Whether you have already made the exciting decision to embrace and take advantage of the freedom you deserve as an older adult by moving to a senior living facility, or you are currently considering your options, then this article is for you.
As with any venture, especially one which involves moving home, it is crucial to ensure your finances are in order to avoid any nasty surprises further down the line. Therefore, with that in mind, here is a guide to the financial practicalities of moving to senior living.
Seek Professional Guidance
First and foremost, reaching out to professional organizations or even hiring (at least in the short term) a financial planner may well give you the clarity you need to cast an objective eye over your finances and plan for the future.
There are numerous organizations within the United States who provide financial assistance and advice to older adults moving to senior living facilities, such as:
- Veterans Affairs special or enhanced monthly pensions
- Government assistance
- Accountants who are specialized in senior living moves
- Medicaid and Medicare (the latter for short-term care)
- Specific assisted living schemes from local councils
Think About Your Future
Hopefully, all being well, you will be able to live independently within the assisted living community you choose, but even so, it is certainly worth choosing a reputable and renowned community with specialized services such as memory care in Memphis TN.
When speaking to staff members from the assisted living facilities you have shortlisted either for yourself or for your close family member, be sure to ask about the pricing structure and check that elements such as day trips and activities are included in the monthly fee.
Consider Long-Term Care and Treatment Insurance
Long-term care and treatment insurance covers home-based care, care in a nursing home, assisted living and senior living facilities care, and a selection of other healthcare services.
Again, it is strongly advisable to book an appointment with a prominent financial insurance agent, who will go through the key factors with you, which include the start date of the proposed insurance payment plan, your health status and age, and the duration and quantity of the payments.
Look At Your Own Savings and Assets
Next, and certainly a tip that everyone from your financial advisor to your friends and family will suggest, is taking a look at your current assets and savings to make sure you have a way of partially—or even entirely—funding your move to assisted living.
Paying “out of pocket” refers to the use of your current or pension income combined with your personal savings and utilizing one of the myriad of cost estimators for long-term care online.
Think About Selling Your Home
Finally, you may well be in a position whereby you are able to sell your home and use the money to set yourself up for the rest of your life in your desired senior living community.
The main point to remember here is that it is strongly advisable to ensure your house has sold before you make the move, as a bridge loan can be more than a little risky and is certainly not ideal.