Managing your finances can be a challenging affair, even as you grow older. Payment for medical services, domestic help, or nurses, these are all new possible expenses that one must consider as one age. For some, moving to assisted living may help solve many of these needs, but assisted living may not always be the most inexpensive option. In this article, we’ll discuss some methods of financial management so you can best consider how to pay for assisted living.
Paying it Out of Your Pocket
The first option you can consider is whether you can afford assisted living by yourself. Some individuals make use of long-term savings, retirement funds, or their pension to cover the costs of assisted living.
At Caruth Haven Court By Discovery Senior Living we understand that inflation and rising rentals can be scary for many of our residents as they consider their savings. Did you know the cost for community care services has increased on average from 1.71%-3.64% per year? This was according to a 2019 survey by Genworth Financial. That’s why we’ve made the first step to initiate Rent Lock. With our rent lock policy, we guarantee zero rent increases for our assisted living apartment homes. This means that even as rentals rise in housing and the cost of living around you, the amount that you pay for your apartment will remain constant.
A reverse mortgage can be understood as a loan from a bank. The value of this loan will not exceed the value of your home or your equities and will be due upon the end of the loan. This can be a great option if you’re the only one living in your home and you have no intention of passing it on to your children or other family members. The loan can either be paid back if you intend to take over the home in the future or you can let the bank re-purpose the house after the loan period ends.
If you have a long-term insurance policy, you may want to check whether they cover stays at assisted living communities. This is especially the case if the care you receive is linked to assisted living and may also include the range of services provided by the community. This is subject to your individual insurance policy so it’s best to check personally with them. That said, this is unlikely to cover the full cost of the rent.
Perhaps the most important thing you can do to manage your finances is to make sure that what you are paying for is truly best for you. How better to learn whether assisted living and its services are right for you than by experiencing it firsthand? Come join us for a complimentary tour at Caruth Haven Court By Discovery Senior Living. We will be more than delighted to tell you all about our senior living options, rent lock, and financial related matters, and answer any questions you may have about staying with us.