Financial Options& Considerations
How to pay for assisted living is one of the many questions you’ll face on your journey. Working within your budget is as important to you as it is to us.
One of the first concerns many people have about assisted living is how they’re going to pay for it. Angels Senior Living committed itself to providing a high quality of life at any price all the way back in 1978, and many of our communities continue that legacy of affordability today. We offer price points for any level of care and maintain communities that accept Medicaid or otherwise provide fairly affordable care to our seniors.
How Much Does Assisted Living or Memory Care Cost?
Florida is one of the more affordable states in America for care, and for retirement. The Tampa Bay Area is particularly inexpensive compared to other metropolitan areas in the country and state at roughly $3,250 per month, according to Genworth’s Cost of Care 2021 Survey. But that’s still a lot of money. For most of us, this is more than what is considered affordable.
Below you’ll find approximate price ranges for assisted living in the Tampa Bay Area. Our communities may be higher or lower depending on your specific situation and needs. These prices are ALL-INCLUSIVE. Many assisted living facilities offer very low base rates but charge more for their standards of care or for items that would be included, meaning you’ll usually end up paying the same or more in the long run while dealing with many more bills.
Assisted Living Costs
- Monthly Rate: $2,000 – $6,000
- Level of Care Fee: $300 – $900
- Approximate Total Monthly Cost: $3,900
- Initiation fee (apartment preparation): $500 – $2,000
Memory Care Costs
- Monthly Rate: $3,100 – $6,000
- Level of Care Fee: Often included, or $300 – $1200
- Approximate Total Monthly Cost: $5,000
- Initiation fee (apartment preparation): $500 – $2,000
Adult Day Care Costs
- Daily Cost: $75 – $125/day
Respite Care Costs
- $150 – $250/day, minimum stays required (generally 14 days)
We encourage you to do your own research and seek out a financial advisor before making any decisions about assisted living. However, we’ll go over several options that can help you pay for assisted living or memory care.
Options for Paying for Assisted Living & Memory Care
There are a variety of options to pay for assisted living. Some of the most common ones include:
- Life insurance policies,
- Private pay
- Long-term care insurance
- Medicaid
- VA benefits
Each of these options depends on your employment history, veteran and disability status, retirement planning, and other considerations. For more information about the different ways you can pay for assisted living, check out our financial planning guide.
Is a Security Deposit Required? What Upfront Fees Should We Expect?
Most assisted living communities do charge a security deposit, first and last month’s rent and a community fee upon moving in. At Angels Senior Living we only ask for the payment of your community fee and your first month’s rent.
Is Assisted Living Tax-Deductible?
Generally, only the medical component of assisted living costs is deductible and ordinary living costs like room and board are not. However, if the resident is chronically ill and, in the facility, primarily for medical care and the care is being performed according to a certified care plan, then the room and board may be considered part of the medical care and the cost may be deductible, just as it would be in a hospital. If the resident is in the assisted living facility for custodial and not medical care, the costs are deductible only to a limited extent. In any case, the expenses are not deductible if they are reimbursed by insurance or any other programs. Speak with your tax adviser or elder law attorney for further information.
Other Resources
If you’re interested in assisted living, memory care, adult day care, or respite care, you’re in the right place. Read our other resources below to learn more about your options in the Tampa Bay Area. If you need help, don’t hesitate to call us at (866) 283-5406 to discuss your situation with our senior living advisors.