The financial side of moving a parent to assisted living involves much more than just monthly rent and care costs.
Typically, families deal with a range of associated expenses, including preparing your parent's current home, sorting through decades of belongings, hiring movers, and, in some cases, arranging professional transition assistance.
For many families, understanding the full cost of a move to assisted living can help the process feel a little less overwhelming and offer a starting point for creating a workable budget. Knowing what to expect means you can spend less time worrying and more time helping your parent feel comfortable and supported through the changes ahead.
The cost of assisted living often consists of more than a community's monthly rate.
Additional expenses may include hiring a moving company, downsizing, preparing a home for sale, and other transition-related costs.
What's included in an assisted living community's monthly rate varies, so it's important to ask what is covered and what may cost an additional fee.
Senior relocation specialists and senior real estate specialists can help families manage the practical details of a move.
There is a range of ways to help pay for assisted living, depending on your parent's financial circumstances.
What Does Assisted Living Cost?
What Additional Costs Should Families Consider?
Accounting for the Cost of Downsizing
What About Preparing the Family Home?
How Can Families Pay for Assisted Living?
Taking the Next Step with Allegro Senior Living
Naturally, the cost of assisted living varies from one assisted living community to another. Location, apartment size, services, amenities, and your parent's individual care needs can all affect the overall price. For example, while a community's monthly fee may cover some combination of housing, meals, housekeeping, activities, transportation, and care services, what's included in that fee isn't the same everywhere. When you're researching your options, make sure to ask the community team:
What is included in the monthly fee?
Which care services have an additional charge?
Are there fees for transportation or other services?
Is there an entrance fee, community fee, or security deposit?
How will the monthly cost change if your parent's care needs change?
Understanding these important details before committing to a particular community can make it easier to compare communities based on total cost rather than just the monthly rate. Having a clearer picture of the full cost can also help families feel more confident and informed as they consider which community is the right fit for their budget.
Moving a parent to assisted living can carry all sorts of unanticipated expenses, but knowing about some of these costs ahead of time can help you plan more effectively. Here are a few common ones you may encounter:
Moving services: Professional movers take much of the physical work out of the move. Costs may include packing, transportation, unpacking, and other related services and will depend on how much your parent is bringing and how far away they're moving.
Professional relocation services: A senior relocation specialist or senior move manager can help coordinate different aspects of the transition. Services may include organizing belongings, arranging for unwanted items to be sold or donated, coordinating movers, and helping set up the new apartment.
Storage facilities: If your parent isn't ready to part with certain belongings but doesn't have room for them in their new home, a storage unit may be a temporary solution. Before paying for long-term storage, though, consider that costs can add up over time and make a plan for where the items will eventually go.
Moving to assisted living often means moving into a much smaller apartment, which can make downsizing one of the most important stages of the transition.
For aging parents who have lived in the same home for decades, deciding what to keep can be an emotional process. It can involve going through everything from furniture and kitchenware to family photographs, books, and other belongings that have special meaning. Depending on what your parent owns, the process may also lead to expenses related to:
Professional organizers
Donations or disposal
Packing and moving supplies
Shipping belongings to family members
Estate sale or auctions
Hosting an estate sale can be useful for reducing the number of belongings that need to be moved while potentially bringing in money that can be put toward other expenses. It can also be a way to give unwanted items a new home instead of leaving them behind altogether.
If your parent plans to sell their home, there may be additional costs to consider before it goes on the market. Depending on the home's condition and the local market, you might consider investing in deep cleaning, repairs, landscaping, painting, or other cosmetic updates.
Hiring a senior real estate specialist can be a solution for older adults and their families who want guidance navigating the property side of the transition. Some families may also decide to work with a relocation specialist who can help coordinate the practical aspects of preparing the home and moving out.
Once you've calculated a community's costs and understand the many expenses associated with a move, you may be wondering about one important thing: how to pay for assisted living. Depending on your parent's circumstances, you may have several funding options to consider, including:
Personal savings and retirement income
Long-term care insurance
Veterans benefits
Proceeds from selling a home
Life insurance options
A reverse mortgage
A financial professional can help you understand how different sources of income or assets may fit into your overall plan. It can also be helpful to ask the assisted living community you're considering whether they have resources or recommendations for families navigating the financial side of a move.
If you or a loved one is considering a move to assisted living, the Allegro Senior Living team is here to help you feel more comfortable about this next step. Start by downloading our free Successful Transitions Guide for practical tips on planning a move to assisted living.
When you're ready, connect with one of our community advisors to explore your assisted living options and schedule a personalized tour. Our team is here to help you and your family feel prepared for the transition ahead.