Are Assisted Living fees negotiable?
Assisted living fees are generally not negotiable in the traditional sense, as they are often set by the facility based on factors like location, level of care needed, and the services offered. However, there may be some flexibility depending on the situation. Here are a few ways fees could potentially be adjusted or minimized:
1. Apartment Choice and Amenities:
Different Pricing Tiers: Many assisted living facilities offer a range of apartment types, such as studios, one-bedrooms, or even shared apartments. Larger or more private spaces often come with higher fees, so opting for a smaller or shared space could save you money. Also, amenities like a private bathroom or kitchenette could influence the cost.
2. Length of Stay:
Discounts for Long-Term Commitments: Some facilities might provide discounted rates for residents who sign long-term contracts (e.g., a 12-month or 24-month agreement). This is not universal, but it’s worth asking if they have any such offers, especially during the negotiation phase.
3. Move time frame:
- Should you be able to move quickly (less than 30 days), some facilities may offer an incentive to motivate you. On the hand, if you are thinking about moving in the distant future, you won’t have much leverage to negotiate.
4. Community Fee:
- There are times when the Community Fee can be negotiated, however if the facility has a lot of demand, they may not be open to offering any incentives of discounts.
5. Care Needs:
Reassessing Care Levels: The initial fee often reflects an estimated care level based on the assessment done when the person moves in. If it turns out that the person needs less care than originally anticipated, the fee may be reduced. On the other hand, if the care needs increase over time, the fee will likely go up. If you feel the level of care is being overestimated, it’s worth discussing a reassessment.
5. Incentives or Promotions:
Financial Assistance or Special Offers: Facilities may offer discounts, like waived move-in fees, or special deals during certain times of the year. Additionally, some may offer financial assistance for specific circumstances (e.g., veteran’s benefits, financial hardship, or transitioning from a hospital).
6. The Bottom Line:
- Too good to be true offer: Facilities that offer deep discounts are doing so to increase sales. This might be a sign that they are having issues with occupancy. Keep in mind that deep discounts affect the community’s bottom line so this could have an impact on the quality of care and services in the future.
- Rate lock is a prime example: A annual rate lock may sound appealing (no increase in your rental rate), however as operational costs rise, the facility will need to absorb these increases. If they can’t raise the rent, there could be cost reduction measures taken, which impacts staffing, quality of care and services.