With natural age-related decline physically and/ or cognitively, your or your loved one will require some form of care at some point in time. In this instance, care refers to a range of support or services that help to meet the personal care needs of your loved one. It does not refer to medical care but rather to assist with activities of daily living (ADLs) or everyday tasks, known as Instrumental Activities of Daily Living (IADL). Retirement communities with assisted living options are one of the possible ways to receive such care. While the average assisted living cost in Jacksonville, FL, differs from state to state, the primary care services are similar. They include assistance for Activities of Daily Living like personal care tasks such as bathing, grooming, dressing, and eating. And Instrumental Activities of Daily Living such as housework, preparing or clearing meals, grocery shopping, and taking medication. This article will discuss the cost of assisted living in Jacksonville, FL.
The Trend in Cost of Assisted Living
Supply and demand are the primary drivers of the cost of care services. It has been on the rise as it is forecasted that seven out of ten older adults above 65 will require long-term care services. The size of this population group is rapidly growing, and there is a lower supply of professionals to meet this demand. According to Genworth’s 2019 Cost of Care Survey, the average monthly cost range of assisted living in Florida in 2020 varies across the state, with an average low of $2,836/month and an average high of $5,375/month.
Cost of Assisted Living in Jacksonville, FL
Jacksonville is ideal for older adults looking to retire affordably near the beach. The average assisted living cost in Jacksonville is $4,660. The required level of care also plays a role in the cost. For example, residents with dementia will require higher levels of care and security. As such, they will pay 20% -30% more. However, the cost of living in Jacksonville is generally lower than the national average. Groceries and health care are less expensive for the elderly, and housing costs are nearly 20% lower than the state average. Florida is also one of the most tax-friendly states for older adults. This state does not tax Social Security benefits, 401(k)s, pensions, IRAs, and other retirement income. In addition, there are no taxes on real estate or inheritance for families of older adults in long-term care.
Financial Assistance Options
Although Medicare and Medicaid are well-known terms, many people are unaware of what they fund, for whom, and for how long. The most important thing to understand is that they both have physical and/or financial requirements determining eligibility for benefits.
Insurance and annuities can also be a form of resource in paying for assisted living. Long-term care insurance, life insurance with chronic illness and long-term care riders, and annuities can either pay for aging-related expenses or provide regular payments that can be used for any purpose, including medical costs.
Veterans Aid and Attendance assistance could help offset rising healthcare costs for veterans. A veteran who had served in a war or their surviving spouse with a low income may be eligible for a non-service connected pension (the need for care does not have to be related to military service).
