Now that you’re saving for retirement, this may hit you like a bomb. Suddenly your parents or in-laws or even siblings may require an assisted living facility. This may cause a derailment of your savings goal.
Arranging assisted living for a loved one can be a challenging thing to do because it drains your bank account and emotions. If you want to be able to afford assisted living, you should follow these tips:
Plan and Research
You need to give yourself and your loved ones time to assess the living facilities that you are considering before you even consider the cost.
If you are hoping to get your loved one into a specific facility, you should get on the waiting list early. When you delay until the last minute, you might not get the right community for your needs.
Get it Right the First Time
Moving your loved one severally until you find the right place for him or her will end up costing more.
Instead of hopping from one facility to another, you should visit several assisted living facilities and check their licenses before choosing one.
If you find the right match the first time, you will not have to keep moving your loved one and wasting money.
Enquire about Price Flexibility
The price of living in an assisted facility is not necessarily set in stone. You need to ask the facility if they offer move-in incentives and find out if they are willing to discuss the monthly price. If they are willing to negotiate, you should let them know how much you can afford and see whether they will agree.
Consider another Location
Just like the cost of housing, the cost of assisted living varies depending on location. If you have your heart set on a specific place but the cost of assisted living is too high there, you should reconsider the location.
You might be surprised to find a cheaper facility that is out of state but in close proximity to all family members.
Outlying communities and suburbs might be more affordable, which means that you should consider looking outside your ideal location.
Consider Insurance for Long-term Care
If you are not able to pay for assisted living costs out of pocket, Medicare and Medicaid might help. However, you should know that such services do not pay for everything.
Getting long-term care insurance can pay for the remaining things.
Consider Sharing Rooms
In many assisted living facilities, sharing a room can cut the costs nearly in half. Before deciding to pay for an individual room, you should compare the costs of sharing versus individual rooms. Make sure that you discuss this option with your loved one to see whether he or she is open to it.
If he or she is not interested in sharing rooms, you can keep looking for cheaper individual rooms. Keep in mind that thanks to the Assisted Living and Shared Housing Act, you will be able to interact with your loved one as often as you like, which will bring comfort to both of you.
Explore Veteran Benefits
If the person you are taking to an assisted living facility has served in the armed forces or is the spouse to a person who has served, they might get benefits. You need to get in touch with the Department of Veteran Affairs if you need help in offsetting the costs.
Compare Types of Care
What is the best type of care for your loved one? If the person does not need assisted living, you will end up saving a fortune. Just speak to an expert who can help you to choose the right facility.
Making the decision to admit your loved one to an assisted living facility is hard. However, knowing that you are taking him or her to the right facility will make you feel better about this decision.