Most assisted living residents pay for their own care
From: McKnight’s Long Term Care News & Assisted Living
Assisted living residents generally are from mid- to high-income households, and the majority can pay for care on their own, a survey released Friday reveals.
A survey of 2,617 older adults living in freestanding assisted and independent living facilities provides new insights into the economic and physical well-being of individuals living in private pay seniors housing communities.
The survey, conducted by the Center for Retirement Research at Boston College, found that assisted living residents earn most of their income through annuitized forms, including Social Security, pensions, private annuities and investment income. The majority of residents, according to the survey, don’t need help from family members to pay for their care. Many residents report actively spending down their assets for their care.
Support for the research was provided through a grant from the National Investment Center for the Seniors Housing & Care Industry, the Assisted Living Federation of America and the American Seniors Housing Association.
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