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How to Plan for Senior-Living Costs

How to Plan for Senior-Living Costs

How to Plan for Senior-Living Costs

If you or a loved one is considering moving to a senior living community, you might be wondering how much it will cost and how you will pay for it. Senior-living costs vary based on multiple factors, such as the type of community, extent of care services provided, types of amenities offered, and location. Proper planning and research are essential to ensure you are prepared for this next step in your or your loved one’s journey.

Determine Your Needs

The level of care necessary for you or your loved one and the type of lifestyle desired will have the biggest effect on the cost of the community you choose. Life-plan communities, such as The Vista, offer extensive coverage for a flat monthly rate for health care services needed in the future without increasing your costs later. Other communities may not offer health care services on-site or charge an ala carte fee for them, which can make it more difficult to plan financially. Making a list of factors that are important to you can help you budget for the type of community that best suits your needs.

Consider Insurance

Some types of insurance may help cover certain senior-living costs.

  • Medicare: Medicare may partially cover some health care services received in a senior-living community, but not personal care services, such as dressing or bathing assistance.
  • Private health insurance: Depending on your provider or policy, your private health insurance may partially cover skilled-nursing services.
  • Long-term care insurance: Long-term care insurance often covers costs associated with skilled-nursing and assisted-living services.Unfortunately, it can be expensive, with increasing premiums as the years go by.
  • Life insurance: There are several ways to use your life insurance policy to pay for senior-living costs. One way is to set up a living benefit program, which provides a lump-sum payment, usually up to 50 percent of your death benefit, while still reserving the remaining as coverage for your family when you pass.

Meet with an Advisor

An elder-care financial planning expert can provide helpful information on paying for senior living and resources to receive assistance. Some public organizations will offer services at no charge, while other private advisors charge fees for their guidance. Advisors can connect you with resources, help you assess your assets, offer information on available benefits, provide financial advice, and help you qualify for Medicaid or other programs.

Use Available Resources

There are many benefits or public assistance programs that can provide financial aid for senior-living expenses. These include Medicaid, veterans’ programs, or state assistance programs. Visit government websites to learn more or contact a financial advisor to help you navigate eligibility requirements and fill out necessary applications.

Do You Have Questions About Senior-Living Costs?

If you have questions about the cost of living at one of our communities for older adults, we're here to help. Our skilled admissions team members will help you understand your options and navigate your next steps. Call us today to start a conversation at (201) 848-5200.