A Primer on Assisted Living Facilities
Assisted living facilities offer community-based long-term living arrangements designed for seniors who need some help with the activities of daily living (ADLs), but who are also looking to preserve as much independence as possible. These communities vary greatly: from a modern high-rise apartment building to a quiet suburban townhome community. Some may resemble a resort hotel or a country club.
Typically, residents in assisted living facilities have their own private apartment-style living quarters, with convenient shared services on-site and nearby. These include meals, social and recreational activities, varying levels of therapeutic and medical assistance, emergency call systems in each residence, housekeeping and laundry service, wellness and fitness programs, and shopping and transportation services.
Assisted living facility providers are licensed at the state level, with requirements for the services provided varying from state to state. Some facilities offer continuum care where a resident can go from an independent living facility to a 24-hour skilled nursing care, with assisted living in between the two ends of the spectrum. This allows seniors to age in place with communities including separate but adjacent sections offering independent living, assisted living, and 24-hour skilled nursing care. This type of facility appeals to seniors and their loved ones who know that the resident can remain within one community setting and maintain the optimal balance of independence and assistance as time goes on.
The cost to residents of assisted living facilities varies from one region to the next and depends on the level of services provided. The median average cost for assisted living in the U.S. according to Genworth’s 2015 Cost of Care Survey is $3,600 per month, or $43,200 annually. The cost for assisted living is also on par with areas where the cost of living is higher.
According to SeniorAdvisor.com, the states that have the highest number of assisted living providers include California, Texas and Florida. Moreover, assisted living communities in Louisiana, Indiana, and Alabama tend to be rated higher than the national average.
Considering the various services assisted living facilities provide and the corresponding risks that come with these services, a comprehensive insurance program should include: General Liability, Professional Liability, Umbrella/Excess Liability, Commercial Property, Business Interruption, Equipment Breakdown, Commercial Auto, D&O Liability, Employment Practices Liability, Cyber Liability, Crime, and Workers’ Compensation, among others.
About Caitlin Morgan
Caitlin Morgan has an established footprint in insuring assisted living facilities throughout the country and is available to assist you in securing a customized program for your insureds. Just give us a call at 877.226.1027.