When one is thinking about joining an assisted living community, one of the critical factors to consider is the cost. Given the fact that engagement with an assisted living community tends to be long-term, ensuring that you get the budget right is critical. Fortunately, some assisted living communities in New Orleans offer budget-friendly rates that make this process easier for you.
In this article, we look at the things that you need to know about assisted living costs in New Orleans, LA.
One of the great things about assisted living communities in New Orleans is just how tax-friendly the city is. When it comes to pension funds, New Orleans offers a tax exemption for the first six thousand dollars. Subsequent amounts are then subject to a low tax rate. The net result is that you get to stretch your pension further and this gives you greater buying power. The city also offers subsidized rates for seniors, which further makes the Big Easy friendly for retirees.
Average Assisted Living Costs
In New Orleans, the average cost of assisted living services is about three thousand dollars a month. This, of course, varies widely depending on many different factors. These include the location of the assisted living community, the level of care that the resident requires, and the amenities that are offered. Due to these factors, the cost of assisted living may go up to four thousand dollars a month.
When calculating these costs, you must keep in mind that there will be expenses that will not be covered under the figures we have indicated. This includes personal costs such as clothing, travel, and so on. When calculating your total monthly costs at an assisted living community, you will need to factor in these personal costs as well.
One of the great things about New Orleans is that the state also invests in some resources to help people in assisted living communities. Run by the Louisiana Bureau of Health Services, the program supplements SSL payments that people pay in assisted living communities. Applications should be made at the nearest social security office.
While most people pay for assisted living services using their personal funds, there are other potential sources of funds for this purpose. They include veteran benefits, long-term care insurance, life insurance policies, and many others.
Making The Right Choice
Understanding the average costs of assisted living communities will help you to plan better. You can leverage other resources such as life insurance policies to help you meet the costs. You should also be very clear about the services that you need, which plays a big role in the cost of care that you receive. If you are going in for the long term, it is important to consider future needs and factor them into the cost. For example, are you likely to need memory care services down the road?
Despite this, you should be realistic about the level of care that you require as well. Making assumptions about this can lead to problems down the road that could end up costing you more. For example, it is better to allow the assisted living community to handle household chores rather than risk injury when doing these tasks.