While retirement is something that people plan for, as one ages, unexpected and higher then anticipated costs can come up. One of the largest costs happens when people need assistance- either in their home, or in an assisted living facility. While the monthly rates of living an assisted living facility may be manageable, there can always be unexpected medical issues which can quickly cause that monthly expense to rise. People can plan extensively for retirement and growing old, but once that time comes, it is important to budget well and plan carefully for senior living expenses.
- Planning for how to pay: There are several ways to pay for senior assisted living. In some situations, children are able to chip in expenses to help pay for their parents living situation. Other times, people have enough money put aside and paying for assisted living simply isn’t an issue. For the vast majority of people, however, paying for senior living expenses is no walk in the park. It is a good idea to plan for this early, but if push comes to shove, there are options for helping get the cost of care covered. For example, getting a reverse mortgage is a popular option amongst many seniors. There are also government programs which can help to cover some of the costs of senior care. It is a good idea to familiarize yourself with these options early on and to have a plan in place for when you or someone you love ends up needing to move into assisted living.
- Understanding Medicare: One of the most important things you can do is understand Medicare. Many people are under the misguided idea that Medicare will cover all medical costs for people over the age of 65. This is not the case. Medicare definitely eases some financial strain associated with medical costs, but Medicare will not cover long term senior care. It is important, even before turning 65 and receiving Medicare to have a clear understanding of what Medicare provides and what services it does not cover. Understanding this will allow you to plan better for your future.
- Insurance options: Since Medicare will not cover long term senior care, many people end up getting some type of health insurance when they move into an assisted living center. This will help with some of the costs and also help with unexpected medical costs. Many people assume that as they age, they will no longer need to worry about searching out insurance options, but that is not the case.
As you can see, there are a lot of things to think about and choices to make when it comes to planning and paying for senior living facilities. This is something that should be planned early and carefully, and you should always build in room for the unexpected. Often, senior living facilities will be able to work with you to work on the financials, for example Morning Star Senior Living has staff on hand to discuss these difficult situations with you. When it comes to caring for a loved one, you will always find a way to finance it.