One of the perks of being financially prudent as you age is the exciting prospect of blissful golden years.
Imagine sunbathing in the ever-warm Florida climate and taking in the scenic beauty of the beaches — it's what many seniors look forward to.
However, the truth is that your golden years might not be all sunshine and rainbows. You might not like it, but at some point in time as you continue to age, there's a high chance of you requiring some form of assistance with your daily activities.
The good news?
Requiring such living assistance doesn't have to take away the enjoyment of your retirement years. Of course, it might be tough to accept, but in the end, it remains an excellent route for optimum living at that age.
To help you plan and budget wisely, let's explore what the average monthly cost for assisted living in Florida is for those in the Sunshine State.
But, first…
Who Needs Assisted Living?
Many seniors need a lot of assistance in their daily lives. This assistance is not just in big tasks like getting a reliable moving company to move them from their homes to retirement facilities but also in basic activities like bathing and getting dressed.
If any of the following resonates with you, you may need assisted living:
- You find tasks like bathing, dressing, and meal preparation challenging to do by yourself.
- Keeping track of your medication time and dosage is a challenge.
- Safety concerns; you can't seem to get a grip on your stance, resulting in slips and falls.
- Unable to pay home bills by yourself anymore.
- Isolation is becoming a norm; you're having difficulty maintaining a social life as you age.
The Average Cost Per Month For Assisted Living in Florida
Getting down to business: what is the average cost of assisted living in Florida?
According to the Genworth 2023 Cost of Care Survey, the average monthly cost for assisted living in Florida is $4,750 — an 11% drop from the U.S. monthly median cost of $5,350.
While this figure offers a helpful benchmark, it is not cast in stone as the fixed price. Rather, it provides some sort of guidance for your planning and budgeting.
Moreover, it's important to note that the costs tend to vary significantly within Florida itself. The more urban the area, the more expensive the cost.
Here's a breakdown of the monthly median costs of assisted living across different locations in Florida:
- Miami — $5,250 per month
- Tampa — $4,213 per month
- Naples — $5,068 per month
- Jacksonville — $5,350 per month
- Sebring — $4,595 per month
- Gainesville — $8,055 per month
- Orlando — $3,823 per month
- Lakeland — $5,292 per month
Even with states near Florida, such as Georgia and Alabama, which borders Florida in the north, the median cost of assisted living often differs widely.
Here's a preview of what the median assisted living cost in some states is compared to Florida:
The True Cost of Assisted Living: Looking at the Fine Print
The monthly base fee for assisted living typically covers a variety of services, including rent, meals, housekeeping, personal care, transportation, and social activities.
However, the base price often doesn't tell the whole story. Many assisted living facilities offer a variety of add-ons or 'hidden' fees that can catch families off guard if they're not prepared.
So, just how much is assisted living in Florida?
Here's a look at some of the most common add-on fees you might encounter:
- Community or move-in fee
- Medication management fees
- Pet fee averaging
- Technology and Wi-Fi
- Beauty services
- Parking fee
- Clothing
Note:
The monthly medication, pet, and parking fees average $500, $300, and $60 per month, respectively; while the national median move-in fee is around $2,500.
Others vary according to the services' needs, lifestyle, and individual providers.
Factors Influencing Assisted Living Costs in Florida
Just like location, other factors can affect the average monthly cost of assisted living in Florida.
Some of these factors include:
Amenities and services
Assisted living facilities offer a wide range of amenities and services, which can spike or reduce the monthly cost.
Basic services typically include meals, transportation, housekeeping, and personal care assistance. However, some facilities offer additional amenities such as fitness centers, swimming pools, social activities, and specialized services.
The more luxurious and comprehensive the amenities, the higher the cost of assisted living in Florida.
Level of care
The level of care you require at the assisted living facility is a significant factor in determining the cost of assisted living.
If you need more extensive assistance with activities of daily living, you will likely incur higher costs than someone who has no healthcare needs.
Most facilities in Florida operate different care models. These models indicate the level of care or services that will be provided for their residents.
In turn, the model of care adopted also determines the pricing for assisted living and the amount you pay.
The types of assisted living models available include:
- All-Inclusive Model
The all-inclusive model is ideal for those who prefer to make a one-off monthly payment without having to worry about added fees for extra services. Even when they require additional assistance different from the initial need, the cost does not change.
- Tiered Pricing Model
The tiered pricing model renders services based on the required level of assistance. Opting for this ensures you only pay for what you need.
Some facilities offer tiered pricing based on the level of care you require. So, it's essential to understand what's included in the base price and what might cost extra.
- À La Carte Model
If you love having options and only want to pay for what you use, the à la carte model is your perfect match. For instance, if you want housekeeping but not meal service, you pay the base fee for rent and housekeeping.
Financial Assistance and Funding Options
While assisted living costs might seem not much — depending on how deep your pocket goes — the expenses tend to add up after the first few payments.
In such instances, you may require assistance footing your bills, especially since you're no longer in the active workforce.
Some of the options you can explore for financial assistance include:
- Depending on the package you opt for, Long-term Care Insurance options may cover some of the costs of assisted living.
- Medicaid may help cover the cost for seniors. The Medicaid income cap in Florida is $2,829.00 per month.
- Veterans’ program for assisted living
- Reverse mortgage, although this option should be approached with caution as you use your home to pay for assisted living.
Note:
The reverse mortgage is on the condition that the homeowner must be married, and the spouse (the one who does not need assisted living) must occupy the home.
Endnote — Average Monthly Cost for Assisted Living in Florida
Assisted living in Florida offers a supportive environment for seniors who need help with daily activities.
The 2024 average monthly cost for assisted living in Florida is $4,750. However, it ranges from the lows of $3,823 to the highs of $8,055, depending on factors such as location, amenities, and the level of care needed.
While it may seem like a bulk sum, you can start saving early or set up a dedicated savings account.
Remember: when planning toward assisted living, you can also look into long-term care insurance, Medicaid, veterans benefits, and state programs.