New York City Assisted Living

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Most New York City assisted living communities charge an application or community fee to new residents. This is a relatively new concept, but it's become the norm. The community fee is usually a onetime payment that covers the administrative cost of moving into the community, the cost of refurbishing the room, and maintenance for the common areas. How exactly the money is used depends on the community — you should ask for specifics before signing an agreement.

Fees may range from a few hundred to several thousand dollars. It's often equal to one month's rent in New York City, which for assisted living runs from $1,500 to $4,000, depending on exactly where you live and how fancy the accommodations are. The community fee is generally nonrefundable, but some assisted-living communities allow a prorated refund if your dad were to leave the community in the first 30 days. You should ask the sales office about these terms, when the fee is due, and if the community treats it as a deposit that gets refunded when your dad moves out, or if it's strictly nonrefundable.

Of course, sometimes residences need to flex their ...
... rules to fill their rooms. So if occupancy is low, you may be able to negotiate this fee. It's worth asking. As you or your senior loved one turns age sixty-five, it is important to start considering some financial and healthcare changes that you will be making, especially planning for Assisted Living. Around age 65 you should start to plan your health related matters and financial matters.

Along with Medicare, you will want to look into Long-Term Care Insurance policies to help pay for long-term care services and housing. Whether you want to live at home with homecare services, or in a senior care facility such as an assisted living facility, you will need a long-term care insurance policy to help cover costs. The insurance policies may be pricey, but it only gets more expensive as you age. If you are in your mid 60′s you will want to buy an insurance policy sooner than later. Also, at age 66, when you are at your full retirement age, you can claim your full social security retirement benefits without any penalty. Some older adults claim their reduced benefits at age 62, while some other aging adults wait until their full retirement age to claim their higher benefits. Planning on when the best time to claim your social security may take some extra work, but it is worth it in the long run. A social security advisor can help you with any questions you may have relative to funds available for assisted living, and with any paperwork you need help filling out.

If you or your loved one is low income or have a few assets, you may possibly need to find out about extra financial assistance in order to pay for New York City assisted living. Many Americans think that there is no option for low-income individuals, but fortunately that is not the case. There is medical coverage and financial help available to seniors age 65 or older that are low income and have few assets other than their homes. Medicaid can help pay the full cost for medical care, as well as for homecare or long-term senior care facilities. Supplemental Security Income will provide monthly cash assistance in additional to social security benefits.