Moving into an assisted living community can be beneficial for aging loved ones. They can find comfort, security, safety, and improved quality of life. The problem for many is figuring out how to afford the cost of assisted living.
No matter where you live, there are going to be expenses. When you break it down, an assisted living facility often provides a better value. Staying in a single-family home comes with the cost of a mortgage, taxes, utilities, and maintenance expenses. That can quickly eat through retirement savings even before you consider paying for activities, hobbies, and interests.
The list below can help you find a way to stretch your retirement dollars farther and enjoy a low-stress life in an East Shea assisted living facility.
- Start Learning About Assisted Living Communities
The earlier you start researching assisted living communities, the better. Looking into it now will allow you to make an informed decision without feeling pressured. You should not wait until a medical emergency or condition affects your ability to live independently. Some places have waiting lists, which can limit your options if you need assisted living care right away.
- Verify the Facility to Avoid Expenses Moves
Moving from one community to another can get expensive. The best thing to do is to vet the location you are considering thoroughly, so you don’t have to move later. Check their licensing, talk to a long-term care ombudsman, and pay a visit multiple times. You should also consider having an attorney review the contract before signing.
- Talk to Staff About Pricing and Move-in Incentives
Some places may offer flexibility when it comes to pricing. Find out what the official rates are and ask about any programs or move-in incentives. You may be able to negotiate the monthly price down and help keep more of your retirement savings in your bank account.
- Know the Difference Between All-Inclusive and Al La Carte
Different assisted living communities offer different pricing arrangements. Some are all-inclusive, which gives you access to everything for one price. Others work with an al la carte system, where residents pick services and only pay for what they want. This can be helpful if you have a loved one who will handle specific care needs.
All-inclusive pricing, on the other hand, can be more affordable in areas where the cost of living is higher. Find out what’s available to determine which is the best fit for you.
- Consider Sharing a Room to Lower Monthly Costs
If you don’t mind company, you could lower monthly costs by sharing a room. Whether or not this works will vary from one person to the next. You should tour the actual living space to determine if you would be comfortable co-existing with another resident before signing a contract. Many assisted living communities offer both shared and individual rooms.
- If You’re a Veteran, Find Out If You Have Benefits
Veterans may be eligible for benefits that can help lower the cost of assisted living care. You can contact the Department of Veteran Affairs to learn about current programs and eligibility.
Over one-third of Americans who are age 65 or older are veterans or are married to a veteran. However, less than 10% of those who are eligible apply for Veterans Aid & Attendance benefits. This can be used for assisted living as well as skilled nursing and more.
- Find Out if Long-Term Care Insurance Covers It
Seniors who have long-term care insurance may have benefits that cover assisted living accommodations. This is often included but may vary from one plan to the next. Contact your insurance provider to find out if your policy offers this and how much they will cover before you begin budgeting.
- Create a Realistic Budget That Can Be Sustained
Once you have gathered information, you should come up with a realistic budget. This should be something you can stick to that allows as much breathing room as possible. Contact East Shea Assisted Living to discuss the cost of room and board as well as any services you may need.
- Use Home Equity with a Reverse Mortgage
A reverse mortgage may be an option if you or your spouse will be moving into an assisted living facility while the other remains in your home. This type of lending is available to homeowners who are age 62 or older who have no other financial options. It works by allowing you to tap into your home equity and receive payments. The older you are, the more money you can borrow this way. The loan doesn’t have to be paid back until the homeowner moves out or dies.
It’s important to remember that you will still be responsible for paying property tax, home insurance, and all maintenance expenses. You (or your spouse) must also be able to show that you can financially support yourself long-term while living at home.
- Sell the Car to Lower Monthly Bills
Cars can be expensive to own and maintain. You have to cover the cost of repairs, plus monthly or yearly auto insurance, registration fees, and fuel expenses. When you move into an assisted living facility, you may gain access to built-in transportation. Many communities have transportation available to go to stores, churches, or doctor’s offices. Others have services on-site that will cut down your need to travel.
Selling your vehicle can help you put more in your retirement savings and can trim annual costs by hundreds of dollars.
Find Out of East Shea Assisted Living is Within Your Budget
East Shea Assisted Living offers a luxurious community that’s secure, comfortable, and inviting. Let us help you find the right accommodations so you can enjoy your golden years. Contact us today to discuss room rates, caregiver services, and more.