With Assisted Living Facilities Increasing their Rates, Seniors Are Having Financial Difficulties.

Most assisted living residents pay from their own funds, some with long term care insurance, and some veteran’s benefits or with help from family. Annual cost increases typically come in two forms: increases to cover rising expenses, or an upgrade to the next tier of care i.e. additional help with bathing, eating, medication management or dressing. A MetLife Mature Market Institute study reported that assisted-living costs climbed 5.2 percent from 2009 to 2010, to a national monthly average of $3,293, outpacing both inflation and the interest earned on savings and bonds. Also, with Social Security not increasing in 2011, this…

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