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3 Tips For Financing Senior Living

December 23rd, 2019

One of the biggest concerns people have when starting the search for senior living? Cost. Financing senior living can be intimidating, but when compared to the cost to traditional living, it becomes far more reasonable. Many senior living communities offer assistance and resources that can benefit families as they navigate this process.

Here are three ideas to keep in mind while evaluating senior living costs:

1. Price Will Vary

Each individual’s circumstances are different — and will ultimately make the costs of senior living differ. Most communities offer services and à la carte options to accommodate personalized needs, which vary in price.

For example, some residents may find they only need support with medication reminders. In this instance, they will likely continue to live in their independent living apartment and add on a daily service for medication reminders.

Additionally, at StoryPoint, extra services like added housekeeping or meal services can be paid on an à la carte basis, allowing you to only pay for the services that best fit your needs.

2. Typical Payment Sources

While it’s possible you have another avenue for payment, the following methods are how many people typically pay for senior living.

Seniors smiling at cafe

Generally, most senior living expenses are covered by private funds. Most seniors choose to sell their homes and use that money to fund senior living expenses. Some seniors use their long-term care insurance policies to cover senior living costs.

It’s important to examine the details of your community to see what is included. Also, determine which additional services you could potentially add or omit. That way you can properly budget your community expenses.

3. Senior Living Community Support

Most retirement living communities offer financial support services to their residents. When considering various senior living communities, it might be helpful to ask what assistance they offer. Here are some examples of these resources:

  • Partnerships with local realtors to better assist seniors in selling their house or condo
  • Relationships with financial advisors who specifically work with seniors
  • Partnerships with elder care attorneys who can assist in long-term care planning and many other health care matters
  • Relationships with veteran support centers to assist in getting VA benefits
  • Guided cost comparisons and financial breakdowns to provide a clear picture of the individual’s living expenses

It’s imperative that you do your research to make an informed decision on which senior living community offers the support you’re looking for at the right cost.

Thinking About Senior Living? StoryPoint Can Help.

StoryPoint has a variety of in-person and online resources regarding senior living financing, community offerings and more.  Schedule a tour of your local StoryPoint community or give us a call at 1-855-40-STORY to learn more.

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