Assisted Living Costs Up 2.2% to An Average $2,968 a Month
Last Updated: 11/1/2006
Assisted living in the U.S. costs an average of $2,968 per month, or $35,616 per year, according to the newly released 2006 MetLife Market Survey of Assisted Living Costs. The highest monthly average base cost was reported in Bridgewater, New Jersey, at $5,197, while the lowest was North Dakota, at $1,742.
According to last year’s MetLife assisted living survey, the average monthly cost of an assisted living facility in the U.S. was $2,905 per month, or $34,860 per year, meaning that costs have climbed 2.2 percent in the past year.
Assisted living facilities are housing options for older adults that promote independence and autonomy while providing services to assist aging individuals with daily living. The facilities can range from a small house to a large apartment-style complex, though most have between 25 and 125 units. The majority of residents in assisted living facilities pay privately or through a long-term care insurance policy. Assisted living facilities are typically not funded through Medicaid, although a number of states have begun providing payment.
The 2.2 percent increase this year is down substantially from the 15 percent increase reported in 2005. But since 2004, assisted living costs have increased 17.6 percent. Additionally, “[w]hile there was a relative stabilization of prices last year, assisted living continues to be costly since it is not covered by Medicare and most other medical insurance,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute.
Services included in the base price of an assisted living facility are usually limited to two to three meals per day, assistance with Activities of Daily Living, social activities, medication management, laundry and housekeeping. Additional fees may be charged for services such as an increase in frequency and time for personal care, laundry needs over and above the basic service, meals delivered to the living quarters and dementia care.
To download the full study, click here.
For more on assisted living, click here.
