Financial Insights for Assisted Living
Updated: Dec 15, 2022
Did you know? Minnesota is home to over 10,000 lakes…. and over 950,000 adults 65 & older! What better place for seniors? In fact, Minnesota ranked #5 for the Best State to Retire in 2022 based on the cost of living, weather, health care quality, crime, & culture. This also speaks to the quality of care our loved ones will receive as they age. With 10 Different Types of Senior Housing to choose from, deciding on the best option can be difficult. Lifestyle, finances, healthcare, & insurance coverage are all factors to consider after all. Deciding on an option that provides your loved ones with the assistance they need while also giving them the freedom to enjoy life isn’t always easy. We hope to provide you with some knowledge of your options throughout our articles. While we don’t claim to be financial experts, we wanted to provide some insights on the costs of Assisted Living. Read on for more info!
The Costs of Assisted Living in Minnesota
In Minnesota, the average cost for assisted living care comes in at $4,508 per month; in the Minneapolis area, the average cost is $5,163. In this stat, the Minneapolis area also includes St. Paul, West St. Paul, & Bloomington. While the costs of Assisted Living can vary based on needs, this option can help our loved ones continue to live life to the fullest. Assistance with groceries, healthcare, & even hobbies can make a world of difference in the quality of life. For more information about managing the costs of assisted living, check out our blog “Paying for Senior Care in Minnesota”.
Comparing Assisted Living to Other Types of Senior Care
While the cost of Assisted Living ($4,508) is higher than Adult Day Health Care ($2,167), this senior living option is more affordable than other alternatives. Homemaker Services ($6,673) & Home Health Aide ($6,912) are also more affordable than a Nursing Home Facility ($11,601). We recommend speaking with your doctor & financial advisor to determine which senior care facility is best for you or a loved one. For more information on the other types of care, check out our Senior Living Insights.
Medicaid Coverage for Assisted Living
While there is an approval process, Medicaid Coverage can be used to pay for Assisted Living for those who qualify. Seniors can apply for coverage through the Minnesota Senior Health Options or indirectly through the Minnesota Elderly Waiver. With Medicaid, there is an income & asset limit for the applicants that will determine eligibility. For example, a Single Applicant has an income limit of $12,888 & asset limit of $3,000 as of 2022 in Minnesota. For more information on Medicaid Coverage for Assisted Living, visit SeniorHousingNet.com where they break down the application process & provide financial info for Medicaid.
Does Medicare Cover Assisted Living Costs?
Unfortunately, Assisted Living is not covered by Medicare as they are not considered a “clinical setting.” While the care facility isn’t covered by Medicare, you can still use this insurance for regular health care such as doctor visits & medications. Other financial options to consider include Veteran’s Programs, Reverse Mortgages, & Long-Term Care Insurance. Speaking with financial advisors & insurance agents can help you navigate the infinite amount of information for these options & ultimately help you find the one that is best for you.
Supporting Your Home Needs Through Aging
If you or a loved one is considering your options for senior living, make sure you review the financial, healthcare, & lifestyle needs for your retirement plan. We’re happy to connect you with professionals if you need assistance with your plan and let us know if you have any questions about your home.
Grimm Realty Group is located in the neighborhood of West Saint Paul, Minnesota where Doug has been a Real Estate Agent for over 20 years. No matter your goals, we can help you navigate the market & provide additional resources you may need. Follow us for more insights!
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Financial Insights for Assisted Living Sources:
Bankreate: Best & Worst States for Retirement 2022
Senior Housing Net: Assisted Living in Minnesota
MN Department of Human Services: Minnesota Senior Health Options
MN Department of Human Services: Elderly Waiver
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The content on this page provides general consumer information. It is not legal advice or regulatory guidance. Grimm & Associates may update this information periodically.
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