According to Genworth Financials' 2021 Cost of Care Survey, the average cost of Assisted Living in Miami is $3,250 per month, which is around 13% lower than the Florida average of $3,737. And as compared to the national monthly average of $4,000, Miami Assisted Living cost is 19% lower.
Assisted Living rates in Miami and the surrounding suburbs depend on multiple factors, including location, level of care, apartment size, and amenities offered in each community.
The nearest city to Miami in terms of distance is Keystone Heights, where Assisted Living costs around $4,263 per month, The cost is $1,013 lower than the monthly median Assisted Living in Miami. Seniors in Lloyd pay an average of $4,775 per month, which is $1,525 lower than per month what their peers pay in Miami.
Apart from assisted living, seniors have multiple care options in Miami. The senior living you need depends on your required care level and medical conditions. For instance, if you require 24/7 medical supervision, a nursing home in Miami could be the better choice than Miami assisted living care.
Assisted living communities in Miami are designed for seniors who need assistance with ADLs and IADLs. And independent living is for active older adults who can live independently. Thus, assisted living costs are higher than independent living in Miami and lower than more intense medical care options through Miami nursing home and memory care facilities in Miami.
Senior living options with different levels of care available in Miami are:
Independent Living: Independent living is for active older adults who want to downsize to a home in a retirement community but don't need help to live completely alone.
Nursing Home: Seniors who require specialized care and 24/7 supervision should look for nursing homes.
Memory Care: These communities are for seniors struggling with Alzheimer's or other advanced forms of dementia.
Home Care: Caregivers provide services to older adults in their home to provide primary healthcare, meal delivery services, meal preparation, and transportation to and from appointments.
Continuing Care Retirement Communities (CCRC): A CCRC accommodates Assisted living, Independent living, and Nursing Home care. This means that you can live out the rest of your life in the same setting with on-site medical care.
Miami is a part of Florida that does not deduct state taxes on all forms of income, including Social Security income, retirement account withdrawals, and pension earnings. With this retirement-friendly income tax policy, Miami seniors can set aside a large portion of their earnings for daily expenses.
The median home cost in Miami comes at $398,100. This brings Miami housing index to 142.7, which is higher than the Florida housing index of 102.6. The overall cost of living index in Miami is 123.1 that is higher than the national average of 100 and higher than the state average of 102.8.
The population of Miami is 471,525. The median age in the city is 40, and about 17% of its population is age 65 or older.
Miami is quite diverse, with white, black, and Hispanic/Latino being the three most common ethnicities in the city, about 11% of residents identify as white alone.
The violent crime rate of 48.8 in Miami is higher than the national average of 22.7. And the property crime rate of 62.7 seems higher than the national rate of 35.4.
Seasonal Temperatures: Miami has a typical summer high of 89°F and a winter low of 61°F. And the yearly rainfall here is about 59 inches, while the snowfall is around 0 inch(es) on average.
Air Quality: The Average air quality index rating is usually 53, which is lower than the national average of 58.The index rating at or below 100 is considered satisfactory.
The health index of 98.8 indicates resourceful quality of healthcare services available for seniors, This index is higher than the state average of 98. The Miami hospitals cater their services to meet treatment requirements of seniors and people of all ages. Therefore, you can rest assured of getting the best possible care in Miami for any common or chronic health condition.
Different financial assistance options are available for seniors to pay the cost of Assisted living in Miami. In addition to government programs, the Miami area agencies and non-profit organizations provide helping hands towards better senior living in Miami, FL.
Private Pay: Private pay is the safest way to pay for Assisted Living in Miami. This is because you pay out-of-pocket for the low-income assisted living near you. Still, it might not be the easiest option for most seniors. In that case, you can use a combination of the following options.
Reverse mortgage: A reverse mortgage is a loan. An elderly homeowner with significant home equity can borrow against the value of their property and receive funds. The money can come in the form of a fixed monthly amount, a lump sum amount, or a credit line.
Medicaid and Medicare benefits: Every state has its own Medicaid program to help low-income residents with healthcare-related costs. In addition to medical care expenses, Medicaid covers certain long-term care costs for eligible seniors. However, you will need to meet the state-specific requirements to be approved for the Medicaid benefits in Miami. To pay for assisted living in Florida, the state mainly uses HCBS Waivers (Home and Community Based Services). But this waiver does not finance the room and board costs in assisted living.
On the other hand, Medicare doesn't pay the cost of ADLs assistance for assisted living residents. Nevertheless, seniors can use Medicare benefits to pay for approved medical care needs in assisted living communities in Miami.
Veteran benefits: The VA’s (Veteran Administration) Aid & Assistance program in Miami, Florida pays monthly pensions to eligible veterans and their spouses to help with assisted living payments. Veterans can also use their other benefits to pay for assisted living costs in Miami.
For more information about different ways to finance assisted living, visit our Assisted Living Florida page.
Miami Assisted Living communities need to follow a comprehensive set of rules and regulations designed by Florida. These regulations ensure that the facilities maintain top-level and secure care services for seniors. For instance, the Assisted Living care facilities in Miami go through extensive training and education for the caregivers. This enables caregivers to be skilled and professional while helping seniors with their daily needs. Visit our Florida Assisted Living page to find more information on the state-specific rules and regulations.
Several government and non-profit agencies work together in Miami to provide seniors with more services. These services help seniors lead a better life in Miami. Depending on the Miami resources, they can include free meal delivery services, utility billing programs, medical programs, and others. Find out the available free resources for seniors from the Assisted Living Florida Page.
BoomersHub can change without notice any of its compiled cost data provided by senior living communities. This data is used for informational purposes only and may have inaccuracies. In addition, actual independent living costs may vary depending on personal choices and situations.
Amazing care! Two weeks in Hospice, my grandmother received excellent care from the nurses and staff. Her RN, she is amazing and keeps my grandmother safe and comfortable. The place is very clean. They were all extremely attentive. We are very grateful.