Cost of Care: Assisted Living Costs- Preparation is the key!

Assisted Living costs nationally range from $28,800,000 to almost $70,000 per year!

In a recent survey, the median annual cost of a single occupant unit in an assisted living facility was listed as:

  • North Carolina:  $33,600.00
  • Georgia:  $28,800.00
  • South Carolina:  $36,840.00
  • Virginia:  $44,460.00
  • Alabama:  $34,765.00
  • Delaware:  $55,506.00
  • Florida:  $31,950.00

The most expensive state was Alaska at $66,000.00.

Source: Genworth 2011 cost of care survey.
 
 

Planning for costs such as these requires some planning now:

  1. Do you have all core documents in order?  Wills, Powers of Attorney, etc.
  2. Can you find important documents like Marriage Certificates and Military Discharge papers, needed to apply for assistance.
  3. Protect your real property.  There are many programs available with the primary residence excluded from your assets
  4. Have you checked all your beneficiary designations?  Will your 401K, insurance or annuity go the right place to protect it?  Keep in mind that these do not pass through your will.

Let us know if we can help with any of these questions.

Email:  Rick Messemer, Community Education Manager          rick.messemer@wgalaw.com