Perhaps you have come to the decision that you or a family member would benefit from senior living and have already begun looking into your options. You know what level of care is needed and have found the community that offers these services with the right amenities in the perfect location.
The only thing left to figure out now is how to actually pay for these senior living services. As a senior living provider in Alabama, Community Senior Life’s goal is to help individuals navigate their senior living journey every step of the way. We commit to meeting our residents’ social, spiritual, physical, and financial needs, so we are sharing some ways to pay for senior living care and services.
Private Pay
The simplest and most widely accepted way to pay for senior living is through private pay or paying through personal finances. Any savings, income, or retirement funds can be used to cover the costs of senior living, but it’s important to be realistic and budget-conscious if you are relying solely on this source.
If you have been preparing and saving for retirement or still receive a regular income, private pay options may be enough to cover your senior living costs. However, this is not the case for many individuals, and the cost of senior living quickly uses up what they have saved. Because of this, below are some alternative options that can be used separately or in conjunction with your retirement savings.
Home Equity
While it may be difficult, selling your home is a great way to cover the costs of senior living. The equity that your home has accrued over the years can be used in addition to your other private pay options and make your savings last longer.
Bridge Loans
According to Forbes Advisor, “a bridge loan is a form of short-term financing that gives individuals and businesses the flexibility to borrow money for up to a year.”
Even though a bridge loan can be a somewhat risky option since financing is only up to a year, this is a good option if you or a loved one needs to quickly move into a senior living community, but the sale of a house is still pending.
Renting Your Home
For some individuals, selling their homes is simply out of the question. Maybe they aren’t ready to part with their house, or they want to leave it to a child or grandchild. If this is you, that is okay, but you might as well make some money off of it.
To help cover the costs of senior living, renting out your home may be an option. By doing so, you will get to hold onto your house and the memories it has while also receiving a regular monthly income. This option requires more planning, though, since rental properties require upkeep and maintenance. If you do not have someone who can help with these tasks, a rental management company can help oversee the logistics, finances, and maintenance of a property.
Veteran Benefits
Individuals who served in the United States military and their spouses may be entitled to benefits that can help cover the costs of senior living services. The United States Department of Veteran Affairs (VA) provides care resources to active-duty soldiers and veterans.
Visit their website to view a series of links to resources and information that can assist you and your family on your senior living journey.
Make Sure You Know What’s Included in the Cost
Every senior living community is different, but many people do not consider that the monthly rate for a senior living community includes more than just a place to live. This price often includes meals, a certain level of support and care services, community amenities, and home maintenance. Make sure to check with the community you are considering prior to moving in to verify everything that is included in the monthly rate.
For a more in-depth look at what is included in the price at all of our Community Senior Life communities in Alabama, download our free Cost Comparison Worksheet.
At Community Senior Life, we are here to help you and your family through every step of the transition process. To learn more about our senior living communities throughout Alabama or how to pay for senior living, we invite you to contact a member of our team.