One of the biggest surprises about senior living is how affordable it can be compared with living at home. Relying on family or friend caregivers or hiring in-home care may seem cost-effective on the surface, but can often result in higher cost and greater stress than other options.
You'll find three main types of cost in most senior communities:
- Recurring Monthly Fees include care along with basic services like housing, transportation, meals and activities. In our communities, these vary based on the size of the resident's apartment, and the exact amount and type of care needed, so our residents don't pay for unnecessary services.
- À La Carte Fees are for optional services, like additional housekeeping or laundry services. Our communities don't charge these when our residents don't use these services.
- A Community Fee is a one-time, non-refundable fee paid upon move-in. In our communities, it directly offsets the cost of preparing an apartment for a new resident, and is also applied to the upkeep of shared community spaces, like living and dining rooms.
How to Pay for Assisted Living
If you're looking into senior care, budgeting assistance may be available for assisted living.
- Selling the Senior's Home: While this option may not initially seem appealing, selling the home is typically the best source of revenue to help move your loved one into assisted living. The income gained from selling the home can greatly ease the stress and financial burden of paying for senior care.
- Long-Term Care Insurance: These policies typically cover assisted living costs. If your loved one has a long-term care insurance policy, check with the insurance carrier to fully understand what costs are covered.
- Veterans (VA) Benefits: Many veterans and their spouses are eligible for tax-free aid per month toward care services, thanks to the Aid and Attendance Pension Benefit. Even veterans who were not injured during service qualify for the benefit.