How often do people consider and plan for the day they will need to move into a senior living community? If the person is young or even middle aged, it is unlikely they’ve given their future care needs much thought. It is common for most people to think they will stay young and agile forever, and the possibility they might need assistance with daily living activities doesn’t cross their mind.
However, it is surprising how quickly time flies and before we know it, the aging process takes hold. There comes a day when that same person no longer desires or is even safe to remain at home. That is when the questions come into play. Should I be looking into an independent living, assisted living, or even memory care home? What are my options? How am I going to financially afford this? Rather than letting this situation sneak up on you, it is good to start thinking about senior living planning and start following some crucial financial steps.
#1 Start The Planning Process Now
The earlier you begin planning for senior living, the better the future transition will be. This allows you more time to save and make informed decisions, while also having less limitations on which community you would like to live in. An individual should start as early as possible, but certainly no later than 50 years old.
#2 Determine Your Goals: What You Want and Need
Identify your specific senior living desires and needs. Do you want to age in place at your home for as long as possible, move to an assisted living facility, or consider other options like a continuing care retirement community (CCRC)? Knowing your desires and needs will help you plan accordingly and understand what will financially be required.
#3 Create a Budget Based On Your Situation
Estimate your future expenses, including housing, healthcare, daily living costs, and entertainment. Factor in inflation and any expected changes in your lifestyle. Your budget should reflect your real life situation and be based on your ability to save and invest.
#4 Assess Your Assets
Examine your current financial situation, including savings, investments, retirement accounts, VA benefits, long-term care insurance coverage, and real estate. It is vital to know and understand your assets. This will help you gauge how much you’ll need and can afford for senior living.
#5 Consider Healthcare Expenses
As we age, healthcare needs and expenses tend to increase. Medicare will likely not cover all of your healthcare requirements, so it would be good to research supplemental insurance or long-term care insurance policies. Finding a trusted advisor who is well educated in this realm of insurance is key.
#6 Understand What Senior Living Options Are Available
Research the different senior living community options that are available. This may include independent living, assisted living, memory care, certified family home, or eventually a nursing home. Compare the costs and services offered by each of these senior living options and determine which aligns best with your needs, desires, and budget.
#7 Involve Family Members
It is important to involve a trusted family member(s) or loved one. Discuss your senior living plans with them. Their support and input can be valuable in making decisions about your senior living arrangements and they can help guide and support you as you go through the process.
Begin Your Financial Senior Living Planning Today
Making a long-term financial plan for senior living is not easy and each person’s situation is unique. Your plan should reflect your unique circumstances, goals, and needs. It is important to seek trusted, professional advice and stay informed about recent or upcoming changes in the senior living industry. This will allow you to make sound financial decisions for your future. So, do yourself a favor and start your financial senior living planning today!
U.S. News: How to finance assisted living. Retrieved from https://health.usnews.com/best-assisted-living/articles/how-should-i-finance-assisted-living
Let Us Help You Today!
We welcome the opportunity to speak with you about careers at The Cottages and the care that our residents receive at our Idaho locations. We are experts in assisted living, memory care, respite, adult day care, and have been serving seniors for over 20 years. Our small home-like senior living homes and specially-trained team members offer an atmosphere that promotes the well-being of your loved one.
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