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5 Tips for Paying for Senior Living

senior mom and daughter embracing after finding tips for paying for senior living

Millions of baby boomers will require care or support as the population ages. According to the U.S. Department of Health and Human Services, a significant portion of those aged 65 or older will require long-term care. Many families struggle to talk about living arrangements for aging loved ones. Still, planning gives families time to consider their options and make informed decisions before a crisis. The cost of senior living varies widely based on location, the type of care, and the services needed.

Many people wonder how to pay for senior living. Getting tips for paying for senior living can make expenses more manageable and lead you or a loved one to the necessary care for retirement.

Buckner Villas is the premier choice for senior living in Austin, TX. We understand that cost is a significant factor in senior living choices. We created a cost calculator to help families compare their living costs with living in our senior community. If you have questions about our senior cost calculator or want help determining your best options, contact our team today. Use our secure online form or call 512.580.9882.

Average Costs of Senior Care in the U.S.

The average senior care costs depend on the location, size of accommodations, amenities, and services needed. While the numbers can feel daunting, it is critical to consider that these costs typically include utilities, meals, entertainment, transportation, housekeeping services, and maintenance. Once you consider all of your current living costs and compare them, the numbers make more sense.

For the most part, the services provided at a senior living community cost less than it would cost you to pay for the same services separately at home. Further, the average cost of home health care may cost thousands more per month on top of other monthly expenses.

Tips for Financing Senior Care

Whatever your current financial situation, there are numerous ways to finance the move to a senior living community. Most families utilize a combination of options, including the following:

1. The Traditional Approach

The most straightforward way to finance senior living care is directly using savings, retirement income, pension funds, and investments. Many active seniors continue to work and can also use their current income.

2. Long-Term Care Insurance

This insurance policy will pay for part or all of the care for individuals with cognitive decline related to dementia or assistance with activities of daily living (ADLs). Policies vary, so it is essential to understand what your policy will and will not cover.

3. Veteran Benefits

Eligible U.S. veterans may use their benefits, disability pay, or pension fund to pay for senior care. You must meet service, financial, and clinical eligibility requirements, which vary depending on the benefit.

4. Medicaid

This federal and state-run program helps individuals with low-income pay for medical care, including home health care, assisted living, and long-term care. Medicaid programs, eligibility requirements, and coverage vary from state to state, so contact your state medical assistance office for details.

5. Medicare

All Americans 65 and older are eligible for Medicare, a national, government-funded program. Medicare does not typically pay for long-term care but covers a percentage of short-term skilled nursing care and rehabilitation services.

Other Options to Manage the Cost of Senior Living

Life Insurance

Life insurance policies can help pay for long-term care in various ways, depending on the specific policy. Options include surrendering your policy to the insurer, selling it to a third party, taking a loan against the cash value, or converting it into long-term care payments.

Real Estate Assets

If you own a home or property, there are many ways to use it to generate funds for senior living. The obvious one is to sell. However, you can also use a home equity loan, a reverse mortgage, or a bridge loan, or you may generate income using it as a rental property.

Contact Buckner Villas to Discuss Options for Paying for Senior Care

Buckner Villas is one of six retirement communities operated by Buckner Retirement Services. Located throughout Texas, the Buckner name has been synonymous with providing seniors with dignified living and expert care since 1954. Our team is expert at helping families determine the best options for senior living. Contact us online or by calling 512.580.9882.