Planning the Finances for Assisted Living

There is a lot to choosing the right assisted living facility for your elderly. From ensuring that they remain active and socially connected to making sure that the senior care community follows the best safety and security standards, you have a lot on your plate when it is about moving your senior parent(s) to an assisted living facility. One such important thing to consider is the finances.

Planning the Budget

It is important that you manage the expenses of your elderly in a smart way. However, it is equally important to include them in the financial planning as well, so that your loved one(s) would know how you are organizing the budget. In fact, it is seen that not including the elderly in the discussion often frustrates them and negatively affects their feeling of being independent.

When you are planning the finances, make a list of key things such as their assets, retirement plans, insurance policies, etc. In addition, you should also include the short-term or long-term loans they might have taken. To make your senior feel comfortable and open up discussing about their financial details, you need to keep the talk focused on the long-term care they would get at the assisted living facility. At the same time, you need to keep in mind the things such as skilled nursing costs, medical expenses, medications, etc.

You also need to get in touch with the assisted living community and inquire about all the costs. If possible, take your senior along for a visit to the place and discuss the expenses in person. This way, you can get an idea of the associated expenditures for long-term care and weigh them against the income to prepare a properly strategized budget plan. Although you can never predict the future extra expenses, your financial plan would ensure monetary stability in the days to come.

Choosing an assisted living community is always a worthwhile investment since they are known to stir a sense of belonging and happiness into the lives of their residents. Studies even say that the life span of seniors living in assisted care facilities tends to prolong when compared to living in nursing homes. This is because of the less restrictive environment in assisted living communities.

Many of the assisted living facilities even offer a resort-like lifestyle to their residents, which encourages seniors to be physically and mentally active. Besides, when living in such a community, they have all the means to engage in healthy conversations as well as socialize with like-minded people.

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