Plush Retired

Plush Retired

What is a reasonable price for assisted living in Florida?

To determine a reasonable price for assisted living in Florida, several factors need to be considered. Because there is a wide range of living arrangements and a wide range of services, it is difficult to say what is "reasonable". For families, or an individual (seriously faced with an immediate decision), intensive research, based on an honest appraisal of the individual's needs and income, will need to be undertaken.

Basic Fee
Basically, assisted living in Florida provides "room and board". That is to say, it is not a medical facility, even though they must be licensed. That said, facilities could range from the very plush to the bare bones minimum in their accommodation styles. Choice will depend on income capability. An average fee for assisted living in Florida ranges between $60 and $80 per day ($1800-$2400) for the basics, room and board, housekeeping, linens and meals, with utilities paid. These basic costs can escalate when various other charges are added for grooming, personal care and other special services.

Services
A medium-range assisted living facility in Florida today is equivalent to the national average of $3100 per month for a one-bedroom, single occupancy providing practical personal care as well as medical care for ambulatory residents, whose average age is 85. The range is from $750-$8000 per month. Considering the $70-$300 per day fee ($2100-$9000/mo.) in a nursing home, the costs can seem fairly reasonable. Some individuals may think about the fact that it doesn't cost this much per month to live in a private residence. True. What is involved here, however, is the cost of the personnel, required to operate the facility, in addition to the licensure expenses, taxes and insurance required by law. There is a menu of additional services, provided by some facilities, consisting of a personal aid to assist with almost any additional requirements.

Fee arrangements
The fee schedule may be arranged by lease month-to-month agreement or a contractual agreement, subject to a percentage down payment, followed by monthly payments. A non-refundable security deposit is required by most facilities offering assisted living in Florida.

The bad news is that Medicare will not subsidize these costs. Some states will provide a minimum limited assistance through Medicaid for supplemental Social Security. Individuals will need to check through their local health office or Medicaid to discover if they are eligible.

Reverse mortgages and life settlements are another key to affording the costs for assisted living in Florida. A life settlement is possible with the sale of a life insurance policy that has enough cash value to be of assistance in helping to defray the monthly fees.

About the Author

For more information about senior housing communities in the Southeast and Pennsylvania, please visit www.slm.net. Senior Living Management Corp and its affiliates (SLM) operate and develop assisted living facilities throughout the Southeast and Pennsylvania.

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