A Brief Guide to Annual Rate Increases in Assisted Living Facilities
One of the first considerations families have when finding assisted living facilities for their loved ones is how much long-term care will cost.
Sound financial planning can make a huge difference in a person’s quality of care, but in many cases, this planning doesn’t account for rate increases at their loved one’s chosen facility.
Consequently, you may feel at odds with the system when trying to plan for an aging relative’s comfort.
The assisted living professionals at Colonial Oaks at Spring Hill have put this post together to help you navigate the complex world of rate increases in assisted living facilities.
The good news is that nearly all facilities will work with you to help keep your beloved family member from being priced out of their home.
How Much Should You Expect an Assisted Living Facility To Increase Its Rates Each Year?
As the general cost of living increases, it’s logical to anticipate that the cost of assisted living will follow suit. The big question is how much you can expect annual rates to increase and how you might plan accordingly.
You should expect a facility’s monthly expenses to increase between two and eight percent per year. A good assisted living facility will avoid massive monthly price increases unless something drastic happens.
When selecting a facility, don’t just ask what their current rates are. Ask for their rates over the past several years to get a bigger picture of what you should expect.
The Two Types of Assisted Living Rate Increases
There are two primary rate increases for assisted living residents: annual increases and changes to your loved one’s needed level of care.
Annual Rate Increases
With inflation a pressing concern in everyone’s life, it’s no surprise that assisted living facilities provide annual rate increases.
If your loved one’s facility plans to implement these increases, the law requires them to send you at least 30 days’ notice in writing. This grace period allows you to make plans based on these changes.
You should note that every state has different procedures regarding when and how to notify family members of an annual rate increase, so it can pay to be well informed.
Changing Care Needs
Your loved one may also find themselves having trouble with more activities of daily living than they used to. This may be a sign that a new needs assessment is in order.
Additional care will always increase assisted living costs, and the sooner you address your loved one’s changing needs, the happier they will be.
Some of these changing care needs, such as assistance with post-surgery recovery, are temporary. Other changes are permanent as your loved one grows older.
In all cases, it is best to keep a close eye on the level of care your loved one needs and keep them in a facility that can provide that care.
- Negotiating with the facility. Most assisted living facilities don’t want to price their residents out, and they’re often willing to negotiate a lower amount to keep the resident living there.
- Third-party programs such as your Area Agency on Aging or VA pension program can help alleviate the rising cost of assisted living.
- Members of your extended family may be able to chip in for your loved one’s care.
Colonial Oaks Senior Living Provides Multiple Levels of Care at Reasonable Prices
Choosing an assisted living facility can be difficult for everyone in the family. The team at Colonial Oaks at Spring Hill wants to make the process easier.
Spring Hill provides a wide variety of daily activities that its residents can enjoy, combining the pleasures of small-town life with proximity to bustling Kansas City.
Colonial Oaks is proud to call Spring Hill home and to provide the highest level of care to its residents.
Call us at 832-315-6368 or contact Colonial Oaks online to learn more.