Choosing care for a loved one is a big step. Private pay assisted living means families cover the monthly payments out of pocket or with approved benefits to secure safe housing, daily support, and social life in an assisted living community. This guide explains the cost of assisted living, what is covered, how it differs from Medicare and Medicaid, and why many St. Louis families choose McKnight Place.
What Is Private Pay Assisted Living and How Does It Work?
Private pay means residents pay the assisted living facility directly each month. The fee covers housing, meals, personal care, medication management, activities, and basic health care support. Families use a mix of payment options, such as savings, retirement funds, Social Security, pensions, and long-term care insurance.
Many older adults begin as private pay, which often shortens the waitlist and offers more living options, apartment types, and providers to consider. For a loved one who needs help with activities of daily living, private pay can make the move smoother and faster.
What private pay usually covers, day to day
- Apartment-style living with utilities
- Dining with chef-prepared meals
- Housekeeping and laundry
- Help with bathing, dressing, and other personal care
- Medication management and health monitoring
- 24/7 caregivers and licensed staff on site
- Social programs, fitness, day care-style activities, and outings
Common ways families pay
- Savings, retirement accounts, and pensions
- Social Security and SSI (Supplemental Security Income)
- Long-term care insurance through an insurance company with paid premiums
- Help from family or a lump sum from life insurance policies
- Home equity, reverse mortgage, or a line of credit
What to Expect and What Affects the Price
Your cost of long-term care depends on location, apartment size, level of care, and amenities. A higher level of care or memory care for Alzheimer’s typically raises the rate. Some assisted living communities charge a base rate plus add-ons for care services. Others use an all-inclusive model with one predictable bill that reduces surprise fees. McKnight Place offers all-inclusive pricing to make planning simpler and to keep living expenses predictable.
Assisted living vs. in-home care cost
Assisted living communities may have a better value than in-home care. For example, in the period between 2022 and 2023, the average hourly rate of a home health aide rose by a full 10% in only one year, versus assisted living only rising by 1.36%. Furthermore, with on-site services like medication management, access to wellness programs, and help with activities of daily living (ADLs), the monthly cost often replaces other expenses like rent, utilities, and home maintenance.
How all-inclusive pricing helps families budget
One rate means fewer add-ons and a consistent monthly payment. This helps families track the cost of assisted living, compare care options with home health care or a nursing home, and plan for future care needs.
Private Pay vs. Medicare and Medicaid: What Families Should Know
Medicare does not pay for assisted living. It may help with short-term skilled nursing facility care after a qualifying hospital stay. For details on what Medicare can cover, review guidance and speak with a representative. Medicaid rules and eligibility vary by state, and many programs cover services, not room and board, inside assisted living communities.
We want to stress that McKnight Place is a private-pay community and does not accept Medicaid, but private pay offers faster move-in, more choice, and flexible services.
Medicare and assisted living
Medicare does not pay for assisted living. It may assist with short-term SNF medical services after a hospital stay. See this overview of coverage differences: What Services Medicaid May Cover in Assisted Living, and talk with a Medicare representative about your situation.
Medicaid limits and eligibility
Medicaid program rules vary, and many states do not cover room and board in assisted living. State waivers may help with services for low-income seniors. Learn more from NCOA’s guide: Does Medicaid Pay for Assisted Living?. McKnight Place does not accept Medicaid.
Why do many families start with private pay?
Private pay often means immediate access, more community options, and personalized services without a lengthy application process. The majority of residents nationwide use private pay, according to AHCA’s assisted living facts.
Why Choose McKnight Place in St. Louis for Private Pay Assisted Living
Families want safe, dependable senior care with comfort built in. McKnight Place offers licensed nurses 24/7, personalized care, memory care support, and access to skilled nursing and short-term rehabilitation on The Gatesworth Campus in Ladue. Expect therapy and wellness services, all-inclusive pricing, gourmet dining, salons, gardens, a full calendar of activities, multiple floor plans, and pet-friendly living. Visit to compare living options and see why our senior living community is recognized for quality.
Care and clinical support when you need it
We provide 24/7 licensed nurses, on-site therapy, wellness programs, and access to skilled nursing and rehabilitation on campus for changing care needs.
Comforts and community that feel like home
Gourmet dining, salons, gardens, engaging activities, research-based programs, and pet-friendly apartments help your loved one feel at home.
See it for yourself
Tour our community, explore floor plans, and discuss private pay options with a helpful team member
McKnight Place Assisted Living.
Contact McKnight Place
Private pay assisted living can bring safety, comfort, and peace of mind. Compare the monthly cost, review payment options, and consider your loved one’s care needs across assisted living, nursing facility, and nursing home care. Schedule a visit to McKnight Place to see the difference, ask about costs and care, and discuss Medicare or short-term SNF questions with a representative.