For adults 55 and over who are considering a move to a senior living community – or for adult children who must decide whether it’s time to have Mom, Dad or a loved one reside at an Independent Living, Assisted Living or Memory Care community – it’s important to think about how this change may affect finances. Determining how you will pay for these services and accommodations can be difficult. Capital Senior Living offers a variety of resources and solutions you can look into.
Although often a significant symbol of independence, handling your finances doesn’t have to be a solo task. Of course, the best way to start saving for your senior years is in your younger years, but most adults right out of college don’t have that luxury with worries of paying off student loans or saving money to help their kids go to a university in the future. So when should you start thinking about senior living? Whether you’re 40, 50 or 60, these tips can help guide you to an informed financial decision.
Even with these helpful finance tips, you’ll want to take advantage of as many benefits as you can before moving to a senior living community. The good news is there are many ways to make paying for your transition from your house to a community easier. Several government and non-government funded programs are available as well as financial services for a senior or adult child to utilize.
Making the choice to pay for professional on-site care for a loved one can be an awkward topic of conversation. However, taking advantage of benefits, critically examining your finances and taking steps to stay informed can make the process be as painless as possible.
Don’t let the financial challenges of transitioning into senior living be a surprise. Plan ahead and prepare yourself for this exciting new chapter in your life.
This website contains information, facts, opinions and recommendations of various individuals and organizations regarding senior care, health, nutrition and exercise. Capital Senior Living and its affiliates, agents and licensors cannot, and do not, guarantee the accuracy, completeness, timeliness, merchantability or fitness for a particular purpose of, or otherwise endorse, any opinions or recommendations, nor does Capital Senior Living constitute the giving of medical, health or fitness advice. Users of the website must consult their physicians regarding the applicability of any opinions or recommendations with respect to their conditions.