How to Afford Assisted Living in Knoxville, TN

According to the National Council of Aging assisted living averages $4,500 monthly, or $54,000 yearly. Assisted living in Knoxville pricing operates according to location, community type, and the level of care needed.

For example, assisted living services in Knoxville would differ from those in Texas. As for the type of community, you'll pay more for memory care, which also falls under the purview of "type of care" needed.

Let's say your parents assisted living costs are about the average -- this is still a large amount of money to issue every month. You and your loved ones may reasonably wonder how you'll afford this.

Below is a guide to affordable assisted living in Knoxville, TN. Keep reading to learn more about accessing funds for elderly living expenses.

Assisted Living in Knoxville: What Are You Paying For?

If specific prices for Knoxville are what you're after, try this site. Input where you're looking for assisted living services; say Knoxville, TN, and scroll down for your answer.

When we tried, we got $4,825 for 2023 prices. For 2024, we got $4,970. The answer for this year is still subject to change, but you can expect prices in these general ranges.

Elderly living expenses constitute a payment for rooming and food, which may also include laundry and housekeeping. Additional costs will be added separately.

Communities determine "additional costs" via assessments to determine the care needed. Here are the criteria communities usually use to evaluate would-be residents:

• Medications taken
  • Whether or not the resident will need medication management
• What medical conditions or diagnoses the resident has
  • What support will they need for those conditions?
• How much help the resident needs with ADLs
  • For example, do they need help with walking, toileting, etc?
• The resident's level of physicality
  • Including their ability to walk and transfer from different areas
• Behavioral information
  • Like cognitive function
• Risk factors
  • Like violent behaviors and wandering
• Special diets and preferences

Pretend for a minute that your grandfather's base room fee is $2,000. This cost may increase to $5,000 due to how you and your loved ones answer the aforementioned "entry assessment" questions.

Remember, we said the level of care needed can determine how much you pay for assisted living. The more care your parents need, the more it'll cost to accommodate them.

Paying for Knoxville Senior Care Options

You now know what you and your loved ones are paying for, but you may wonder how to go find financing for senior living in Knoxville. You may figure, "Medicare will help us!"

Medicare will not cover most assisted living costs, especially not at non-Medicare-certified communites. To specify, Medicare does not cover "long-term care services" or " custodial care."

Long-term care services are exactly what it sounds like; these are services for people with chronic illnesses, disabilities, or on the verge of losing the ability to function.

Custodial care refers to activities of daily living (ADLs). Eating, bathing, and dressing are all daily activities that Medicare does not cover. Despite that, Medicare may cover health care expenses to help defray costs.

Long-Term Care Insurance

Long-term care insurance may help with financing senior living in Knoxville. You buy this from a private insurance company to cover elderly living expenses.

Like health insurance policies, these insurance premiums differ upon factors like the insured's health status, age, and the amount of coverage. You must carefully read over the policy.

Long-term care insurance policies vary widely in what they cover. It's best to get this coverage when a person is still healthy.

Certain conditions like Alzheimer's, stroke, multiple sclerosis, and Parkinson's often result in being denied coverage. You should also know that premiums increase over time.

VA Benefits

The U.S. Department of Veterans Affairs (VA) assists eligible wartime veterans and their surviving spouses with low incomes. One program many may not know about is the Aid and Attendance Benefit.

This program offers eligible recipients an increased monthly pension to those who need help with ADLs. Veterans must have served at least 90 days of active military service, with at least one day occurring during a war.

Recognized periods of war include:

• Mexican Border Period: May 9, 1916 - April 5, 1917
• World War I: April 6, 1917 - November 11, 1918
• World War II: December 7, 1941 - December 31, 1946
• Korean Conflict: June 27, 1950 - January 31, 1955
• Vietnam Era
  • February 28, 1961 - May 7, 1975
    • For those serving in the Republic of Vietnam
  • Otherwise, August 5, 1964 - May 7, 1975
• Gulf War: August 2, 1990 - Present day
  • End date TBD until stated by law or Presidental Proclamation

Anyone who served active duty after September 7, 1980, must have served at least 24 months or the full term for which they were called for service. They must have served at least one day during a listed wartime period.

The Pointe at Lifesprings Military Veterans Program

Of course, many assisted living communities offer ways to defray costs. New residents of The Pointe at Lifesprings who have served in the United States Armed Forces can receive a discount offer.

Qualified veterans receive half off their first month's rent and $1,000 off their anniversary month's rent. We also partner with Patriot Angels, a program that helps veterans and their spouses pay for assisted living costs.

Residents who qualify for their programs can get a further $1,000 off their second month's rent. Their wartime qualification dates and term lengths are the same as those required for the VA's Aid and Attendance Benefit.

Patriot Angels, however, do not offer aid to those who've served during the Mexican Border Period. Other qualifying factors include:

• Being 65 or older or 100% disabled
• Having received an Honorable, Medical, or General Discharge

Financing Senior Living in Knoxville, TN

Figuring out how to pay for assisted living can be stressful and tricky. You must navigate various legalities and paperwork to find and apply for the right programs.

Luckily, The Pointe at Lifesprings can help. We've told you about our Military Veterans program and you can ask about other offers and promotions available to help defray costs for assisted living in Knoxville.

Inquiring is worth the effort. Our staff is professional and friendly; they're always on hand via our emergency call system in case of a fall or other event.

We're pet-friendly and offer various amenities, like outdoor dining and a garden area, to help your loved ones live their best lives. Contact us to schedule a tour today!