Have you or a loved one discovered the advantages a senior living lifestyle can provide? You may be looking forward to the activities and amenities, or the assistance that will help you enjoy a higher quality of life.
Researching financial options is typically a priority for most families. Funding senior living may at first appear to be a daunting task, but many are pleasantly surprised to discover the number of resources available that can make it more affordable.
The following tips can provide guidance if you’re ready to begin budgeting for senior care.
Choosing the Best Senior Living Community
The first step before beginning the budget process is to determine the needs, preferences and appropriate senior living options.
Asking the following questions about you or a loved one can help you as you navigate this complicated decision:
- Are you searching for a more active and convenient lifestyle? An Independent Living community might be exactly what you’re looking for. If you’re living independently but want an age-friendly residence and community that is filled with activities and social possibilities, this could be the perfect answer to support your lifestyle.
- Is there a need for assistance with daily tasks? If so, an Assisted Living community may be the right choice. They provide an accessible residence, activities and healthy dining but also a compassionate staff to assist with bathing, dressing, grooming and managing medications.
- Is your loved one living with dementia? Additional services are often needed for care and to provide a safe and engaging environment. A Memory Care community offers security and comfort while also providing opportunities for enrichment and connection.
Funding Senior Living Expenses: 3 Tips
After determining the type of senior living that meets your needs, you’re ready to begin creating your budget. The following steps can help your family navigate the financial process:
Tip #1: Plan ahead for successful financial conversations
Increase the odds of having a productive conversation by planning ahead. Creating a well-thought out budget for funding senior living relies on several elements:
- Recognize that financial conversations can be difficult. Your parents may not be comfortable talking about their personal finances.
- Be respectful that the topic of funding senior living is personal and private. Ask first if your loved ones will let you assist in creating a budget.
- Make no judgements about how much money is available. You may be taken by surprise if retirement savings are lower than you anticipated; however, try to focus on the amount available for the budget.
Tip #2: Start your budget with accurate senior living costs
Due to the many variables that can impact pricing, it’s essential to talk to specific communities to obtain accurate costs. Make arrangements to visit a few local communities of interest. You’ll want to gain a clear understanding of the services and amenities that are available and included in the fee. Ask about any services offered for an additional charge or if the community provides a la carte pricing.
It’s critical to ensure you are working with the correct information. In order to create a usable budget, you’ll want to better understand the actual costs when funding senior living. Don’t rely on estimates or speculation.
Tip #3: Consider all financial sources available
Families are often surprised to discover the financing options that may be available for funding senior living. Making a list can help uncover any forgotten bank or investment accounts.
Creating a clear financial picture is the goal so you’ll want to discover not only any assets but also debts that will need to be repaid. Remember that there are unique considerations if only one individual in a couple will be moving into a dedicated senior living community while the other will remain in the home.
When evaluating possible sources for funding senior living, the following resources may be available:
- Personal funds including checking and savings accounts
- Investment or pension funds
- Life insurance policies
- Long-term care insurance policies
- Veterans’ benefits, if eligible
- Personal property that could be sold for cash value
- Home equity that could be used to cover senior living expenses
Retirement living in Wadsworth, Illinois
Galloway Senior Living, locally owned and operated, provides luxury and quality care for families in our community.
Assisted Living at Galloway Senior Living offers beautiful and contemporary private residences that range from alcove studios to two-bedrooms and include high-end stainless-steel appliances, maple hardwood cabinets, cultured marble countertops and thoughtfully curated décor and colors.
Our Memory Care community offers a family kitchen, dining room, walking garden, and lounge.
Our services include:
- 24-hour certified nursing assistants, on-staff licensed nurses, medication management, and on-site physician visits
- COVID-19 safety protocols
- Assistance with daily tasks
- Readily available safe transportation
- A fall-reduction program
- In-unit emergency response systems including an electronic monitoring system for exit doors
- On-site entertainment and activities personalized to reflect the residents’ preferences
- Housekeeping and linen services including personal laundry
- Amenities you’ll find at Galloway Senior Living include:
- Country Café and Convenience Store
- Salon and Spa
- Theater with 85” television
- Activity and Craft Center
- Game Room
- Library and Business Center
- Fitness Center
If you or your family is considering retirement living in Wadsworth, Illinois, we hope you will visit our community at Galloway Senior Living. We are a trusted resource and are here to answer any questions. We also invite you to download our complimentary information, A Family Guide to Funding Senior Care & Housing.