After retirement, you need to list down your wants and needs. For the majority of older adults, this process can be daunting and may eventually take a toll on their health. However, moving into a senior living community does not need to be an intimidating experience. Here, we present you with some advice on senior living financial resources for you to better understand the financial aspects of senior living.
Senior Living Community Entrance Fees
Almost every senior living community charges an entrance fee. The cost varies from community to community depending on the accommodation and senior living options that you choose. While entrance fees vary among the different senior living communities, one thing they all have in common is that becoming a resident at any senior living community involves great financial commitment. Get in touch with our professional senior living advisors to learn more about our custom care packages and insurance coverage.
Senior Living Community Monthly Fees
Moving into a senior living community involves paying a monthly service charge that encapsulates all the different expenses such as property taxes, utilities, home insurance, and maintenance. The service charge generally includes transportation, meal plans, access to health and wellness programs, community spaces, vocational classes, and many other amenities and facilities. For assisted living and independent living, residents are typically required to pay a monthly fee. The fee differs according to the apartment size and the types of care service. You can direct your concerns to our senior living advisors for assistance.
Senior Living Planning Tips
When it comes to financial planning, it is easy to become caught off guard by the different hidden costs. Regardless of your financial standing, planning for senior care is something that you need to carefully consider. You should not put off planning for your finances as senior living requires a full financial commitment. Senior living financial planning requires thorough forethought, preparation, and time. To help you better manage your senior living finances, we have put together these helpful tips below:
- Talk to a senior living advisor – Getting expert advice from our professional senior living advisors can help you save money by enabling you to reach your financial goals. Our senior living advisors are responsible for helping you create financial plans such as budgets, savings, and tax strategies. If you have financial questions that involve making difficult decisions like selling a life insurance policy or using reverse mortgages, you should consult with a financial advisor.
- VA benefits – Those who qualify for a Veterans Affairs pension or have documented mental or physical restrictions may be eligible for higher monthly payments. To gain access to these benefits, a veteran must have served during a period of conflict, meet disability or minimal age requirements, and fulfill certain income restrictions.
- Bridge Loans – For older adults who are facing difficulties in securing the finances to move into a senior living community, bridge loans may serve as a solution. A bridge loan can help older adults make a faster transition into a senior living community should they require to wait for their house to sell.