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

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The Shocking Cost of Assisted Living: A Wake-Up Call for Families

For many families, an assisted living facility provides the perfect balance of independence and support for an aging loved one. What often comes as a shock, however, is the significant cost. While old industry surveys from a decade ago showed concerning numbers, the financial reality today is even more staggering. Understanding these costs is the critical first step in creating a plan to protect your family’s financial future.

The 2025 Cost of Care in North Carolina

Recent data reveals that the median annual cost for a private, one-bedroom unit in an assisted living facility in North Carolina is now approximately $60,000 per year, or about $5,000 per month. This cost can be even higher in major metropolitan areas like Raleigh and Charlotte. This expense, which is not covered by Medicare, can quickly deplete the life savings of a middle-class family.

Preparation is the Key to Protection

Facing these numbers without a plan can be overwhelming. The key is to take proactive steps to get your affairs in order now, before a crisis hits. A comprehensive preparation checklist includes:

  • Organizing Core Documents: Ensure you can easily locate essential legal documents like Wills and Powers of Attorney, as well as vital records like marriage certificates and military discharge papers (DD-214).
  • Protecting Your Home: Your primary residence is often an exempt asset for benefit eligibility. It is crucial to understand the rules to protect it from the cost of care.
  • Reviewing Beneficiary Designations: Check that your 401(k), life insurance, and other accounts have up-to-date beneficiaries. These designations override your will and are a critical part of your plan.

Exploring Your Options to Pay for Care

You do not have to face these costs alone. An experienced elder law attorney can help you explore all available options. For many families, the most important resource is North Carolina’s Special Assistance program, which is specifically designed to help pay for care in an assisted living facility. Navigating the eligibility rules for this program is a key part of a comprehensive plan for your long-term care.

Call our office at (919) 256-7000 to schedule a consultation.