How Much Does Assisted Living Cost?

When considering assisted living for yourself or a loved one, one of the most common questions that arises is, “How much does assisted living cost, and what is included in that cost?” At Benchmark Senior Living, we understand that this question needs to be answered, and we are committed to providing transparent pricing and answers to help ease your decision-making process.

At Benchmark, our approach to pricing is designed to ensure that you understand what goes into determining these costs, from the location and amenities of the community to the specific needs and services required by each resident. Our staff will be able to help you understand and give further clarification based on individual needs and costs.

What is the average monthly cost for assisted living?

At Benchmark Senior Living, we believe in upfront pricing to help inform and ease your decision-making. We are committed to helping you understand what goes into monthly costs at a Benchmark community, a fee that is structured by apartment type and amenities offered at the community, personalized and needs-based care, and one-time assisted living coordination fee.

The cost of assisted living can vary based on several factors:

• The area in which the community is located and its amenities.
• The type and square footage of each apartment and its location within the community.
• The amount of care and personal services that the resident requires.

What services and amenities are included in the cost for assisted living at Benchmark?

Benchmark Senior Living provides a supportive community where seniors can stay connected to the people, passions and things that matter most to them. Our communities offer ample services and amenities included in the monthly rent:

• Apartments**: Choose from studio, one, and two-bedroom apartments in a variety of floor plans at our Assisted Living communities. We offer both private and shared apartment options tailored to meet individual needs and finances.
• Award-Winning Programs: Our residents enjoy individualized small group programs and trips designed to keep residents engaged and active in our Assisted Living communities.
• Healthy Meals & Snacks: Three delicious, chef-prepared meals and snacks are served restaurant-style all day in our dining room or outside on our patios, ensuring a nutritious dining experience for residents. Snacks and beverages are also available throughout the day.
• Transportation: Scheduled local transportation is provided to medical appointments, shopping centers, and community events, enhancing convenience and accessibility for residents.
• Ample Common Spaces: Our communities offer plentiful living spaces including libraries, lounges, fitness centers** and dining areas, providing residents with areas to connect, engage in activities, and maintain wellness.
• Concierge Services: Weekly housekeeping, linen service, trash service, and assistance with appointment and transportation scheduling ensure a hassle-free living experience for residents.
• Safety & Security: Benchmark communities offer 24-hour emergency maintenance and management.

Benchmark Senior Living assisted living communities offer care support for those who need extra help:

• Personal Assistance: Residents receive needs-based help with activities of daily living (ADLs) determined by our nursing assessment. This includes assistance with bathing, dressing, medication management, and more. Residents are evaluated regularly to ensure they are receiving the appropriate care.
• Enhanced Health Support: Residents have the option to choose outside health providers or access on-site providers such as physicians and rehabilitation services, ensuring comprehensive health care support**.

Does health insurance or Medicare cover assisted living costs?

In most states, health insurance or Medicare does not cover the cost of assisted living, however certain aspects of medical care** may be covered by insurance like physical therapy, occupational therapy, dentistry, podiatry and more*.

How do I pay for assisted living, and what are the types of financial assistance available?

Many people pay for assisted living using their personal savings and income. This may include Social Security benefits, 401(k) or IRA accounts, pension payments, stocks or the proceeds from selling a home. Some consumers convert life insurance policies to a loan, and others have family members who help pay a share of the monthly cost. Here are some other popular ways to pay for senior living:

• Long-Term Care Insurance: Many Long Term Care Insurance policies can be used to offset the cost of Assisted Living when seniors need assistance with activities of daily living, such as bathing or dressing. Assisted living is designed specifically to help with this kind of support. However, long-term care insurance policies do typically need to be purchased several years before assistance is needed. State and Local Programs: Some states and local governments offer financial aid programs specifically for seniors needing assisted living like Medicaid, Medicare and Social Security, and government housing options.
• Real Estate: Selling a home is one of the most popular options for seniors looking to finance assisted living. You may want to consider working with a realtor who is certified with an expertise in working with seniors; a Senior Real Estate Specialist or SRES. Their knowledge of your local market can assist you every step of the way.
• Bridge Loans: A Bridge Loan may provide money seniors waiting for their home to sell, Veterans or insurance benefits to begin or another financial event to occur by bridging the family’s funding gap, often in 24 hours*** or less:

Bridge loans may offer:

• Interest only payments
• Competitive rates, origination fee and terms
• No upfront out of pocket expenses
• Loan fills gap while waiting for Veterans, Insurance and other benefits to become available, generally up to 12 months
• Veterans Benefits: If you are a wartime veteran, veteran’s spouse or widow, you may qualify for the Aid and Attendance Benefit, which allows for up to $25,000 to offset the cost of senior living. However, enrollment may be difficult to navigate and may take months without the right guidance. Benchmark can point you in the right direction of agents who can work with the VA and help Veterans and their families get the benefits they are entitled to for Assisted Living.

Find out if you qualify for the VA Aid and Attendance benefit in less than 5 minutes by clicking Here.

• Life Insurance: In many cases, if you own a life insurance policy, there may be an alternative way to use your policy.  Depending on your situation and policy, you may be able to sell or borrow against a life insurance policy to pay for senior housing and/or care expenses. With some programs, you can potentially preserve a portion of the insurance benefit for your designated beneficiaries and still obtain proceeds today.

When you’re ready to move to a Benchmark community near you, our Financial Concierge Service can help with options.

How do I compare my current costs at home to that at an assisted living community like Benchmark?

At Benchmark, we make it easy to compare your at-home expenses to those you will have while living at a Benchmark community. At-home costs add up, especially when you consider expenses like mortgages, utilities, property tax, groceries, condo fees, housekeeping services, landscaping and more. We’ve created a worksheet to compare your current expenses to Benchmark living. Click here to download!

Understanding the cost of assisted living is crucial as you plan for the future, and at Benchmark Senior Living, we aim to make that process as transparent and stress-free as possible. With a range of services, amenities, and personalized care options, we ensure that our pricing reflects the unique needs of each resident. From location and apartment choices to the level of care required, every aspect is considered to provide a comprehensive and tailored living experience. If you’re interested in finding out more about the specific costs at Benchmark, we invite you to reach out for a personalized assessment. Our dedicated team is here to help you navigate the different aspects of assisted living and ensure that you or your loved one can thrive in a supportive community.

Ready to get started? Click here to find a Benchmark Assisted Living community that’s right for you, and take our quick assessment.

 

Learn More About Pricing at Benchmark

 

 

 

 

 

 

 

*Prices may vary depending on apartment models and other factors and are subject to change without notice.

**Please check with the Executive Director at your community for specific and current offerings. Additional fees may apply.

***The Financial Concierge programs are being offered by Elderlife Financial Services. Both are independent companies not affiliated with Benchmark Senior Living LLC. Any arrangements will be between you, Elderlife Financial Services, Elder Resource Benefits Consulting and Benchmark will not be a party to these arrangements. Benchmark may pay a fee to Elderlife in connection with the Elderlife and Elder Resource Benefits Consulting programs.