Assisted living comes with a high price tag, but there may be ways to reduce the costs, experts say.
Whether you choose retirement or you can no longer work, it might be time to start thinking about long-term care, including assisted living facility costs. After all, this type of care can come with a high price tag, so it's important to know what you can and can't afford — and what your plans are for this type of care in the future. For example, assisted living facilities costs average about $54,000 annually, according to the National Council on Aging.
'Because of this, it's important to recognize that what you pay in your first year at an assisted living facility may not be the same as what you pay in year five. So, be sure to include those rising costs in your estimates and long-term savings plans.Invest in a long-term care insurance policyThe right long-term care insurance policy could also be crucial to cutting down on the costs associated with assisted living, experts say.
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