When it comes to moving into a senior living community, there are many factors to think about in financial planning. As this concerns long-term care for your loved ones, it’s important to make sure you and your family members are able to bear the cost of care without feeling financial stress or unable to attend to other financial responsibilities. As such, we’re here to make the transition from home to senior living as seamless as possible for both you and your loved ones. We have provided a few ways to do proper financial planning for senior living.
We understand that any discussions about money can be emotionally charged and lead to awkwardness, even among loved ones and family members. However, in order to provide better planning, it’s better to be transparent about the financial situation you and your family members are currently facing. Financial transparency allows for more meaningful, accurate, and reliable discussions to take place so that you can find the right senior living option for your loved ones.
Discover the Various Community Types
There are currently three main types of senior living options available in various communities: Independent Living, Assisted Living, and Skilled Nursing. Here at Aston Gardens At Sun City Center, we offer one main option, which is independent living. Independent living is suitable for loved ones who don’t require much assistance for day-to-day tasks. While the different types of senior living communities come at different prices, it also depends on the location. Typically, independent living costs from $1,500 to $4,000 a month, while assisted living is around $3,500 to $10,500 a month. To decide which senior living option to go with, understand what are the needs and expectations of your loved ones.
Figure Out the Payment Methods
If you and your family members find it financially struggling to provide long-term care for your loved ones, do not fret as there are other alternatives to afford senior living. Long-term care insurance is possibly the most common method, as it is largely considered an investment plan that’s purchased from young. There’s also the Aid and Assistance program, which helps to pay for long-term care in a senior living community. However, if your loved ones have already decided and are prepared to move into a senior living community, they can even sell off their homes to get some extra cash.
Get an Estimate of Monthly Expenses
While most senior living communities provide accommodation, food, activities, and other amenities all in one package, your loved ones may still require a monthly allowance to spend at their discretion. Expenses can be groceries, dining out, and nonessential shopping. In order to make sure they are able to live out their retirement years without any worries, find out if they have enough savings to fund their new lifestyle. You can also research whether giving out a monthly allowance will put a strain on your finances. If you have siblings, check in with them as well. Remember that at the end of the day, you should not be struggling to attend to other financial responsibilities.