When considering the cost of senior living at home vs. a senior living community, be sure you are making an apples to apples comparison. Here’s how.
At home, you also pay for food, utilities, home maintenance, property taxes, insurance, entertainment and healthcare. Factor those costs into your current monthly expenses to give yourself an accurate picture.
Three general steps you should follow in budgeting for senior living and long-term care: gather documents, meet with family, talk to a professional.
According to The Long-Term Care Poll, an increasing number of those age 40 and older lack confidence they will have the financial resources to pay for the care they will need as they get older. And there’s nothing worse than worrying, yet not taking action. But with a plan that covers budgeting for senior care, you can move forward with the peace of mind that you will not be blindsided by costs.
Cost of long-term care at home vs senior living? A look at monetary costs, as well as effects on caregivers. Why senior living could be your best value.
It’s a complex subject that is filled with emotion: long-term care. As America ages, more and more adults will face the possibility of needing this level of care for a loved one, or for themselves.
The words “long-term care” aren’t typically the topic of conversation until the time comes to make decisions for yourself or for a loved one—and then the question of how to pay for it often follows. Rather than wondering where you’ll have to go to find the funds you will need, consider the resources you might already have.
Learn how insurance can help pay for senior living: tips on life insurance conversion and long-term care insurance policies.
Wartime Veterans and surviving spouses may be eligible to receive a VA benefit for senior living called VA Aid & Attendance Benefit. Learn more here. Facts about eligibility and service requirements, as well as some common myths that may be keeping some Veterans from taking advantage of this much-deserved benefit.
Six out of ten people will need long-term care at some point in their lives. Yet so many older adults are hesitant to even bring up the subject of funding senior care, much less put together a plan with specific strategies.
Long-term care may be more affordable than you think when you consider all the funding sources that may be available to you.
