How to Save Money on Assisted Living
Moving your loved one or yourself into an assisted living community can be expensive, but you may be able to save some money if you follow the tips in this article. There are plenty of ways to save thousands of dollars.
Leave the City
Finding an assisted living facility one hour away from the city can reduce costs by approximately 25 percent. Assisted living facilities usually cost more in urban areas because of higher real estate values and higher costs of living. Suburban and rural assisted living communities will likely offer additional square footage in its rooms compared to an assisted living facility in the city.
Go to Another State
The cost of assisted living facilities greatly varies across the U.S. The local cost index varies and state regulations can have an impact on costs.
Large assisted living facilities usually have financial goals like other businesses. The perfect time to inquire about moving in assisted living facilities is at the end of the month, the end of the calendar fiscal quarter or their fiscal quarter. Assisted living communities are likely to offer deals during these periods of time.
Most assisted living communities won’t negotiate on the monthly rent, but they’ll often waive the community fee or offer credits for moving in. The community fee usually equals several months of rent.
If you find an assisted living facility that has low occupancy, you should be able to save between $2,000 to $10,000. Assisted living facilities that have low occupancy usually waive community fees or offer credits for moving in.
Assisted living facilities won’t share their occupancy rates with potential residents, but they’ll often share it with private geriatric care managers and assisted living referral services.
If you’re looking for a place that has low occupancy, you’ll want to inquire about assisted living facilities that have recently opened. The management may be willing to negotiate.
If you or your loved one can no longer afford to live in an assisted living community, management may offer a credit to lower the monthly rent. The reduction could be between $300 to $500 every month. Not all places will offer price reductions, but if they’re struggling to maintain residents, they may be willing. Ask management before making any decisions to move.
Prosperity Pointe Assisted Living is the best living facility for people needing care in Tennessee. We have professional, friendly staff that love to take care of our residents. We have a variety of floor plans available at competitive pricing. Call us today at 865-240-0000 for more information.