How To Pay for Assisted Living

When it comes to planning for a move to assisted living, there are many factors to take into consideration. Perhaps the biggest factor to keep in mind is paying for it. While some adults believe assisted living won’t fit into their budget, when you consider the benefits of a simplified budget, how assisted living compares to costs accrued at home, and possible ways to offset the cost, assisted living can be affordable.

A Simplified Budget

Most assisted living communities bill residents each month. This fee includes nearly everything, from rent to meals to access to amenities and support. For many residents, having this one bill each month means financial planning and budgeting is much easier. 

Assisted living residents are able to be more confident in their financial planning when they have a predictable expense each month. This simplified approach to billing and budgeting can decrease some of the financial worries that can come with retirement.

Comparing Costs of Assisted Living to the Cost of Living at Home

The best way to determine if assisted living is in your short or long-term financial plan is to first consider the costs you accrue at home each month, quarter and year. Begin by taking time to write down your monthly expenses, including grocery bills, transportation costs like insurance, gas, or public transportation fare, any in-home support or care you might receive, your mortgage payments and other expenditures.

Then, compare that monthly cost to the monthly fee that an assisted living community would charge. In many cases, the costs are quite comparable, especially since assisted living fees include rent, meals, programs and events, and access to wellness amenities including around-the-clock caregiver support.

When you take the time to compare the two costs, you might find yourself pleasantly surprised at how affordable assisted living can be.

Offsetting Assisted Living Costs

Finally, there are ways you can potentially offset the costs of assisted living. One to consider selling your current home. The money you make on the sale of your home can be put away to cover assisted living payments for months or years to come. Also, depending on the policy type, long term care insurance will generally cover a portion of assisted living expenses.

Consider a Life Plan Community

A Life Plan Community is an excellent option to consider as you approach retirement. These communities offer multiple senior living options right on one campus, giving you the confidence that you will always be able to receive the support you need.

If you are already looking at the benefits of living in a Life Plan Community, sometimes referred to as a Continuing Care Retirement Community, you know that you can move within the community as your needs grow and change. Assisted living is a part of this continuum of care, meaning that additional caregiver support is on the same campus you have grown to love.

We would love to speak more with you about assisted living, including costs. Contact us today to schedule a tour and learn more about services, amenities and support offered at Stiles Assisted Living at The Glen.

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