When I meet with families exploring senior living options, some of their most pressing concerns are how much senior care costs and what funding options are available to help cover the fees.
I want to be upfront about one important thing: senior living isn't cheap. However, when you factor in all the meals, health services, socialization opportunities, amenities, activities, and more, their older relatives are getting excellent value for the price.
Much of the cost depends on the level of services needed. For example, Independent Living doesn't include many of the supports Assisted Living does, so it costs less. Memory Care, designed specifically for people with Alzheimer's disease or dementia, is provided at a higher cost than Assisted Living due to the elevated level of care required.
The location of the Senior Living Community also factors into the cost. Senior Living Communities in some regions of Ohio, such as Cincinnati’s Kenwood-Mason-West Chester, come at a higher price than similar communities located in Middletown or Springboro, Ohio, or those further out.
Senior living care costs in the Greater Cincinnati Area
Independent Living within Senior Living Communities is like living in an apartment anywhere else. The most significant difference is that Senior Living Communities offer a very supportive environment and a wide array of activities with other seniors just steps from their front door.
In the Greater Cincinnati Area, people in Senior Independent Living residences generally pay between $2,000 - $4,000 per month. The fee includes rent and (in most cases) one meal per day in the dining hall. Most other services, including housekeeping, health care, and additional meals are available and sometimes certain incidentals like light housekeeping may be included so it's important to look at what's included and not included at different communities.
Assisted Living Communities in the Greater Cincinnati Area cost an average of $4,750 per month. Assisted living costs can vary greatly depending on amenities and level of required care and it's not uncommon to see upwards of $6,000 – $7,000 per month.
This fee covers all Assisted Living needs, such as assistance with Activities of Daily Living (ADLs) that includes dressing, bathing, grooming, and more. It also includes three nutritious meals per day cooked by professional chefs, socialization opportunities, games, activities, and much more.
Greater Cincinnati Area Memory Care residents require an increased level of care and security that come at a higher price. Memory Care residents can expect an average monthly fee of about $6,000 It’s possible to lower fees with shared rooms.
Some higher-end communities charge well above $6,000 per month. This monthly fee includes everything that comes with Assisted Living but includes services designed for people with Alzheimer's disease or dementia and includes enhanced brain-stimulating services that help slow the progression of Alzheimer's disease or dementia and security measures that ensure a safe environment.
However, if the person is in the early stages of dementia, they might not yet require the extra care and heightened security that come with Memory Care services. In this case, they can avoid paying the higher Memory Care fee by choosing to start in an Assisted Living level of care. Your Senior Living Advisor can help families look at their options and find the best communities.
Senior Living funding assistance programs in Ohio
Many families pay for Senior Living Communities privately, using such financial resources as Social Security benefits, pension income, retirement savings, life settlements, life insurance annuities, and more.
Another funding option is to use the proceeds from the sale of the older adult's home. This is often a viable choice, especially if the older person lives alone in theIr house and is shutting themselves inside. Getting them out of the house into a supportive environment among new friends does wonders for their mental, physical, and emotional well-being.
Because independent living communities don't offer medical services, Medicare, Medicaid, long-term care insurance, and other financial aid programs won't cover its costs. Generally speaking, independent living communities are paid privately by your monthly income and there is no assistance. For some they turn to Affordable Senior Apartments that are priced on a sliding-scale based on income for those who qualify. Here is a good overview with links to even more information about Senior Apartments:
However, homeowners may apply for short-term bridge loans to help cover monthly expenses when their only asset is their home and their home is being prepared for sale, for example. Elderlife is a national resource that specializes in short-term loans for those moving into senior communities to help cover some of the costs associated with Assisted Living or Memory Care.
Medicaid Programs and Waivers
Medicaid is an insurance program co-managed by the U.S. Government and each state government that in part is designed to help low-income, elderly, or disabled Americans receive care and custodial services within many nursing homes. Special "Medicaid Waivers" allow qualified people to receive care outside of a nursing home and within an assisted living community. It's really complex stuff and your Senior Living Advisor can help.
In 2021, Ohio residents may qualify for long-term care Medicaid or waivers if the single applicant's monthly income is not greater than $2,382 per month. One of the more common waivers for Ohio seniors is the Medicaid Waiver for Assisted Living. This waiver helps pay for the cost of certain services in Assisted Living at participating Assisted Living Communities, such as Activities of Daily Living (ADL’s), personal care, medication assistance, and housekeeping. However, the waiver does not cover the room and board portion of Senior Living Community fees. Again, it's best to speak with your Senior Living Advisor to make sure you understand how this detailed program can help you.
There are many factors that help determine one's eligibility for Medicaid. For more information, visit the Medicaid of Ohio website.
Senior assistance programs in Ohio
There are other programs available to Ohio seniors that can help make senior care more affordable:
- The Residential State Supplement (RSS) program, provided by the Ohio Department of Mental Health, offers financial assistance for Medicaid enrollees toward the cost of assisted living.
- Seniors can save money on many services they receive, including prescription drugs, with The Golden Buckeye program.
- Veterans Administration Aid & Attendance is often overlooked and can provide a significant source of funds for assisted living. Assisted Living Locators strongly encourages getting help when applying to this program. Patriot Angels is a national resource available to veterans that can help with eligibility and the convoluted application process.
Your Senior Living Advisor can direct you to local sources for help too.
Help with understanding funding options for Senior Living in the Greater Cincinnati Area
Assisted Living Locators of Greater Cincinnati specializes in connecting your elderly loved ones with the most appropriate senior living community for their needs, finances and unique circumstances.
We also can help navigate the different funding options available to you, so you get the best elder care services for your budget. Whether you're looking for Independent Senior Living, Assisted Living, Alzheimer's/Memory Care, our team will make sure you take advantage of every funding assistance opportunity available to you.
Our goal is to take the stress away from the entire process and help you make an informed placement decision with peace of mind.
Contact David Flautt of Assisted Living Locators of Greater Cincinnati at 513-914-1980 or davidf@assistedlivinglocators.com to start finding the best senior living services for your elderly loved one today.
