If your loved one needs 24-hour care, they’re far from alone. According to Consumer Affairs, seven in ten Americans will need long-term assisted living at some point during their lives.

Paying for assisted living is necessary, but it can be challenging. The first step toward financial planning for seniors is asking:

What is the average cost of assisted living?

Read on to answer this question and learn more about the factors that impact costs.

What Is the Average Cost of Assisted Living?

The average assisted living expenses across the US are around $4,051 per month. Per Genworth’s recent financial reports in the World Population Review, that’s $48,612 per year.

However, much like rent prices across the country, senior care costs will greatly vary from state to state.

So, what is the average cost of assisted living in North Carolina specifically?

According to 2022 figures, Genworth cites the average NC assisted living costs at around $5,769 monthly. This is above the national average, but the costs also fluctuate in different areas of the state. Some areas boast a $2,70 average cost while other parts of the state average $8,603.

Factors Influencing Pricing: Level of Care

Beyond location, the level of care your loved one needs is the main factor that influences senior care costs.

All seniors in assisted living require help with some daily care tasks. These may include:

Getting dressed
Using the bathroom
Bathing or showering
Combing hair
Brushing teeth
Moving around the apartment
Navigating community amenities
Managing medication and insulin
Creating meal plans

However, no two seniors have precisely the same needs. Caregivers at a quality assisted living community like TerraBella Little Avenue will:

Sit down with both new residents and their families
Discuss the tasks the new resident needs the most help with
Figure out what they can do autonomously to retain independence
Create a comprehensive care plan tailored to their unique needs
Adapt plans over time as needs change
Communicate necessary changes to families

Long-term care affordability will depend in part on the activities outlined in your loved one’s specific care plan.

Additionally, some seniors will require specialized memory care. Memory care communities are specifically made for those with Alzheimer’s and dementia.

In memory care communities, seniors get the same care as they would in standard assisted living. They also gain access to extra opportunities like:

Games and puzzles made to boost cognitive function
Reminiscence therapy
Sensory-stimulating experiences
Social activities meant to stimulate different parts of the brain
Gentle reminders to stop and enjoy the present moment

Memory care caregivers are specifically trained and certified to work with people with cognitive decline. This specialized care naturally costs more. Genworth reports that memory care communities cost $950 more each month than their assisted living counterparts.

Community Features and Amenities

Different communities also come with various amenities. Some assisted living communities may not have many programs or amenities that let seniors enjoy their golden years. These bare-bones communities will naturally be extremely cheap since rental rates come exclusively with room and board.

Other communities like TerraBella Little Avenue will boast amenities like:

Game and card rooms
Well-stocked library space
Arts and crafts studios
Restaurant-style dining areas
On-site religious services
Landscaped outdoor relaxation areas
Scenic outdoor walking paths

Seniors can also enjoy a wide range of exciting activities, including:

Live music performances
Themed parties
Crafting workshops
Bingo
Book clubs

Paying a little extra is worthwhile since it keeps seniors healthy and happy. You can rest assured that your loved one is getting the best possible care and thriving in a robust community.

Peace of mind is always worth a slightly higher rate. So, with that in mind, make sure that you prioritize a good value rather than just a low price.

Apartment Floor Plan

At TerraBella Little Avenue, most apartments come with:

Ample storage space
Walk-in showers
Comfortable furniture
Accessible kitchenettes
Pet-friendly senior living policies

They also prioritize accessibility with features like:

Wide hallways and doorframes
Open floor plans for easy mobility
Grab bars and grip bars to prevent falls
No-slip mats in showers
Illuminated entryways

However, each senior has multiple unique floor plans to choose from. They include:

Montclaire (suite)
Ballantyne (one-bedroom/one-bathroom)
Southpark (suite)
Pineville (one-bedroom/one-bathroom)
Montibello (memory care suite)
Waterford (memory care suite)

Some floor plans will naturally cost more than others. More expensive apartments may have:

More privacy in their layouts
Greater square footage
Additional accessibility features
Locations closer to community amenities

Families can look at differently-priced apartments while on a community tour. This can help them make more informed decisions about their budgets.

Financial Assistance

Financial planning for seniors is also easier for those who have assistance. The best communities frequently offer military veterans programs that give them a portion of their rent off during the first month.

However, those who have never served also have options!

Long-term care loans are available from many banks and private creditors. These are special loans intended to help families pay for senior care insurance.

After applying, you’ll receive a lump sum that you can use to pay for monthly expenses. This will be incrementally paid back over a long-term schedule in the future, just like any other loan.

Long-term care insurance is also available for many families. In exchange for a monthly premium, the insurance company gives the policyholder some money each month to cover a portion of their rent. This enhances elder care affordability by decreasing the burden of payments on families.

These insurance policies tend to have less expensive premiums when you purchase them well in advance. If you think you’ll need insurance in the future, don’t wait to purchase it.

Learn More About Assisted Living Expenses

So, what is the average cost of assisted living?

The answer will depend on the community you choose. It will also vary based on the level of care needed, chosen floor plan, and available amenities.

TerraBella Little Avenue is committed to providing care to Charlotte residents at a great value. We offer robust amenities and a wide range of pricing plans, so contact us to learn more about senior care affordability and schedule a tour.