How Do I Pay for Senior Living?
A senior living community can be attractive because many of your regular living expenses are included in the cost. This cost can vary by the level of care that is needed—for example, memory care typically costs more than assisted living.
When beginning to plan for senior living and paying for it, consider what it costs for the following expenses, as they are all included:
- Utilities—electric, water, heat/air conditioning
- Food and meal preparation
- Home maintenance
- Home and auto insurance
How you finance your move depends on your assets, insurance, and preferences. It’s not a one-size-fits-all proposition. Some residents sell a home to help finance senior living; others liquidate other assets. Surprisingly, some are reluctant to tap into retirement savings and investment funds to cover costs. But this is just what retirement savings is for!
Here are some avenues to explore when planning the financial end of senior living:
- Veteran’s benefits
- Selling life insurance policy(ies)
- Long-term care insurance
- Savings, stocks, and bonds
- Selling your current home or car
- Assistance from family members
Not all of these options are applicable in every situation, so it’s important to do some research to see which are the most viable avenues. To learn more about how to finance senior living, download our senior living guide.