assistance, you can settle for a place with a higher resident-to-staff ratio. Doing so will help you save money on your retirement home payments.

Relocate to Areas with Cheaper Assisted Living Retirement Homes

To get good value for your money, you can choose a facility or community that is located in areas that offer lower retirement home rates. Places like Albany in Georgia, Lawton in Oklahoma, Lake Charles in Louisiana and Texarkana in Arkansas and Texas offer the lowest average cost of living in nursing or retirement homes in the country. At a median rate of $45,500 per year, seniors in these cities can enjoy private rooms in retirement homes.

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