If you or your senior loved one are thinking about making the move into assisted living care, there’s a lot to consider. You have to find the right community, decide on the level of care that’s necessary, sort out what you’ll do with your home and belongings, and plan how it will all be funded. Prepping can be stressful, but our team here at The Canopy at Azalea Grove is here to help – here are financial tips from our expert advisors on transitioning into assisted living care.
What Does Assisted Living Provide?
One of the first things you should do when prepping for the transition into assisted living care is to find out what your new community offers besides room and board. What levels of care are available and what is included with each of them? Find out if your assisted living care plan will include:
- Three meals a day and if the kitchen can accommodate special dietary needs
- Housekeeping and maintenance
- Laundry services
- Medication management
- Enrichment, activities, and classes
And other necessary assistance for you or your senior loved one. Some communities don’t include all of the amenities needed in your care plan and you may have to pay extra for them, so be sure to find out exactly what’s offered and what’s extra.
How to Financially Prepare for Assisted Living Care
What steps should you take to prepare for the transition into assisted living care? Here’s what our team of advisors recommends.
1. Take a look at your current financial situation. You’ll want to make a list of all of your income sources including pensions, social security benefits, investments, and savings. You should also make a list of all of your monthly expenses. This will help you compare the cost of aging in place at home and the cost of assisted living, so you feel confident in your decision.
2. Come up with a budget plan. Once you have an idea of your income and expenses, look at the costs of your chosen assisted living care community and come up with a monthly budget. Don’t forget to include any added costs for extra amenities, and include one-time fees (like registration fees, movers, etc.) to get a very clear idea of what it will cost you to transition. Having a budget in place will help you realistically prepare for this next phase of life.
3. Ask for a breakdown of fees from your community. You want to ensure you’re getting the care you need, but you also need to be clear on what’s included in your monthly assisted living care costs and what’s extra. Ask your new community for a clear breakdown of all costs and fees associated with your care plan so you can compare it to your budget. Don’t forget to ask if any of the costs will increase over time and adjust your budget accordingly.
4. Be ready for unexpected expenses. It’s smart to have money saved up for unexpected expenses and issues, like home repairs for a sale or medical emergencies. It might be helpful to have a separate emergency fund set up for situations like this, so it doesn’t cut into your monthly budget for assisted living.
5. Look into other funding sources. While some seniors can pay for assisted living care out of their own income and savings, many seniors utilize other funding sources to cover the costs. Look into Medicaid, Veterans Benefits, long term care insurance, and life insurance conversions to help offset the costs of assisted living care in your new community. Keep in mind that long term care insurance has to be purchased before the need for long term care arises. The best time to invest in a long term care insurance policy is in your mid-50s while you’re still in good health.
Once you’ve taken the above steps, you’re ready to make the move into your new community and start your next exciting stage of life.
Explore Assisted Living Care at The Canopy at Azalea Grove
Do you have questions about assisted living care, or do you need help preparing for the transition into our community? Contact us today to talk to one of our expert advisors and feel confident in your decision.