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3 Tips For Financing Senior Living

Senior Living Tips | Cost | Here For A Loved One | Here For Myself

One of the biggest concerns people have when starting their search for senior living is cost. Financing senior living can be intimidating, but when compared to the cost of traditional living, it becomes far more reasonable. Many senior living communities offer assistance and resources that can benefit families as they navigate this process.

Here are three ideas to keep in mind while evaluating senior living costs:

1. Price Will Vary

Each person’s circumstances are different — and will ultimately make the costs of senior living differ. Most communities offer services and à la carte options to accommodate personalized needs, which vary in price.

For example, some residents may find they only need support with medication reminders. In this instance, they will likely continue to live in their independent living apartment and add on a daily service for medication reminders.

Additionally, at Leisure Living, extra services like added housekeeping or meal services can be paid on an à la carte basis, allowing you to only pay for the services that best fit your needs.

2. Typical Payment Sources

While it’s possible you have another avenue for payment, the following methods are how many people typically pay for senior living.

Generally, most senior living expenses are covered by private funds. Seniors often choose to sell their homes and use that money to fund senior living expenses. Some also use their long-term care insurance policies to cover senior living costs.

Make sure to examine the details of your community to see what is included. Also, determine which additional services you could potentially add or omit. That way you can properly budget your community expenses.

3. Senior Living Community Support

Most senior living communities offer financial support services to their residents. When considering a community, ask what assistance they offer. Here are some examples of these resources:

  • Partnerships with local realtors to better assist seniors in selling their house or condo
  • Relationships with financial advisors who specifically work with seniors
  • Partnerships with elder care attorneys who can assist in long-term care planning and many other health care matters
  • Relationships with veteran support centers to assist in getting VA benefits
  • Guided cost comparisons and financial breakdowns to provide a clear picture of the individual’s living expenses

The more thorough your research, the better equipped you'll be to make an informed decision on which senior living community offers the support you’re looking for at the right cost.

Thinking About Senior Living? Leisure Living Can Help.

Leisure Living has a variety of resources regarding senior living financing, community offerings and more. Want to learn more, contact us.

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