Assisted Living in Mexico - AIO Financial

In this episode we discuss XXX.
The cost of assisted living in the US is incredibly high and can be out of reach for many people. The cost depends on where you are located and the level of care you need.
The median cost (according to Genworth in 2021) is $4,500 per month ($54,000 per year). This will generally include meals, help with getting daily medication, and cleaning but not much else.
Move significant care can easily double this cost. The average private room averages $9,034 per month ($108,405 per year). Of course, the costs are higher in areas where the cost of living is higher, such as New York, San Francisco, Honolulu, … The average cost of assisted living is $3,500 per month in Arizona which is below the US average.
Mexico are about 1/3 as much as in the US. The cost ranges from $1,000 to $2,000 per month. Assisted living facilities in Mexico are primarily located along the US/Mexico border (such as Tijuana and Ciudad Juarez) and in expat communities (in central Mexico and along the coasts: Puerto Vallarta, San Miguel, Ajijic, Lake Chapala, and Cabo San Lucas). Care is provided by English speaking health care providers.
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AIO Financial channel addresses investments, retirement, insurance, taxes, estate planning and spending. AIO Financial (aiofinancial.com) is an independent fee only financial planning firm.
Fee only personal financial planners are fiduciaries who earn no commissions and sell no products.
Located in Las Vegas, NV; Tucson, AZ; Los Angeles, CA; Boulder, CO; Issaquah (Seattle), WA; and Lake Oswego (Portland), OR but we work with clients throughout the US and expat clients worldwide.

[@yestohappiness2721]

Very informative video - thank you for the details! Say people have the residency and already moved to Mexico. Then they need assisted care at some point. What do they do after 65yrs for health insurance - the facility may be $2000 usd a month, but what about doctor visits and hospital stays (at that age you may need to see specialists, not a doctor simi with $3 usd per visit; may need to go for surgeries etc)... thank you!

[@Aiofinancial]

You can get health insurance in Mexico - they sell it for large events and small events - I generally recommend just large event insurance and pay out of pocket for smaller things - some facilities include basic medical services - many just make them easily available

[@Jamie.Caldwell]

If an American wanted to go to an Assisted Living facility in Mexico, would you need a resident VISA?

[@Aiofinancial]

Yes, a US resident who wants to live in Mexico for an extended period of time, such as in an assisted living facility, would need a temporary residency visa. This type of visa is issued by the Mexican government and allows the holder to live and work in the country for a specified period of time, usually one year, with the option to renew. The specific requirements for obtaining a resident visa in Mexico may vary, so it's advisable to contact the Mexican consulate or embassy for more information. You can check the details on this link: consulmex.sre.gob.mx/leamington/index.php/non-mexicans/visas/115-temporary-resident-visa This is the office of external affairs of the Mexican government's requirements page.

[@jmer9126]

The music in the background makes it difficult to hear your voices

[@Aiofinancial]

Thank you for the comment - we’ll do another on this topic

[@MarioGomez-xc4yc]

That young Man sounds so tímid , i can barely hear Him , he doesnt motivate at all.

[@Aiofinancial]

thanks for the feedback