Common Questions Families Have About Financing Senior Living

As a large portion of the population ages into “senior citizen status,” senior living communities are becoming increasingly in high demand. As families help their loved ones transition into their new living situation, many questions may arise. Financing senior living can be tricky, and the entire process can seem overwhelming to the uninitiated. Do not worry, we will help you navigate it by answering these common questions about finances and senior living.

What is included in the cost of senior living? To answer this, you first need to determine what level of care is right for your loved one. Independent living is for seniors who can care for themselves but want services like housekeeping and dining options, while assisted living is right for those who require assistance with some activities of daily living such as bathing, dressing, etc. Memory care is a specialized type of care for those who have advanced dementia or Alzheimer’s, and nursing homes offer 24-hour specialty care for seniors and disabled people. The costs vary depending on how many services are included.
Where can I find financial assistance for senior living? Some seniors may qualify for assistance through programs like Medicaid but is a lengthy process. Veterans who need financial assistance may be eligible for help through the Veteran Aid and Attendance Household Benefit. Call your state’s Department of Aging for help locating programs that may be able to assist you.
Can I pay for senior housing with Medicare or a long-term care policy? It comes as a surprise to many families to learn that Medicare does not cover independent living or assisted living facilities. This is because Medicare was established to cover medical costs and assisted living support services are considered custodial rather than medical. Long-term care policies, on the other hand, can help supplement senior living costs. If your loved one is approaching retirement age, it’s worth looking into a long-term care insurance policy before they have major medical issues that will prevent them from obtaining the policy.
Moving is overwhelming, how do people navigate the transition from the home to a retirement community? We all know moving is very stressful, so many communities have partnered or recommended Senior Move Management companies that help with everything from helping with floor planning assistance, meaning what furniture will fit and what makes sense, selling or donating any furniture or items they no longer need, packing/moving/unpacking, hang up artwork, etc. Many communities also will have resources from Financial Planners to Realtors and Auctioneers to assist with every stage of the move.
If we plan to sell assets to finance care we need to pay for now, are there any programs to help? Many banks and financing companies offer bridge loans for senior living communities to qualified seniors and their families. This allows time for families to sell a house or liquidate investments at a favorable time, without rushing things during an already stressful transition. Additionally, this allows seniors to move before selling their homes, which can also alleviate stress.

If you are looking for a senior community to enhance your loved one’s future, come take a tour of a Cambridge Village community. At each Cambridge Village location, you can experience all the reasons that we are considered North Carolina’s premier Optimal Living® community for active adults. We offer an exceptional lifestyle, with evolving wellness, concierge healthcare, and engaging experiences, for a retirement experience that exceeds your expectations. Contact us through our website to learn more.