How to Afford Living in a Senior Living Facility
If you have decided to take the step in moving to a senior living facility, there is something important that you should consider. How much is this going to cost you? On average, seniors pay about $3000/month in rent at a senior living facility. Although this seems expensive, this price is generally all-inclusive to meals, care, rent, and utilities. Before taking the plunge, follow these easy-to-use pointers so that you can live a comfortable life in your new senior living facility.
Build up your Savings Account
It is never too early to start saving for your future. The average cost of senior living facilities can be over-budget for most seniors due to the inclusive amenities these facilities carry out. If you want to be able to live a comfortable lifestyle in a nice facility, you may need to create a nest egg of savings. There are many options when it comes to investing your money in a savings account. Some banks offer interest that will help increase the amount of money you have by how much you keep in the account. CD’s are also a great way to save money while increasing money through interest. If you are curious about any of the options out there, talk with your local bank. They will be able to direct you on the path that is right for you.
Seek out Benefits or other Assistance
Have you served in the military or are you covered by long-term care insurance? If so, there may be benefits available to help cover expenses for moving into a senior living facility. If you don’t have long-term care insurance but you’re interested in getting a quote, talk to an insurance broker to see what kind of deal they can work out for you. Qualifying for a good plan could be a huge blessing when it comes to finding your new home in a senior living facility.
Compare Prices at Different Facilities
Each senior living facility is going to offer different amenities and prices. If you have a fixed budget that you have to work with, it would be in your best interest to shop around and get more of a clear view as far as feasible options. At Cariloop, we encourage you to figure out what kind of services and/or amenities you may need from a senior living facility. Most facilities will be more than happy to work with you depending on their availability and your need for their services.
Asking for Family Support
Getting support from your loved ones could be an easy way to make ends meet if your budget is a little tight. If you have a close relationship with your family and you think they are able to contribute, sit down with them and ask them if they are willing to come together to help out. If each person gave a little bit, it would all add up and go a long way in helping fund your new place. Especially if there is a high need for a senior care facility, family members are a lot more motivated to make sure that the right care is provided to their elderly loved one.
The cost of living varies from place to place. Even in the senior living community, location can affect the cost of a facility dramatically. Living in a place like Indiana is a lot cheaper than living in a place like California. If you looking for a new start and a way to save money, look into different locations that have a cheaper cost of living. It will help stretch your dollar that much further.