Who can afford to live at an assisted living? Here is a helpful article:
The national median monthly rate for a one-bedroom apartment in an assisted living is $3,500, according to the 2014 Cost of Care Survey released in April by Genworth Financial Inc. of Richmond, Virginia. That's around $42,000 a year! The average income for most assisted living residents is around $19,000.....so how can anyone afford the care they need when they need it? This article by Sonya Stinson with input from David Kyllo, executive director for the National Center for Assisted Living in Washington DC, gives some helpful advice.
This quote from the article grabbed my attention:
"Planning for assisted living care can be challenging emotionally as well as financially. "One of the things that we don't do well as a society is educating and training people to plan, not for their retirement years, but for the last years of their life," Kyllo says. "We don't like talking about that, so we avoid those kinds of issues."
Read more: http://www.bankrate.com/finance/insurance/paying-for-assisted-living-1.aspx#ixzz3dVbDbikX
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