Showing posts with label Assisted living. Show all posts
Showing posts with label Assisted living. Show all posts

Tuesday, January 9, 2024

How To Decide What You Can Spend on Assisted Living

As we grow older, we often face the difficult decision of whether or not to move into assisted living. While this can be a tough decision to make, it is important to consider your finances when making the choice. 

The cost of senior living can vary greatly depending on factors such as location, level of care needed, and amenities offered. 

In this article, we will explore some tips for budgeting for assisted living and how to decide what you can and can't afford.

Evaluate Your Current Financial Situation

The first step in deciding what you can afford for assisted living is to look at your current income and expenses. Make a list of all your income sources, including pensions, Social Security, and investments. 

Then, create a budget that includes all your monthly expenses, like housing, utilities, food, and transportation. 

After you subtract your expenses from your income, you will have a better idea of your financial situation and what you can reasonably afford for senior living.

Research the Cost in Your Area

The cost of assisted living can vary greatly depending on your location. Research the average cost of senior living in your area and what services are typically included in that price. 

It is important to keep in mind that the cost of assisted living will likely increase over time, so make sure to factor in the potential for rising costs when creating your budget.

Consider the Level of Care Needed

When pondering the level of care needed, it's essential to take into account any existing health conditions and the degree of daily assistance required. 

Assisted living facilities offer a range of services, from simple help with daily tasks like dressing and bathing to more complex care for conditions like Alzheimer's or other forms of dementia. 

Costs can rise with the level of care, so it's vital to have a clear understanding of what is necessary now and what might be needed in the future. This will not only help ensure comfort and well-being but also prevent unwelcome financial surprises later.

Look Into Financial Assistance Programs

There are a variety of financial assistance programs available to seniors to help them afford assisted living. For example, Veterans may be eligible for benefits through the VA, and some states offer Medicaid waivers for assisted living expenses. 

It is important to research and apply for any available financial assistance programs when deciding what you can afford for senior living.

Factor in the Cost of Living

The overall cost of living is an important factor to consider when deciding on an assisted living facility. This includes not just the base cost of the facility but also additional costs such as personal care supplies, outings, and transportation. 

Moreover, think about any unexpected medical expenses that might occur in the future. The goal is to ensure you or your loved one can enjoy a comfortable lifestyle without worrying about financial pressure, so an all-inclusive understanding of the costs involved is crucial.

Final Thoughts

Deciding what you can afford for assisted living can be a daunting task. However, by evaluating your current financial situation, researching the cost of senior living in your area, considering the level of care needed, looking into available financial assistance programs, and factoring in the cost of living, you can make an informed decision about what you can afford for senior living. 

Remember to be patient and take your time making this decision, as it will impact your financial well-being for years to come.

Tuesday, November 16, 2021

Signs Your Aging Loved One Would Benefit From Assisted Living

If you have a parent or another beloved family member who’s aging, they may need additional help to manage everyday life. Facilities that provide living assistance can help elderly residents perform many daily tasks and help keep them safe while giving each person enough freedom to feel more independent. 

If your loved one is showing any of these signs, the two of you should discuss the benefits of living assistance to determine if this option is right for them.

Frequent Accidents

Accidents that happen often can put your loved one’s health and safety in jeopardy. Falls, lacerations, and head injuries can afflict your loved one if frequent accidents occur. 

A facility that provides assistance with everyday living can monitor your aging family member better to decrease their chances of getting hurt in accidents.


Everyone forgets things from time to time, and elderly people are often more prone to memory challenges. However, if your loved one is forgetting things often and is having a lot of trouble functioning in everyday life because of it, you should consider moving them into an assisted living facility. 

Your loved one’s memory difficulties may be especially concerning if they forget to take important medications frequently. Your loved one may also need living assistance if they often get lost when they leave the home.

Cleanliness Problems

If your loved one’s personal hygiene and home cleanliness aren’t up to standard, it might be time to move them into a facility that provides living assistance. 

Neglecting to bathe or clean the home regularly can lead to a variety of health problems that may be especially harmful to elderly people who have weaker immune systems. 

The best facilities that help the elderly always ensure that each person receives the proper bathing and housekeeping for maximum cleanliness.

Mental Health Decline

The elderly are often especially vulnerable to depression, anxiety, and other mental health problems. These mental health struggles may cause your loved one to become more withdrawn and less interested in life. 

Professionals who work at facilities that provide living assistance can monitor your loved one’s mental health better and encourage them to engage in social activities that can help combat many mental health challenges. 

The facility will also make sure that your loved one is taking any prescribed medications that may be needed to treat symptoms that are associated with certain mental health conditions.

Your loved one shouldn’t have to live life alone as they age. If any of these problems are standing in the way of a safe and happy life for your loved one, a facility that assists with everyday living may be the answer.

Sunday, August 8, 2021

Home Care or Assisted Living? How to Best Help Aging Parents

One of the toughest things to see as an adult is seeing your parents age. At some point or another, they are simply not going to be able to take care of themselves, and that's a reality. 

As much as you may want to, the fact is that you won't have the time nor experience to be there for them. This is why so many choose to either place their parents into home care or assisted living, but what's the best route?

Determine What They Need

To choose the proper route, you first need to make a list of all their needs. This includes everything from moving around the home to making their food. Remember, simply because they can do something doesn't mean they should. 

For example, they may be able to gather ingredients for a meal, but handling large and heavy pots may be out of the realm of possibility. However, if they can do almost everything else on their own, your parents may simply need home care from time to time. 

Home care companies such as Quality First Health Care Services offer a wide array of services to help seniors live safe and fulfilling life. These services include but are not limited to personal care and companionship, skilled nursing, and medication administration, to name a few.

Consider Health Issues

One of the most common causes of injury and death amongst seniors is falling down within their own homes. It's an unfortunate situation that happens way too often, and because seniors are often living alone, they may not have someone there to call an ambulance. 

Therefore, if your parent(s) are dealing with a health issue that prevents them from properly walking, you may want to think about including them in an assisted living program. 

Assisted living usually involves placing your parents into a caring community that often takes the form of an apartment building. 

However, the staff who run these assisted living communities are much more hands-on with their residents while allowing them to live independent lives. Many adult children like the concept because they know that their parents are surrounded by medical professionals and staff 24/7.

It's never an easy thing to place your parent's life in the hands of others. That is why it is so important to carefully research each and every option that you are presented with during the process. You must also communicate with your parents to see what they would prefer.

Monday, November 4, 2019

Finding an Assisted Living Community That’s Right for You

If you’ve found that, as you’ve aged, you now need assistance with your daily tasks, then an assisted living facility can be a great option for you. It will provide you with the care you need to live a fulfilling life. However, it can also be a serious financial decision. Here are some helpful tips to ensure that you find a community that’s right for you.

Make a List of Needs

Many seniors start out by looking at the various assisted living communities and end up getting overwhelmed. Instead, start by making a list of needs. Include everything from the type of medical care that you need to the recreational activities you need in your life. 

When you have a list of what you’re looking for in an assisted living facility, you can better determine what facility is going to fit your needs quickly. This helps you stay on budget and ensure that you don’t spring for something that’s fancy but overly expensive.

Set a Budget

Your assisted living care should be easily affordable for you. You should take a look at what your budget is and will be in the future. Set yourself a budget for what you can comfortably afford to pay for your cost of living, keeping in mind your retirement fund and savings. 

By setting your budget ahead of time, you can limit yourself to looking at facilities in your price range. If you look at facilities first, you may find yourself signing a lease for a place that you end up having trouble affording.

Take a Tour

Now, you should have a very good idea of the qualities you’re looking for in a property and what price range you can afford. Next, it’s time to get your list together of potential properties to visit. You want to take the time to tour each facility to get a feel for how it will work for you. 

Don’t be shy about visiting a place multiple times before you decide whether or not you want to live there. This will help you maintain your budget and help you feel secure about this financial decision.

Speak with the Current Residents

One of the best ways to get a feel for how a community will work out for you is to talk with the existing residents. See how happy they are with the assisted living facility and get some information about the daily activities that are offered for residents. 

You may be surprised that you can learn more from a 10-minute conversation with a resident than you’ll get from reading all the fliers about the community.

When it becomes time to move into an assisted living facility it’s likely that you’ll have a lot of questions running through your mind. Understand how to slow down and take it to step by step; this can drastically help with your overall financial decision on where to stay. 

Be sure to start by utilizing the four tips above to find an assisted living community that’s right for you.

Brooke Chaplan is a freelance writer and blogger. She lives and works out of her home in Los Lunas, New Mexico. She loves the outdoors and spends most of her time hiking, biking, and gardening. For more information, contact Brooke via Facebook at or Twitter @BrookeChaplan

Friday, May 30, 2014

How to Save Money on Your Parent's Senior Living

Nursing Home
Nursing Home (Photo credit: LOLren)
When you are thinking of moving your parent into a senior living home or you are considering assisted living, knowing how to go about saving money on costs altogether can help to alleviate stress on you and your family throughout the actual transition of moving itself. Saving money on your parent's senior living can be done with a bit of research and an understanding of your parent's needs and wants in a senior living care facility or home.

Determine Needs

Before selecting a senior living solution for your parent, it is important to consider their needs as well as the space they require before comparing your options. If your parent requires daily care and medical aid, keep this in mind before shopping around for the right senior living facility or home care solution.

Consider Your Budget

Consider the budget you have available to pay for the costs of a senior living facility monthly, annually or even if you choose to opt for home care. It is also important to consider whether your parent is eligible for medical aid from the state or government based on their age and current state of health.

I remember looking for a place for my dad to stay and budget was huge for my family. Sunshine Retirement Communities was a place we found that happened to have a cost of living calculator on their site. This was very helpful in projecting the costs our family would need to take into consideration when planning to finance his retirement. More info about that calculator here.

Sharing Space

According to Paying for Senior Care, sharing an apartment space or senior assisted living home is also another way to reduce costs, which is ideal if you are on a budget but still seeking additional amenities for your parent.

Compare Out-Of-State Assisted Living Homes

It is also highly advisable to review and compare out-of-state assisted living homes and senior care options. Some states throughout the US have a drastically lower cost altogether for healthcare, including healthcare for seniors.

Amenities and Features

Consider the types of amenities and features your parent is looking for with a senior living care facility or program. The types of amenities and features that are often available within senior living homes and facilities range from medical doctors and nurses to professionals to assist with bathing, cooking, cleaning and other daily activities. Consider the type of activities your parent enjoys as well as outdoor options that may be available before selecting senior living care for your loved one.

The more time you take to research various senior living homes and services, the easier it is to find a suitable location for your own parent. Taking the time to research occupancy, space available as well as amenities featured at various senior living homes can also give you and your parent more insight into determining the right placement at any age.

Friday, January 10, 2014

Taking The Burden Off Your Kids: 5 Saving Tips For Your Golden Years

Most people do not look forward to getting older as there are many changes that accompany getting to our so-called golden years. For instance, the children that seniors once cared for frequently have to take care of their parents as they age. Here are some tips that can help take some of the financial burden off of children. Saving for a good retirement is something that people both young and old and start to focus on to make for a better life and truly make their final years golden.

1. Take Advantage of Discounts

Ben Franklin once quipped that "a penny saved is a penny earned." There are many opportunities for senior citizens to save money through senior discounts. Every penny saved is one penny that a senior or his or her children do not have to spend at a later date. Many grocery and restaurant chains offer discounts that sometimes start as early as AARP eligibility at age 50. These are definitely worth looking into.

2. Cash in on Travel Rewards

Many seniors live at some distance from their adult children and grandchildren. Most of these elders will want to visit with family at some point during the year. Rather than having children foot the bill for travel, seniors can sign up for frequent flyer accounts and hotel rewards programs that can pay off in free flights or free hotel stays. The reduced cost of travel can fit a retired senior's schedule much easier than a working child.

3. Downsize

The American Dream for a large segment of society includes owning a large home. After a couple begins to experience an empty nest, there is no longer a need for 4,000 square feet of living space. One of the best ways to free up some additional cash during retirement can come from downsizing. A two- or three-bedroom home will probably suffice for most retirees. Getting rid of a five- or six-bedroom house can be a great move to reduce financial burdens later in life.

4. Look into Assisted Living

Many children feel obligated to take care of their aging parents. These same adult children will frequently need to be a part of a two-income household just to make ends meet. Getting into an assisted living environment can provide for some of the care that a senior needs while also allowing children to continue working. However, you can plan ahead and avoid ending up somewhere you don't like. Looking into assisted living in Clermont FL and other warm weather locales is often preferable.

5. Set up an HSA

When getting closer to retirement age, a good idea is setting up a Health Savings Account. These accounts can pay for some of the routine medical expenses that Medicare might not cover, and this can help take a big burden off of children.

There are many ways for senior citizens to save their adult children some stress. Whether it is looking into assisted living or cashing in frequent flyer miles for a visit, these tips can save money for seniors, and they can also help lessen the financial and psychological burden that their children might feel.

Friday, October 11, 2013

What Are Your Payment Options for Assisted Living?

Most people want to be able to live on their own their whole lives. Unfortunately, your health may start to deteriorate to the point that you can no longer take care of yourself. 

Your family members may not be able to give you the care that you need either. You may need to eventually consider living in an assisted living facility.

Many people are reluctant to use one of these facilities because they feel they are worried about paying for it. Fortunately, there are several ways that you can pay for assisted living.

Utilize Long-Term Care Insurance

Long-term care insurance will pay for you to go into a nursing home or assisted living facility. The average policy for a 55 year old will cost about $3,500 a year. These policies clearly aren’t cheap, but you will probably be a lot better off purchasing them than trying to pay out of pocket down the road.

Most long-term care policies should cover everything that you need. The average policy will pay for about $4,470 worth of services a month. That is nearly 60% more than the median cost of living in an assisted living facility. 

However, you should ask your insurance carrier what services they will cover and find out how much different facilities cost long before you need them.

Consider a Bridge Loan While Selling Property

You may have trouble paying the premiums for long-term care insurance while you are still working. You may want to take out a bridge loan instead. Bridge loans will pay for your stay at an assisted living facility when you can’t afford to pay upfront. A number of companies offer them.

You will need several people to cosign the loan for you. They will be collectively responsible for making the payments while you are in the assisted living facility. However, one person will usually be appointed to be responsible for making the payments.

The rates on these loans are usually very reasonable. They typically offer a line of credit of up to $50,000 with the same rates as secured home loans. They are ideal for people who are in the process of selling their homes to pay for assisted living.

Look into Medicaid and Medicare Coverage

Many people are unrealistic about what Medicare and Medicaid will cover. They typically aren’t feasible payment options when you have other options available. However, you may still be able to take advantage of them.

Most states offer some form of Medicaid waiver that will allow you to pay for some of your assisted living costs. However, residents in Louisiana, Kentucky, Alabama, Pennsylvania, and South Carolina do not offer such coverage. 

You may want to consider relocating to another state if you are a Medicaid recipient and suspect that you may need to enter an assisted living facility within the next few years.

Medicare is also an option worth considering, but you generally can’t use your Medicare coverage until all other options have been exhausted. You will need to deplete all of your assets first.

About the author:

Kalen is a freelance finance and lifestyle writer. He shares tips to help seniors live comfortably after retirement, such as using Senior Apartments in Kalamazoo Michigan.

Friday, August 23, 2013

Finance Dos and Don'ts for Elders in Assisted Living

Many seniors have a hard time managing their finances with assisted living because few people prepare for this lifestyle. Not only that, but only a small percentage of people have enough money for an easy retirement. At the same time, there are some things that you can do to make your money last as long as possible. Here are some things to consider about your finances if you have assisted living arrangements.

Consult a Financial Expert

Now is the time to consult a financial expert. He or she will be able to create an effective budget that ensures that you have enough money for all of the essentials. The expert will also be able to properly invest your money so that it grows, which gives you more to work with. While you can make a budget without a financial expert, he or she will be able to consider many factors that you may not think about.

Don’t Assume

You can’t assume when it comes to money. Some elderly patients assume that their assisted living care won’t become more expensive, but then something happens and they have to pay for additional medication or care. Assuming can lead to mismanaged finances. You might even run out of money years ahead of time.

Make sure that all of your numbers are correct and leave a cushion so that you can pay for additional financial burdens.

Keep Extra Money

Aside from leaving a cushion, you should also leave some extra money around as a rainy-day fund. This should be enough to cover your expenses for at least six months, but having more is also a good idea. If your investments go awry or if there are any other problems, then you can take some of this money to pay for the essentials.

Many experts say that you should have at least $12,000 set aside for each adult.

Don’t Overspend

Assisted living can be boring sometimes. It’s hard to go outside and there are few things that you can do. This leads some seniors to spend money on things to keep the boredom away. While there’s nothing wrong with buying one or two things every now and then, major overspending can kill your budget.

Do whatever you can to stay within your budget. Going a little over once or twice may not be terrible, but it can hurt your finances if this happens continuously.

Ask for Help

If you need help, then ask for it. Chances are that you have friends and family that are willing to help if you need it. While many seniors have a sense of pride about finances, sometimes it’s better to just ask for money. This doesn’t mean that you should make a habit of it, but ask your family for money if you really can’t afford something that you need.

If you show that you really need help, then your family should have no problem giving you some money.

Don’t Pay Out of Pocket

You should have some type of insurance or protection that can help you pay for certain things. For example, there are many policies that can decrease your medication costs by a significant margin. Check your insurance policies to see if you can save any money on your assisted living and other medical costs.

You might be able to save hundreds of dollars a month by just going through your insurance paperwork.

Pay Expensive Debts

If you have any expensive debts, then you might want to consider paying for them right now. Many of these debts have high interest rates that will increase how much you pay over the life of the debt. For example, you might save hundreds or thousands of dollars by paying the entire debt right now.

Go over your debts and see if you can save any money by paying them right now. This isn’t always viable, but it can be useful.

Paying for assisted living can be difficult financially, but many seniors are able to pay for it and maintain their lifestyle at the same time. You just need to make the right financial moves to keep yourself afloat and keep your senior housing options open. If you do this, then you shouldn’t run out of the money.

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