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What Is an Entrance Fee for Assisted Living?
Date Updated: July 26, 2024
Written by:
Rachel Lustbader is a writer and editor with a background in healthcare and technology. Her work has been published on websites including HealthCare.com, BiteSizeBio.com, BetterHelp.com, Caring.com, and PayingforSeniorCare.com. She studied health science and public health at Boston University.
Both of Rachel’s grandmothers had very positive experiences in senior living communities, and Rachel saw firsthand the impact that kind, committed caregivers and community managers can have on seniors’ and their family members’ lives. With her work at Caring, Rachel hopes to help other families find communities, caregivers, and at-home products that benefit elderly loved ones and make life less stressful for family caregivers
An entrance fee for assisted living pays for the cost of moving into this type of senior living community. Many assisted living facilities charge a significant one-time entrance fee along with monthly room and board. In return, residents receive help with daily activities, social opportunities and other amenities, such as transportation.
Assisted living entrance fees cost between $1,000 and $5,000, according to research from the National Council on Aging.
What does an assisted living entrance fee include?
The assisted living entrance fee pays for the cost of preparing your living area before you move into the community. It may also cover the expenses associated with adding a new resident to the facility, such as creating a care plan and assigning staff hours for the assistance you need.
How do families pay an assisted living entrance fee?
Families pay an assisted living entrance fee with savings, through a life insurance policy or with a reverse mortgage. Some people have long-term care insurance that covers the cost of moving into an assisted living community. If you’re a veteran, you might qualify for financial help with the entrance fee through the federal Aid and Attendance Program. Medicaid waiver programs in many states also cover part of the cost of assisted living for older adults who have limited income or a disability.