How to Afford the Cost of Independent Living, Assisted Living, or Memory Care
Paying for senior living can feel like an unattainable goal once you view the price tag. The national average cost of assisted living is $4500 per month, according to the 2021 Genworth Cost of Care Survey.
Depending on where you live and the level of care needed, the cost of senior living can range anywhere from around $1000 for independent living to over $10,000 for memory care services. Don’t let these prices discourage your goals and right to live with freedom and comfort.
Costs of Aging in Place
Start by comparing your current home costs to senior living options. You may find staying at home is more expensive than you think.
Retirement living is all about preparing for what may come.
On top of monthly expenses, consider the cost of unexpected home repairs and age-related modifications the home may need:
- Repaired stair railings
- Accessible ramps
- Structural changes
- Grab bars
- Adaptive door handles
- Walk-in shower
- Non-slip bathroom flooring
- Widening doorways and hallways
- Stair lift
A move to senior living can help tie all of your expenses into one tidy monthly bill. Civitas residents don’t have to worry about fluctuating utility costs, property taxes, and other variables. You’ll receive peace of mind knowing the community can fix any maintenance issues in your senior-friendly home.
What are private-pay communities?
Most senior living communities are private pay. Seniors use assets and savings to pay for these living arrangements.
A doctor generally prescribes temporary stays in skilled nursing facilities and nursing homes for people living with chronic conditions or who need rehabilitation. Insurance, Medicare, or Medicaid often cover these situations.
Medicare will pay for medical needs but not monthly rent in a senior living community.
Can I pay for assisted living with VA benefits?
Wartime veterans and their surviving spouses may be entitled to a special monthly pension benefit called Aid and Attendance. These funds can be applied to the costs associated with senior living.
To qualify, claimants must be incapable of independent living and need to have or be the surviving spouse of someone who served for a minimum of 90 days, including one day of active duty during wartime.
Additional Funding for Senior Living
Long-Term Care Insurance
Long-term care insurance varies from policy to policy. Generally, it pays for care once an older adult needs help with at least two activities of daily living. The team at Civitas Senior Living communities is equipped to assist in detailing and documenting the personal care needs of our residents for their policies.
This financial transaction allows the owner of a life insurance policy to sell to a third party for more than its cash value and less than its face value. This process typically takes from 30 to 60 days to complete.
These processes can be more complicated and are best discussed with a financial institution depending on your situation. Ways to use the home you own to pay for senior living include:
- Bridge loans
- Reverse mortgages
- Renting out your home
- Selling your home
Discover The Easy Way To Pay For Senior Living
Contact our community to discuss your options for monthly senior living costs. Once all the math is done, you might find senior living is more affordable than you think!