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Tips for Funding Senior Living Expenses
It’s been said that “a goal without a plan is just a wish.” Just ask a marathon runner, fisherman, or schoolteacher. They understand how having a plan can make all the difference in getting the results you want. It’s the same with funding senior living. What might seem like an impossibly tall mountain to climb becomes much more accessible when you have the right map.
At Assured Senior Living, we are here to help, offering this simple strategy to help you get organized so that you can make the absolute best choice for your loved one. Because we believe that those who need care can—and should—receive it in a living environment where they can thrive physically, intellectually and socially.
Funding Senior Living: 3 Steps to Get You Started
Every decision will not be made in one conversation, so don’t pressure yourself to come to a conclusion right away.
1. Gather financial files, policies and other documents.
Think about where you’ve stored your important papers: online, in a safety deposit box, a locked file cabinet, or a safe. Make a list of what you are looking for, and be sure to find the most up-to-date version of each. These might be documents that pertain to your loved one, yourself, or both.
- Bank and brokerage account information
- Deeds and mortgage papers
- Insurance policies
- Monthly or outstanding bills
- Pension and other retirement benefits
- Social Security payment information
- Stock and bond certificates
2. Get your family together.
Funding senior living is not something to take on by yourself if can enlist the help of other family members. Set up a time to get together, or schedule a group call and tell everyone in advance what you will want to cover. Be sure to communicate that each person will have an opportunity to express their opinions.
You might begin the discussion by talking about the person who will be needing senior care—their present living situation, how their needs have changed, and what level of care they will need in the future. Ask for questions or thoughts. Next, bring up finances, and list the obligations you have determined will need to be covered, such as household bills, insurance premiums, taxes, and more. Don’t forget the task of managing benefit claims. Making investment decisions. Selling property.
At the end of your family meeting, do a quick summary and designate who will help follow up on specific issues. If needed, go ahead and schedule the next meeting to review what information was collected, and to decide on next steps.
3. Consult with a financial advisor or estate planning attorney.
Choosing a professional who specializes in eldercare and/or long-term care planning can be very helpful. They are well versed in an array of options about which you may not be familiar, such as reverse mortgages, life insurance conversion, Veterans benefits and more.
Elder law attorneys focus on the legal needs of seniors. They handle general estate planning issues, and counsel clients about planning for incapacity with alternate decision-making documents, like living wills and power of attorney. They also can help you establish your transition plan, and navigate your choices for communities. Having an elder law attorney will help you with peace of mind, ease your family’s worries, and protect your financial interests and assets as you contemplate funding senior living.
When you meet with this person, be sure to cover the following:
- Insurance options
- Pension, retirement benefits and personal property that may be potential income
- Programs in which you are eligible
- Potential tax deductions
- Analyzing investment portfolio with our loved one’s long-term needs in mind
There are many funding resources. And there are many senior housing options. In our intimate, flexible home environment at Assured Senior Living, our Care Specialists are able to meet each resident where they are, breaking down the barriers and navigating them through the day in the least restrictive manner. We listen. We love. It’s what we do. Let us tell you more.
A beautiful home for beautiful minds.
