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How to Pay for Senior Living

A happy senior couple calculating their finances in a beautiful home.

One of the biggest questions people have about senior living, whether doing research for themselves or a loved one, is how to make their retirement lifestyle affordable. In this blog post, we’ll explore the cost of senior living, and explain the options available to help you and your family make confident, informed decisions for the future. 

Is Senior Living Affordable

The great thing about senior living is there are multiple options available to fit a range of needs and preferences, including your budget. When you see all the services, amenities and conveniences that are often included, you may think paying for senior living is out of your price range. But the truth is, it is possible to find affordable senior living without compromising your vision of a carefree retirement. The first question to ask about how to pay for senior living should be, “How important is future health care? That answer will determine where to go next. 

Paying Less Now, More Later

If the answer is, “I’ll worry about care when I need it,” you’re probably considering staying put in the family home or downsizing to a 55+ community or rental community. At first this may seem like a better choice than taking on senior living costs like an entrance fee, because it’s less expensive — at first.  But keep in mind that the biggest drawback to aging in place at home is the uncertainty about health services. If an injury or illness should happen, do you have a plan in place for where to go for proper care, and how to pay for it? While Medicare can help with the cost of personal care, it generally does not cover long-term care outside the home (also known as skilled nursing facility care).

Investing in Life Care

An alternative is to prepay for future health care through a Type A Life Care senior living contract by joining a Life Plan Community (also known as a continuing care retirement community, or CCRC) like Freedom Village at Brandywine. While the thought of an entrance fee might not appeal to you at first, there are many benefits to keep in mind:

  •   More predictable monthly fees, even if care is required, with more included (including dining, health and wellness services, housekeeping, maintenance and more)
  •   Variable cost, depending on multiple factors, such as the location you choose and whether you want some or all of your entrance fee refunded to your estate, for affordable senior living
  •   Peace of mind, knowing care is included whenever needed, at little to no  increased cost (and without having to move off campus!)

 

Exploring Options to Pay for Senior Living

We would be remiss if we talked about how to pay for senior living without mentioning why it’s one of the best decisions you can make for your future! Retirement should be all about pursuing the things you love and spending more time with those you love. At Freedom Village at Brandywine, we’re dedicated to enhancing life for our residents to allow just that. We can help you get started with this breakdown of senior living contracts.Since senior living costs can vary, depending on many factors, it may seem overwhelming to make a change. That’s where we can assist – at Freedom Village at Brandywine, we’re dedicated to enhancing life for our residents, and part of that is helping families find the option that’s best for them. We can help you get started with this breakdown of senior living contracts. Also, did you know that a U.S. veteran (and a surviving spouse) may qualify for monthly benefits to help with the cost of senior living, specifically with personal care (also known as assisted living)? You can learn more about The Department of Veteran Affairs’ Aid & Attendance Benefit program here

Taking the Next Step

To learn more about the predictability and peace of mind that a Life Plan Community like Freedom Village at Brandywine can offer, explore our top-rated health services and contact us today. We can show you all the benefits of a Type A Life Care contract, for you and those you love most, as well as walk through how to pay for senior living through private pay, life settlement accounts, deferred annuity, and other options.