Cost of Assisted Living: Key Factors That Impact Pricing

Almost 20% of Wisconsin residents are over the age of 65. Seniors make up a sizeable chunk of the population, so assisted living communities are an extensive part of daily life for many families.

The cost of assisted living varies depending on several different factors. However, these prices are often worth more robust amenities and well-appointed apartments.

Read on to learn how much families pay for assisted living and how to make financial planning for seniors an easier process.

The Average Cost of Assisted Living in Wisconsin

In Wisconsin, assisted living costs an average of $5,500 each month.

This figure will vary greatly by location. In some areas of this state, this variance can be as high as $1,600. Some Wisconsin locations charge about $5,200 while others cost closer to $6,800.

In Manitowoc, the average monthly cost of assisted living is about $4,126 monthly. This is significantly lower than the state average!

Location is one of the main factors influencing the costs of a retirement community. However, it's far from the only factor that impacts pricing.

Care Needs: The First Factor Influencing Costs

Families will also need to think about their loved one's care needs when contemplating retirement community costs.

All residents in assisted living will need some help with daily care. Some tasks they may require assistance with include:

Dressing
Bathing
Meal prep and dining
Moving around their apartment and other community amenities
Using the bathroom
Promoting personal hygiene
Managing medication and insulin

Not all seniors within community walls require help with all of these tasks. Needs aren't one-size-fits-all, and those who require more help will have higher assisted living pricing.

To enhance elder care affordability while meeting your loved one's individual needs, community caregivers will:

Discuss new residents' needs with families
Talk to new residents to see what tasks they require extra help with
Create a written care plan to meet all of the senior's specific requirements

Individualized care plans ensure that you get a fair rate while giving new residents the best possible quality of life.

Additional Amenities

At Lakehouse Manitowac, residents get more than just room and board with their standard monthly rental price. They also access things like:

Social activities
Community events
Fitness and wellness programs
Game and card rooms
Restaurant-style dining
Lounge areas to spend time with other residents

These robust offerings make the cost of assisted living worthwhile.

However, our community also has a few amenities that are only available to those who pay a little extra. Salon services and hairstyling come at an additional fee.

If you want to stay over with your loved one in an independent area, you can also pay more for guest accommodations.

Floor Plans

Lakehouse Manitowoc offers both studio-style and one-bedroom apartments.

A studio apartment is mostly a single-room suite. It looks like a hotel room, which makes sense in a resort-style community.

The room is spacious and easy to navigate with mobility devices. It holds both a bed and a kitchenette. This same open area also holds a living room, so seniors can kick back with a good book or watch their favorite shows in peace.

One-bedroom apartments are usually more expensive because they have more square footage.

In both studios and one-bedroom apartments, the bathroom is an annexed space that sits apart from the rest of the living area. However, one-bedroom apartments are made up of multiple distinct rooms. The bedroom is separate from the kitchen, which sits apart from the living and dining areas.

Sometimes, a studio will cost more than a one-bedroom apartment will. This is unusual, but the price will depend on the specific unit's square footage.

Ask about square footage and pricing while seeing the amenities on your community tour!

Insurance Policies

The National Council on Aging discusses long-term care (LTC) insurance as a factor that influences assisted living costs.

This insurance comes in two forms. Traditional LTC insurance:

Comes as a standalone policy
Is exclusively made to pay long-term assisted living costs
Is less expensive than hybrid policies

Hybrid policies:

Are a more expensive option because they cover multiple things
Combine LTC insurance with permanent life insurance
May contain a separate annuity contract
Offer the same funds to cover long-term care as a standard LTC policy would
Additionally, offer a death benefit or return of premium to families when the policyholder passes away

LTC insurance lets families:

Access more care options
Retain peace of mind
Protect personal savings and assets

These benefits make the investment well worth it. Additionally, if you begin to pay for a policy early, your premium will be lower.

Even if you think you're a couple of years away from needing assisted living, starting payments now could secure you a lower rate. This saves money in the long term.

Effective Financial Planning for Seniors 101

Families can also make senior care expenses easier on themselves by budgeting intelligently. Financial planning for seniors necessitates looking into personal funds like:

Savings accounts
Checking and banking accounts
Social security income
Money from pensions

When transitioning to assisted living, many seniors also get money by selling assets like:

Their house
Car(s) or other vehicles
Furniture
Personal effects like collections that cannot be brought to the community

These funds are a great way for families to kickstart their assisted living payments.

To make a more comprehensive and thoughtful plan, families may want to consider meeting with a financial advisor.

These professionals can help you identify sources of money that you have not thought of yet. They can also help you create a comprehensive long-term budget so you don't need to stress about payments being due.

Get the Best Care in the Badger State

Now that you know the cost of assisted living in Wisconsin, it's time to begin financing your loved one's lifestyle.

Lakehouse Manitowoc is committed to offering robust amenities and quality care at an affordable price. We'll discuss finances openly and honestly with families so you don't need to wonder how much you'll have to pay.