How to Finance Assisted Living

You may have to pay top dollar for a good assisted living facility. The hidden costs can make you run out of money sooner than you could ever imagine. Let’s look at a few ways to prevent paying more than you need to for assisted living.

Research ahead of time

It’s very important to plan ahead if you want to be financially prepared for senior care. Start by discussing retirement or senior care as early as possible with family members. Research communities that would be suitable and get yourself or your loved one on the waiting list. Discussing the matter when everyone is healthy and understands is way better than waiting until it’s time to take action.

Negotiate price

It never hurts to request for a discount when looking for a suitable community. If your loved one or you need help with only a few aspects of life, you should be able to pay less for it. Simply ask if they can cut down the rate because you don’t use up many of the extensive services offered.

Choose the right location

It might be worth finding out if different areas have cheaper senior care. The cost of assisted living usually varied by location. Find out what is suitable for your area and look for facilities within the region that may cost a little less.

Opt for shared rooms

Sharing a room may not only be cheaper but also benefit the resident in terms of socialization. It will give your loved one some company which is always known to increase happiness. It doesn’t hurt to find out if a shared room will help you to cut down on costs.

Opt for a la carte pricing

Some communities allow residents or their loved ones to pay for certain prices separately. This may be ideal if the resident doesn’t use those services frequently. Some facilities even allow family members or volunteers to come and offer those services for free or in a more cost effective way. But bear in mind that sometimes all-inclusive options are more affordable.

Shop for insurance

You can find an insurance policy that helps to cater for the cost of long term care. This type of coverage can help you to avoid out of pocket expenses should you or a loved one need assisted living in future. Estate planning can also help to cater for the cost of assisted living in coming years.

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15 Dec 2016