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As you age, the cost of quality senior care looms in your mind. The questions swirl, “How will I be able to afford it? How can I protect everything I’ve worked so hard for? How will I manage?
If these questions keep you up at night, you aren’t alone. In fact, six in ten adults over 50 feel at least “somewhat worried” about how to afford senior living.
Our tendency is to try to avoid thinking about it, which only makes these concerns grow bigger as we worry.
But that stops now.
In this blog, we’ll share 3 steps to help you feel confident and comfortable about affording senior care.
First, begin by determining what your next step is. For example, are you considering a nursing home, independent apartments, assisted living, or something else?
While we can’t predict the future, we can use our current health as a starting place to help us determine our needs in the years to come.
Start by doing some exploration:
You might not have your perfect answer, but you will begin to get a clearer picture. By narrowing down your options, you’re ready to start considering your finances.
When you move into senior living, your finances change. You probably have been sticking to the same budget for years, but that changes when you move into senior care—it’s time to rethink your budget.
To help plan for the future, determine what you have in assets, as well as roughly what you can expect in monthly expenses. As you’re doing this, don’t forget:
| Expenses Ending | Assets You May Choose to Liquidate |
| House Maintenance | House |
| Property Taxes | Car |
| Utilities | Mature Bonds |
Once you have an idea of what you have and what you need to have, you can figure out if there’s a gap (and if so, how big it is.)
So now it’s time to figure out how to bridge that gap. It is possible!
Before we dive too deep into funding options to help bridge the gap between your current state and future needs, it’s important to know that there’s nothing wrong if a gap exists.
Money can make everyone anxious, so don’t psych yourself out about it. Instead, do some research into the resources that were designed to help seniors exactly like you!
Consider programs like the following:
There are a variety of government-subsidized living options for seniors. The U.S. Department of Housing and Urban Development (HUD) funds a variety of services for qualifying seniors that could help you.
This government-sponsored insurance doesn’t cover every single senior living expense, but it does cover some. The exact coverage amount might vary from facility to facility.
To figure out exactly how much Medicaid can help, work directly with individual facilities and your insurance.
There are a variety of pensions that cover some assisted living costs. Some of the most common pensions come from the V.A., a past employer or even a spouse.
While pensions aren’t something that you can produce overnight, it’s important to consider what you may be eligible for, and how they contribute to your finances in senior living.
Long-term care insurance can cover the cost of assisted living, adult day care, memory care, and even home health. Explore policies to find one that works for your situation.
There are more options for supplemental funding that we didn’t include in this list, such as a reverse mortgage or annuities. So, don’t let your anxiety get the best of you. Explore all of your options.
Educate yourself, and discuss your situation with your financial advisor, and staff at your chosen facility. There are many options out there!
At the end of the day, there are a lot of options for senior living and just as many ways to fund it. You’re not alone if that feels overwhelming, but just take it one step at a time.
And remember, you don’t have to do any of this alone! The best plan for the future includes consulting others, such as your skilled advisors at Chatham Place, your insurance plans, and your financial advisor.
We all age, so we are all in this together. Let’s make a plan for the future, together!
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Chatham Place was founded on the principle of family. Each of our residents is a part of our community’s intricate makeup. Our staff works with each resident and their family to develop not just health care but also financial plans that support long-term peace of mind and security. Give us a call at (475) 900-6040 to learn more.
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