Senior living choices can be confusing for many seniors and their families. Whether they are trying to figure out if a senior living community will be their best option or which community would be the best fit for them, it can be a lot to handle. After deciding upon a community to call home, however, the work isn’t done. In fact, it may get a little more confusing before it gets better. What could be left to take care of after choosing to live in a community setting? Figuring out how to pay for it. Seniors and their caregivers should not lose heart, though, as it may be more attainable than most people think.
According to Loretta Lilly, Executive Director at The Florence Presbyterian Community, a life plan community in Florence, SC, this is one of the aspects of senior living that seniors dread the most. “Whether seniors are looking into senior living or trying to figure out how they are going to be able to afford it, money is a tough topic,” says Loretta Lilly. “Sometimes, seniors don’t think they’ll ever be able to afford senior living at all so they don’t bother looking into it. Unfortunately, this can cause them to miss out on bountiful opportunities that they would have had if they would have talked to someone within the community to discover their payment choices.”
While many seniors think senior living is not affordable, it is actually much more affordable than most people think, thanks to an array of options that many seniors don’t know about. For seniors who plan ahead, they may already know and have money ready for senior living, but for those who don’t, hope is not lost. You can still get the lifestyle you desire – and deserve – simply by discovering and researching the different ways you can pay for senior living.
Paying for Senior Living: What Are My Options?
In order to make the cost of senior living a little less dreadful, it can help to understand all the options that are out there. According to AgingCare, many families pay for senior living out of their own pockets, but that doesn’t mean they aren’t taking advantage of benefits such as Social Security, pensions or Veterans benefits. In fact, many use a combination of these. The article shares multiple ways to pay for senior living, such as:
- Long-Term Care Insurance. According to AgingCare, long-term care insurance is purchased through a private insurance company. The price of these policies can vary and seniors may be approved or denied based on a series of factors such as age, health and coverage. If you are in fairly good health and do not have a pre-existing condition such as dementia, multiple sclerosis or strokes, it may be easier to get coverage. AgingCare states that if you do get denied through one company, another may still approve you because criteria vary widely.
- Medicaid. Unlike Medicare, which won’t pay for cost of living or room and board, Medicaid might. Medicaid, according to the article, “is a joint federal government program for older people with low incomes and limited assets,” which could help you afford the cost of senior living. Keep in mind that each state has its own criteria for eligibility so you will need to consider this.
- Veterans Aid and Attendance. If you or a loved one have served in the United State Armed Forces, you could be eligible for Veterans Aid and Attendance. Largely not known about, according to AgingCare, this is an enhancement to Veteran’s pension. For more information, including what Veterans Aid and Attendance will cover, who is eligible and how to apply, contact your local Pension Management Center.
- Reverse Mortgage. Do you own your own home? If you have paid off your house or only have a limited amount left, it may be possible to trade in the equity for a home equity loan, or reverse mortgage. According to AgingCare, this “allows people to trade in ownership without making immediate payments on the loan,” however the payments will resume once you move into your senior living community.
There are a few other ways to pay for senior living, including bridge loans, life settlements, annuities and investment-based options, however they are generally riskier. Talk to a financial advisor about these options if they are the only options you will have left.
The Florence Presbyterian Community, Here to Assist You
If you would like further help finding ways to pay for senior living, please contact our team. We can make this confusing time easier for you and your family by guiding you in the right direction. Contact us today!
Senior Care with Southern Charm
Welcome to The Florence Presbyterian Community. Located on 35-acres of beautifully manicured lawns and mature oak trees, our full-service Life Plan Community offers our residents natural southern beauty, charm, hospitality and tradition.
Residents of The Florence Presbyterian Community enjoy the southern charm our community provides and the engaging opportunities that abound each day. Sit on the veranda-style front porch and chat with friends while enjoying a cool glass of iced tea, cast your fishing line off the pier, relax in your patio home. Here, residents have the opportunity to live each day to its fullest potential.
Longevity & Innovation as a Life Plan Community
The Florence Presbyterian Community is a Life Plan Community, offering a wide range of senior lifestyles and services including independent living, assisted living, memory support, skilled nursing care and short-term rehabilitation.
We believe a Life Plan Community should allow future planning and living to merge. Having a plan in place – and the security of access to a continuum of healthcare services – grants residents the freedom to live life to the fullest.
A Legacy of Service
As one of the Presbyterian Communities of South Carolina, The Florence Presbyterian Community is a compassionate Christian ministry committed to enriching the quality of life for seniors of all faiths. Built on the values of relationships, service, teamwork and excellence, we ensure our mission and faith are honored daily. While striving to create the highest quality of retirement lifestyles for our residents, we work each day to enrich the spiritual, physical, and emotional well-being of seniors and their families, with our deep heritage leading the way.
Learn more about The Florence Presbyterian Community. Contact us today!