The cost of senior living expenses are rising across all regions, but especially in the South and West, according to the latest National Senior Living Cost Index collected by the senior living referral service A Place for Mom.
Seniors are paying 2 to 4 percent more than in 2012 for memory care, especially in the Midwest. Assisted living (AL) costs also have risen since 2012, especially in the South, where AL expenses are nearly double the national average. The increases have added $99 to $125 per month to senior care costs over the past few years, depending on the care level, the report stated.
|Source: National Senior Living Cost Index, A Place for Mom|
Regionally, costs also can vary greatly depending on the proximity to a major metro area. Currrently, the top five most expensive metro areas for both assisted living and memory care are Washington, D.C., Boston and New York.
“Most of the families we work with do not understand the true cost of senior living or the types of care available, and providing this information allows them to plan for the future and can lead to better outcomes for seniors needing living solutions down the road,” said Charlie Severn, vice president of brand marketing at A Place for Mom, in a company announcement sent by email.