Making the decision to move a loved one into a senior living community can be challenging and overwhelming. There are several factors to be taken into consideration from quality of care to the location and overall environment of the senior living community. Once you’ve found a community that best fits your loved ones needs, the next thing is figuring out how to afford the cost of care.
Senior living might prove to be unattainable for some, but with proper planning and help, you’ll realize just how attainable it is. Here are some great tips to help you figure out how to finance the move to senior living.
1. Plan ahead to finance senior living
Don’t wait until it’s an emergency situation to start planning for long-term care. Talking about long-term care options with an aging loved one can be difficult and emotional but you have to. Avoiding the conversation makes it difficult to make financial plans in the invent they actually need long-term care. The key to planning is to start by looking at various long-term care options, visit some communities, talk about needs and wants and make financial plans to make the transition as seamless as possible.
2. Be transparent about finances
Talking about finances can be uncomfortable for some people but it is important to have an open discussion about finances in order to have a better understanding of the numbers you are working with. To avoid any conflicts, take time to listen to your aging loved ones wishes and get them involved in the decision-making process.
3. Understand the real cost of senior living
It is important that you take into consideration your current budget when considering senior living options. When you tour a community, make sure you get a full breakdown of the price to make sure it falls within your budget.
4. Consider how you’ll pay for senior care
Many aging Americans struggle with figuring out how they can afford senior care and many will be forced to look beyond traditional methods of financing their golden years. Below are some options you can tap into to help pay for senior care:
Insurance Policy: Life insurance, long term annuities and hybrid policies provide a regular stipend that goes a long way in covering the expenses incurred. It can cover everything from adult care to skilled nursing.
Social security: Benefits included in Social Security can tremendously help with their financial plan moving forward and make a difference in your financial plans.
Veterans aid and attendance: If one of your loved one served in the military, they can qualify for benefits and it may eventually help to cover in home or assisted living.
Bridge Loans: They provide homeowners with access to quick cashflow when they need it most regardless of the local real estate market outlook or readiness to put a house up for sale.
Reverse Mortgages: Reversing mortgages provide seniors a way of staying in their houses while still generating funds and unlocking home equity.
5. Talk to a professional.
To help give your family the peace of mind they deserve, seek advice from a financial advisor on how to finance senior living especially when considering bridge loans, reverse mortgages etc. You can also seek advice from a geriatric care manager who can help you find public benefits and an elder law attorney you can trust.
As you hold conversations with your loved one regarding what they want for the future and have an open discussion about their finances, you can start building a solid financial plan and finding the right senior living option for them.
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