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Assisted Living Options

May 10, 2017

Nobody likes to think about it, but there will come a day when each of us needs some help as we get older. Having a plan to get that help and a plan to pay for it makes everything easier when that day comes.

Nearly all assisted living communities offer residents the choice of either having all-inclusive or fee-for-service pricing. All-inclusive means that a single monthly fee covers rent, meals and any additional services a resident chooses which may include housekeeping and/or transportation. There is also the choice of having fee-for-service means a resident pays only for the services that the resident uses. Usually, if a resident intends to use the full suite of services an assisted living residence offers, it tends to be less expensive to choose the all-inclusive option. If a resident will only require certain services or will use outside assistance for certain services, then the fee-for-service approach offers better cost savings
In 2015, the average monthly cost of assisted living nationwide was $3,600, according to the 2015 Cost of Care Survey by Genworth Financial. Alzheimer's and dementia care in assisted living costs on average around $4,500 per month in Minnesota, according to data compiled by

Paying for assisted living can be extremely expensive. There are options to receive financial assistance from Medicaid. The most common of which are Home and Community Based Services (HCBS Medicaid Waivers). The number of states offering waivers for assisted living through Medicaid has increased rapidly in the past few years, and will most likely be available nationwide in the near future. Although this is true, some states are moving to a Medicaid managed care model and away from Medicaid Waivers. Another type of Medicaid program is called a State Plan Personal Care or Personal Assistance Services. This is a regular Medicaid benefit that pays for personal care and does not limit the location in which the personal care can be provided. This is greatly beneficial because people who are living in assisted living can have outside assistance come in and provide personal care such as bathing, grooming, transportation and help with medical appointments.

Minnesota is increasing the level of assistance they offer to people in need of assisted living. Medicaid’s benefits are inconsistent. Minnesota pays for assisted living through the Medicaid Waiver called the Elderly Waiver. As with most waivers, participation is limited. A second option is the Community Access for Disability Inclusion (CADI) Waiver.
If you are in need of finding assistance to help you with looking at your options for assisted living, and how to plan to pay for it, then Dunncreek Advisors is here for you. Give us a call today and we can help you with your St. Paul Assisted Living Planning.

If this article has you thinking about elder care planning, contact my office at I am always happy to meet with people who are looking for the smart thing to do with their money. Dunncreek Advisors does not provide legal or tax advice, nor is this article intended to do so.