When you were little, you might have had a piggy bank that sat on your dresser. It was fun to drop in coins and dream of that special thing you wanted to buy. But now as an adult, you’re not so sure of your financial resources. For example, paying for senior living: how much will you need? Can choosing a Continuing Care Retirement Community (CCRC) with a Continuum of Care help? And are there other sources of funding?
Uncertainty can be unnerving—but by knowing your options, and understanding how a Continuum of Care can offer you financial stability through Life Care—you can make a sound decision.
Paying for Senior Living: The Value of a Continuum of Care.
St. Mark Village is a Life Care Community (or Continuing Care Retirement Community). We offer Independent Living, Assisted Living, Memory Care, Skilled Nursing and Rehabilitation. This arrangement allows residents to access a higher level of care and stay close to their support system when a change is needed. In addition, at St. Mark Village, you have the Life Care Promise—if you come into our community through Independent Living, you will receive the care you need for as long as you need it, even if your financial situation should change.
A Life Care Community gives you and your family a plan, as well as financial security. It is definitely an option you should consider as you do your research on paying for senior living.
Here’s how it works at St. Mark Village.
To be eligible for Life Care, you enter our Life Care community through Independent Living, and you pay a one-time Admission fee and execute an Admissions Agreement giving you the guarantee that you will receive the care you need for as long as you need it, even if your financial situation changes. This is the Life Care Promise at St. Mark Village. You will also pay a monthly service fee based on size of your apartment and how many will be residing there.
From that day forward, should you need to access any other care level, you will have priority access. Your admission fee is partially refundable, which helps protect your estate, and your health care costs will be more predictable, saving you thousands of dollars.
Also important: you may enter out Continuum of Care at any level, but to enjoy the financial advantages and peace of mind of Life Care, you must enter through Independent Living.
You can see how choosing a CCRC offers you an outstanding plan for your future, while protecting you from rising health care costs. It’s an important consideration as you consider strategies for paying for senior living.
Other advantages of a Continuum of Care at Life Care Community:
- Provides you with an independent lifestyle so you can fully embrace your freedom today without the responsibilities and hassles of home ownership
- Offers you multiple levels of long-term care on-site, so you know you will receive quality, compassionate care from familiar faces in a setting you know and trust
- Allows you to stay near your support system (spouse, fellow residents, friends) if you move to another level of care
- Removes anxiety about future needs and rising health care costs
Other sources for paying for senior living
For those who enter St. Mark Village through Assisted Living, Memory Care, Skilled Nursing or Rehabilitation, there are other options for paying for senior living that should be explored. For example:
- Long term care insurance
Long-term care (LTC) insurance helps to pay for the cost of home care, adult day care, assisted living, memory care, skilled nursing, respite care and hospice by covering services typically not covered by health insurance, Medicare or Medicaid.
- Reverse mortgage
A reverse mortgage is a type of home equity loan for homeowners 62 or older. It may make sense for people who don’t plan to move, who can still keep up with the cost of home maintenance, property taxes and insurance and those who want to access the equity in their home to supplement income in retirement.
- Life insurance conversion
Many people don’t realize that converting a life insurance policy into a Long-Term Care Benefit Plan is an option. Yet, anyone with an in-force life insurance policy can transform it into a pre-funded financial account that disburses a monthly benefit to help pay for long-term care needs such as home care, assisted living, skilled nursing and hospice. Unlike life insurance, this account is a Medicaid qualified asset.
- Veteran’s benefits
Wartime veterans or a surviving spouse with limited income may be eligible to receive a non-service connected pension to assist in paying for long-term care such as assisted living, home health care, adult day care or skilled nursing. Known as Aid & Attendance (A&A), this increased monthly pension amount may be added to your monthly pension if you meet certain conditions.
Don’t forget to consider your social security benefits, or any pension you receive. In addition, dividends from stocks might help with paying for a move to senior living. Personal savings is also a source if you have bonds or annuities. In addition, there might be a family member who could be a source of financial help. Be sure to consult with your financial advisor before making any decisions to make sure that you’re considering all viable options for paying for a move to senior living.
At St. Mark Village, we’d love to tell you more about the financial advantages our Continuum of Care and Life Care Promise offer you. Contact us or call 727-464-1750 today to connect with our friendly and knowledgeable counselors and learn why so many are proud to call St. Mark Village home.