When caring for a loved one becomes too difficult for a family to properly do, assisted living is usually the next ideal step. Although the safety and comfort of senior living is a goal for many of our loved ones, sometimes the price point of a retirement home can leave a family feeling cornered.
While most senior living communities are not negotiable when it comes to a price tag, the good news is that there are several ways to plan and approach the cost of assisted living that make the finances more manageable.
1. Don’t Be Afraid to Sell Your Home
Some people who enter a retirement community leave behind a home that stays in the family. One excellent option for helping to ease the financial process of assisted living is simply selling the home and using the funds to help finance your community needs. Most people entering into assisted living are leaving behind homes that they don’t plan on using. After discussing with your heirs, if everyone is comfortable with the decision to sell, this is an excellent way to approach your future expenses.
2. Shop Around for What You Can Afford
When shopping for any good, most people don’t usually go with the first option that they see. Looking for the most affordable good should always be a key goal. Looking for a senior living or assisted living home is no different.
When looking for a Houston retirement home that fits your price range, don’t be afraid to treat the process like you are interviewing an employee. Shop around, ask questions, and make sure you know what you can afford before signing on the dotted line.
3. Leverage Your Life Insurance Policy
If your loved one has been paying for a life insurance policy for more than ten years, borrowing from the policy is a viable option to help pay for assisted living. As long as you understand that there will be less money, in the end, to pass on to the heirs, then this is a great way to get some extra money without racking up debt.
4. Are You a Veteran?
Knowing the veteran status of yourself or your loved one considering assisted living can help you afford the cost. Veteran benefit eligibility of veterans or veteran survivors means that there may be access to an increase in their monthly pension benefits. Speak with your local VFW association to understand what the various criteria are to gain extra funds from benefits.
5. Find Out How Their Services Are Charged
Knowing how an assisted living home charges for their services is important to understand how you will be able to pay for the service. By examining your loved one’s needs, you will be able to ask the right questions on how they will charge you for specific care. Is pricing a la carte or upfront? These options matter and should not be ignored during the decision process.
Holly Hall Makes Sure Our Houston Community is a Financial Fit For You
Making a move to assisted living in Houston is a huge decision for any family. If you know that it is time to prepare for an assisted living move, get in touch with Holly Hall to discuss your options. We look forward to making your loved one a part of our Christian community.