The decision to take advantage of senior living has been made. You’re looking forward to the higher quality of life made possible, and relieved at no longer needing to climb stairs, navigate shopping to prepare healthy meals or worry about becoming more isolated.
Yet one consideration that might still need to be determined is how to fund this new senior living lifestyle.
Funding Senior Living
When budgeting for senior living, it’s important to account for all possible financial resources as well as adjust the budget if one spouse will be moving into senior living and the other will be remaining at home.
While families may be uncertain of all the opportunities for funding senior living, there are a few common monetary areas to consider:
If you or your loved one receives income or Social Security payments, it could contribute to funding senior living expenses.
2. Personal savings
There may be accounts that have been used to accumulate savings to help fund living in a senior community. Families have often uncovered old bank accounts that have been forgotten and remain open.
3. Retirement benefits
Include all benefits from retirement plans and company sponsored accounts such as 401(k)s that could help offset senior living costs. Remember to enter amounts from any Individual Retirement Accounts (IRAs) and annuities.
Make a list of all investments such as stocks and bonds and their current value. There may also be real estate or personal property such as jewelry or artwork that could be sold to create cash.
5. Long-term care insurance
If your loved ones have long-term care insurance, you’ll want to become familiar with the terms to understand what type of care might be covered and when. Typically, these policies must be purchased before needing services or reaching a certain age.
Often Overlooked Sources for Funding Senior Living
Families may be surprised to discover these possible funding sources:
1. Life insurance policies
Life insurance policies may be available to help fund senior living either by converting to cover care or to cash out for a lump sum if eligible. It’s important to understand how this might affect any future beneficiaries prior to taking action.
2. Veterans benefits
If your loved one is a Veteran or the surviving spouse of a Veteran, financial assistance to help fund senior living may be available from the Veterans Aid and Attendance program. Qualifications include military service as well as medical or personal care requirements.
3. Home equity
If equity has accumulated in the home, a sale could provide for a large sum of cash used to fund senior living. Reverse mortgages might also be a possibility but only if one partner will be moving into a senior living community as the property is required to remain owner-occupied.
4. Private insurance
If a diagnosis of dementia has been received before the individual qualifies for Medicare, private insurance, if available, may provide coverage for some of the expenses.
5. Bridge loans
If proceeds are not yet received from the sale of the home or other investments, a loan to bridge this gap may be available. The funds from these loans are usually released quickly and will be repaid when the asset sells.
Calculating the Value of Senior Living
If your loved one has been struggling with daily tasks or you’ve been experiencing a decline in quality of living, a community can be the perfect answer. If living with memory impairment and no longer able to remain at home, the professional and compassionate care of senior living can increase the ability to engage in life and provide a needed respite for the primary caregiver.
The significant worth of living an enriched life is priceless. While families will need to create a budget and secure funding for senior living, it’s also important to acknowledge the value that a community can provide to both the individuals and their families.
Life at a Milestone Community
If you’re looking at options for retirement living, we invite your family to visit one of our Milestone communities – designed to support your loved ones to live their highest quality of life.
We offer studio and one-bedroom private apartments for our assisted living residents as well as private or shared memory care suites for those living with Alzheimer’s or dementia.
Our memory care residents are cared for by our compassionate and specially trained team – who meet them wherever they are in their journey with patience and kindness. The residents also have access to customized activities, programs and an elevated secured courtyard.
Our amenities and services encourage our residents in assisted living to engage with others, remain as independent as possible and be reassured that help is available whenever needed.
In addition to our personalized services, we offer:
· Chef-prepared meals
· Full-service dining room and bistro/bar
· Clubroom with large screen and theater style seating
· Family gathering room
· Rooftop courtyard including outdoor kitchen and firepit
· Resident accessible chef’s kitchen garden
· Senior-inspired fitness center
· Hair and nail salon
· Resident-shared laundry rooms
· Elegantly designed common areas
· 24-hour on-duty care staff
· Scheduled transportation
· Secured community
· Direct access to adjoining walking paths and parks
Senior Living Options Guide
If your family is considering retirement living, we hope you will visit one of our communities. We are a trusted resource and are here to answer any questions. Please contact us with any questions you may have or to arrange a personal tour.
Find out more about the care options senior living communities offer. Download our free Senior Living Options guide.