You’re the kind of person who plans ahead. You chose a home that fit your budget and helped the kids pay for college. Now is the time to start preparing for your future by choosing a senior living community. But how much will it cost?
The cost of senior living depends on the size apartment or suite you select as well as the amount of support you require. On average, this works out to be between $3,500 – $5,000 per month.
Families pay for senior living in a variety of ways. If you have invested in Long Term Care Insurance, this is the time to reach out to your insurance provider and ask about qualifying for benefits. Many families sell their home and use part of the sale to pay for senior living. Finally, if you served in the military during wartime or had a spouse who served, you may be eligible for senior living benefits from Veterans Aid & Attendance. This benefit combined with social security payments and savings often covers the cost of senior living.
Ultimately, the formula of how senior living is paid works out to be different for every family. But just like any decision you make for the future, it is worth the time and effort to plan ahead, choose the right community, and design a plan that makes sense for you. Deciding to make the move to senior living is a huge step and we want to make sure you have everything you need to make that decision.
To help further understand your full financial picture, take a look at our cost calculator today.