Assisted living can make your life easier and give you the tools to make the most of your golden years. Don’t let financial concerns keep you from experiencing it! Let these tips for financing senior living help you realize your assisted living dreams.
Tips for Financing Senior Living
Learning how to manage your money is vital when you’re retired and looking to make the most out of your golden years. For example, some seniors assume that assisted living isn’t possible financially. However, the more you look into assisted living finances, the more resources you’ll find that can help. Let these tips for financing senior living help you find the path you’re looking for.
Make a Budget
Before worrying about how to pay for assisted living, be sure you have a solid idea of how much it will cost you. Senior Services of America advises seniors to budget for two to three years of assisted living expenses with the following criteria in mind:
- What base costs are associated with the community you’re moving into?
- What services do you plan to use while there?
- What kind of living accommodations do you want and need?
If you aren’t sure how to create a budget for these expenses, reach out to the staff at the assisted living community you’ll be moving into. They’ll be able to tell you what you need to know and also give you some tips on how to make the budget process work for you.
Consider the Savings
While looking at how much assisted living might cost, you should also consider areas of your budget where it can save you money. Believe it or not, assisted living can make your life more affordable in many ways:
- Suppose you need daily assistance with certain tasks, such as housekeeping. In that case, those things will be included in your assisted living experience — no need to pay home health aides or other caretakers.
- Assisted living simplifies financial management by rolling all your household utility costs into one bill. No more worrying about individual bills going up or covering unexpected costs.
- Assisted living can provide incredible savings, depending on how it affects your lifestyle. For example, if you move into a community with amenities on-site, you may be able to say goodbye to car maintenance-related expenses like gas and insurance.
All these savings can add up to some serious money you can put toward your new living situation. But what if you need more support than that?
Find Resources That Can Help
Every senior’s financial situation is different, and it’s rare that any senior relies on a single funding source for their assisted living experience. Do your research to see what other sources of support are out there:
- There are sources of public funding available for seniors who qualify. For example, the Department of Veterans Affairs can provide a significant assisted living benefit to senior veterans who meet specific criteria. There are also state and local programs that can help. Contact your Area Agency on Aging for more information.
- Savings and pensions are among the most common ways seniors pay for assisted living, but other assets can also be leveraged to help. For example, assets like property can be sold or leveraged with creditors. Be careful of anything that sounds too good to be true, and talk to a financial advisor before making any big decisions.
- Insurance can assist with senior living costs. Some life insurance policies can be liquidated to cover assisted living costs. Long-term care insurance can also support seniors in assisted living, especially if the policy is purchased before the senior turns 55.
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We hope these tips for financing senior living will inspire you to consider a future in assisted living. If you have more questions about financing your future at Kinship Pointe, our staff is here to help.
Hoping to retire in Nebraska? Look no further than Kinship Pointe. We offer independent living and assisted living communities in four locations: Kearney Northridge, McCook, Seward, and Wayne. At Kinship Pointe, our delightful staff works daily to help residents pursue their passions and live life to the fullest. To learn for yourself what makes Kinship Pointe so special, schedule a tour or contact us online.