Compare service plans & pricing structures

Most senior communities offer a variety of service plans and fees. Initially, the varied plans may seem confusing, but most communities offer the same basic services; they are simply bundled and priced differently. The plan that is most cost-effective depends on the level of personal care services required daily. If the potential resident has multiple health issues, be sure to ask how much staff time is allotted for personal care and medication monitoring each day on the different plans.

Ask about ancillary charges

Ask for detailed service plan/pricing sheets, as well as a list of available ancillary services and their fees to accurately compare costs. For example, someone on an "Independent Plan" which includes two meals daily may be able to "purchase" the third meal and someone on an "Assisted Care Plan" may be able to pay for some additional assistance separately.

Ask whether there is a real estate purchase

Most free-standing Assisted Living communities in New England are monthly rentals with residents signing a residency agreement/lease for one year and do not involve a real estate purchase. One exception is a Continuing Care Retirement Community (CCRC), which offers independent living, assisted living, and often a nursing home on one campus. A CCRC typically charges an entrance / endowment fee or involves a real estate "by-in" purchase.

Ask about one-time fees

Most Assisted Living residences charge some type of fee prior to move-in. It may be an entrance fee. Some charge an endowment fee. Also ask about administrative or health assessment fees.

Ask about financial assistance programs

Most Assisted Living communities will offer information about available financial options. Click here for more information about flexible financial options at Senior Living Residences' communities.

Ask your tax advisor about the deductibility of assisted living

Assisted living expenses may be claimed as an itemized medical expense and deducted from taxable income, with limitations. Be sure to talk to your accountant and click here for more information about Tax Deductibility.

Look into long-term care insurance

Your insurance agent or financial advisor should be able to point you in the right direction. A recent AARP survey showed that many people think they have long-term care insurance when they do not because they are confusing long-term care insurance with other types of coverage, such as disability insurance. Click here for more details about Long-Term Care Insurance.