Most families fund the cost of assisted living in Palos Verdes from their personal savings. This could be a combination of the senior’s retirement account and other savings or investments. Other family members also contribute to cover the shortfall. Over the years, the cost of senior living can add up to a substantial amount.
What’s important to realize is that the total cost depends on the choices that you make. Not only does the cost vary among senior living communities but within each facility itself there are several options you can choose from. For example, choosing an independent room will cost much more each month as compared to choosing a shared room.
Before choosing an assisted living facility for your loved one, make sure you implement these 4 tips to save money on the total cost.
Ask About Price Flexibility And Offer Deals
Most assisted living facilities don’t advertise their deals. Asking them directly is the only way to find out and avail of these savings. Some communities may offer discounts at certain times of the year when move-in rates are lower. Others may offer some flexibility in the cost depending on the circumstances.
Don’t hesitate to ask questions over the phone and also during your tour of the premises. Ask about incentives, discounts, and other specials. Also check if they will waive the entrance fee if you pay a lump sum amount or sign up for an extended lease. Even a small discount can add up over the years so make sure to explore all options.
Compare A La Carte Or All-Inclusive Payment
The difference in cost between a la carte and all-inclusive can be quite substantial.
With the a la carte option, residents choose what services they require and pay only for those services. For example, a resident may choose a bathing or meal delivery service and pay extra for those. However, a resident who doesn’t require these services will save on those costs.
With the all-inclusive payment, a wide range of services are included in one monthly fee.
The a la carte option works out cheaper for a senior who is relatively independent and doesn’t need much one-on-one help. The all-inclusive option may be better for someone who may potentially need additional care over time.
Consider Sharing A Room
Sharing a room is a fun way to save money on assisted living in Palos Verdes. When you choose a shared room, you never need worry about being lonely. You’ll always have company. In addition to keeping isolation and loneliness at bay, having a roommate is also safer as there is always someone to call for help in an emergency.
Explore Senior And Caregiver Tax Credits
Last but not lease, don’t forget about senior and caregiver tax credits. Under certain circumstances you may qualify for tax deductions and caregiver tax credits, which can save you a lot. You may be eligible for up to $7,500 in senior living tax deductions if you need assistance with two or more ADLs or if you are chronically ill. Any family members who contribute at least 50% of your care may also qualify for caregiver tax credits. Both of these options can help you save a lot over time.
Senior living can be expensive but you can save money on assisted living in Palos Verdes with the four strategies above.
Disclaimer: Please note we are not experts in this area. The article has been put together using the information we have garnered from reliable sources. You must consult with financial experts for more information and professional advice.