When you are looking for a senior living facility, it is a good idea to take time to create your own personalized senior living planning guide. The guide that you create should take into consideration the type of senior housing facility you are looking for, and how you are going to pay for it. This will help you choose the right housing based on your needs and budget.
Types of Senior Living Options
Taking the time to plan your future housing needs will enable you to live on your terms. It all starts with understanding the different types of senior living options that are available.
Seniors have an option of assisted living, retirement community and independent living facilities.
Assisted Living Facility
An assisted living facility is a residential option that is primarily designed for those seniors who need help with activities of daily living, including housekeeping, cooking meals, and going to the bathroom.
An assisted living facility may offer apartments or rooms (private or sharing) with common dining area for residents and common areas for leisure and recreational activities.
Retirement Community
A retirement community is essentially a closed community meant solely for seniors who are capable of living independently. These communities offer basic housekeeping and laundry services, dining services, social and recreational activities, and transport to reach appointments or run errands.
Independent Living
Independent living facility is similar to a retirement community, where seniors 55 years and above live independently in private units. Residents are independent and can cook their own meals or eat in the common dining area. Seniors have to pay a monthly rent or they may have the option to buy into the community.
How To Pay For A Senior Living Facility
There are different financing options that you can choose from depending on your expectations and needs.
- Use your savings.
- Get children and other family members to share the expenses.
- Look for long-term care insurance that can pay for expenses that your health insurance doesn’t cover. You can find insurance that will cover the bill for assisted living, home care, nursing home, respite care and hospice care.
- Convert your life insurance into long-term care plan before it lapses.
- Explore the benefits of Medicaid. This is primarily for those seniors who don’t have the financial resources for long-term care. However, it does require seniors to place all their assets into it.
- A reverse mortgage is another option to pay for the senior living facility. It converts the equity in your home to cash without undermining your ownership.
- If you are a veteran, check out your entitlement for financial help from the Department of Veterans Affairs.
Tips For Preparing And Planning For A Homecare Service
Regardless of which type of senior living facility you choose, moving out of your own home into a care service can be a life-changing experience. Preparing for this shift can help to take the stress and anxiety out of the transition.
Let your loved ones know that you can no longer live alone. Hear them out and also speak about your plans.
Do not expect to be as independent and capable as you were 40 or even 20 or 10 years ago. Accept the changes that age brings about and ask for help if you need it.
Don’t be disheartened at the thought of moving into a senior living facility. Living with others who are of the same age can be a positive change. Moreover, most facilities offer a lot of group activities that are designed for seniors so you will never feel isolated or lonely.
