Have you been experiencing lapses in memory? Do your family constantly have to save you from yourself when you’re home alone? Or do you have difficulty performing tasks that used to be so simple?
This might sound troubling, but it may be time to face the facts, the day has come to find assisted living. You may find that thought is hard to accept but here’s a bit of solace:
There are more than 830,000 Americans who already live in assisted living communities, so you are not alone. However, a senior living cost can be quite expensive. Here is a guide to the costs and how to handle them.
The Real Senior Living Cost by the Numbers
As the age group of Americans 65 and older continues to increase, you’d think that the costs would be more manageable, right? Unfortunately, your golden years may glitter like real gold.
The median cost for a community was around $48,000. this is over $20,000 more than it was back in 2004, and long-term living costs can top over $50,000. This doesn’t even include top-tier healthcare which can be over $90,000.
What’s worse is this not covered by Medicare.
How to Save Up for Assisted Living
Those numbers can be frightening, but there are ways to mitigate these bills. Here are a few ways:
Research and Visit Quality (and Cost-Effective) Communities
You always want to find the right place for your loved one to stay, but also that is cost-effective in the event they may need to stay long term.
So take tours of the facilities and see if they are accommodating, talk to other residents and staff to see if they are hospitable. You want to see where your money goes.
You can use tools like findcontinuingcare.com to start your search.
Explore Financing Options for You
Various senior living places offer different options that can best fit your situation.
- Bundles often come with fixed rates that leave you locked in. Although they may seem expensive at the outset because they include everything, they ultimately save you money in the long run because as the cost of the services increase, you pay the rate you contracted for.
- Tiers Previously mentioned tiers give you levels of services and care. Certain tiers may give you extra services you may not need. Therefore you can pay only for what you need.
- A la carte is the bottom tier service. If you only need a certain amount of care for sporadic situations, you could just pay for the bare-bones service, which ultimately saves you money.
Live Your Best (Late) Life
Senior living costs might seem herculean to be able to afford but with good enough planning, quality asset management, and adhering to the things mentioned, you can survive this big change.
You’ve seen a lot and done many things in your lifetime. You’ve earned your time to relax. Find the best place with assisted living you can do that. It’s your turn to take it easy
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