Things To Consider About Senior Living Finances
Understanding the costs associated with senior living and having a clear picture of your budget can help you make a confident decision. When comparing options, consider more than just monthly expenses. Staying in your home can include costs like utilities, repairs, lawn care, groceries, transportation, housekeeping, and ongoing maintenance.
Many senior living communities combine everyday expenses and services into one monthly cost, which can help simplify budgeting and reduce the responsibilities of home upkeep. As you explore your options, consider both the cost and the overall value of a lifestyle designed to support your needs, interests, and goals.
Make a Budget
As you start exploring senior living options, it’s helpful to have a clear understanding of your budget. You may be newer to living on a fixed income in retirement and want to make sure you know all your existing expenses coming in and out. We offer a helpful tool to help you estimate your current monthly costs. You may also find these budgeting tips useful.
For Family Members:
Tips for Discussing Finances With Older Adults
If you are assisting an older adult with their senior living move, you may find you need to help them manage their finances. There’s a chance this can feel like an intrusion, and experts recommend approaching the conversation with respect and openness. How can you ease into the conversation?
Start Early
If you anticipate a future need to take a more hands-on approach, start the conversation now by asking your loved one how they think you should tackle it together in the future. The conversation may be less emotional when the need isn’t as imminent.
Be Open About Your Own Finances
The more you both treat financial disclosures as the norm, the easier it will become. And pulling back the curtain on something that feels private can make anyone more comfortable to do so.
Don’t Forget About the Legalities
Even if you and your loved one have an agreement, it’s best practice to work with a qualified attorney who specializes in elder law to have the correct documents for wills, living trusts, power of attorney, and advance healthcare directives.
Explore Discounts and Financial Assistance
While Grace Management, Inc. communities are private-pay communities, there are other tools available as you consider your payment options.
Long-Term Care Insurance
This specific type of insurance, which can be purchased in anticipation of future senior care expenses, can cover at-home care as well as senior living. Be sure you understand the full scope of what your specific policy covers and that you’re using the full benefit.
Veterans Benefits
The Veteran Aid and Attendance Benefit is a monthly pension benefit offered by the U.S. Department of Veterans Affairs that may help pay for a part of your senior living needs. Veterans or their spouses may be eligible. Learn more.