Assisted living costs vary widely depending on location and the services included. For example, facilities offering supervision and personal services but no nursing care average about $3,700 monthly; hospice and dementia care can add $1,200 or more monthly. Additional admission fees can range from $250 to several thousand dollars.
Residential care for those age 60 and older, called continuing care retirement communities (CCRCs), includes personal and medical care services and housing and can range from about $100,000 for a studio apartment to $500,000 for a two-bedroom unit. Most residents must pay a substantial entrance fee, which may be applied to owning the unit or may be partially refundable. And additional monthly fees may be $3,000 or more. Some entrance and monthly fees cover all medical expenses, although most facilities charge for specific care and services received.
Most people pay the costs out of pocket. Common sources of financial help such as Medicare and Medigap generally do not cover assisted living. Long term care insurance may provide some financial help for a small number of residents. And Medi-Cal covers some costs in a number of California communities as part of a pilot project.
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