Planning for the future: How much does senior living cost?

You started your children’s college fund when they began kindergarten. You never missed a single Little League game (even when it rained). You walked your daughter down the aisle and choked up a bit, but it didn’t stop you from dancing at her reception. You may not dance as often as you once did, but you’re still the type of person who believes in doing the right thing. That means having your affairs in order.

You always made sure your loved ones had the very best and knew that you were there to support them. Now is the time to reassure them that you have prepared for your next step with choosing a senior living community. But how much should this cost?

The cost for senior living depends on the size suite you select as well as the amount of support you require. On average, this works out to be between $3500-$6000 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. You will likely qualify should you need assistance with two activities for daily living. This would include bathing, dressing, feeding, toileting, and getting in and out of bed.

This is also a time when it might make sense to sell the home and use part of the sale to pay for senior living. After all, it doesn’t make sense to continue paying taxes and insurance on a home that is not inhabited. There are also tax benefits to paying for senior living as well as bridge loans to cover payments for senior living while the house is on the market. Finally, if you served in the military during wartime or had a spouse who served, you may be eligible for Veterans Aid & Attendance. This benefit can extend up to $1790 per month for a veteran, $1150 per month for a surviving spouse, and $2120 per month for a couple depending on the level of care needed. This benefit combined with social security payments and savings often covers the cost of senior living.

Ultimately, the formula of how it is paid works out to be different for every family. But just like college planning, it is worth the time and effort to choose the right fit and craft a plan that makes sense for you. For more information about paying for senior living and to request a FREE cost comparison tool, reach out to the community nearest you.