Georgia is the most affordable state in the U.S. for assisted living, according to a recent study from Seniorly.
Assisted living communities are residential care facilities for those who require extra assistance with daily tasks but do not require assistance with bathing, dressing or medical care. These communities also offer people of similar life stages companionship.
The average monthly cost nationwide is $4,057. But in Georgia the monthly cost averages just $3,045 — that’s $36,540 yearly, a far cry from New Jersey’s $70,716 annual cost.
Given that nearly half of Americans are expected to retire in debt, according to CNBC, and that assisted living falls under the umbrella of long-term care, which is not covered by Medicare, there aren’t a lot of great choices when it comes to covering the cost.
”There is no cheap way of paying for it,” David Mendels, director of planning at Creative Financial Concepts in New York, told CNBC.
Many seniors “self-insure” the costs, paying directly from savings or a retirement account, getting a reverse mortgage or selling off assets to fund assisted living. Others look to family support, or long-term care insurance to pay the bill. But as long-term care insurance costs continue to rise, fewer and fewer rely on it. The industry experienced a 60% drop in sales from 2012 to 2018, CNBC reported.
No matter how you plan to fund aging gracefully, the figures are clear: Start saving now.
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