Saving money for retirement can be overwhelming, especially since income stops once you retire. However, with more knowledge, finding the right senior living arrangement will not be daunting. As an older adult, you may be challenged with limited mobility and health complications, which could make assisted living the best choice for you. Assisted Living communities offer safe and comfortable living spaces with personalized care plans that enable older adults to live independently. However, the cost of these services can be high, with the national median cost at $4000 per month. Hence, here are some tips on how to afford assisted living in Charles County, MD.
Consider the Services You Need from Assisted Living
When considering assisted living options, compare what you need versus what you want from your future community. For instance, those with neurodegenerative diseases may require specialized care, while those wanting to retain independence may prioritize amenities such as fitness centers. For a comprehensive solution, assisted living communities offer 24-hour care, safety features, wellness programs and trained staff to assist with daily tasks. Every community offers different types of solutions, so do the research to find a community that balances your needs and budget.
Decide on Your Payment Options
There are several payment methods available for seniors moving into assisted living centers. For example, ex-veterans and their spouses may be eligible for living assistance from the United States Department of Veterans Affairs.
Long-term care insurance is another option that provides coverage for assisted living. Although this policy should be purchased before you turn 60, if you still the qualification criteria, long-term care insurance is a secure method to fund your retirement.
Social security, reverse mortgage and pensions are also commonly used to pay for assisted living costs.
Look Into a Community’s Discount Programs
Some communities may offer move-in incentives or resident referral programs that can help defray the costs of living in the community. We offer a 100% Satisfaction Guarantee program that allows our residents to move out and receive a refund within the first 90 days if they are unhappy with their experience.
To further save on costs, inquire about available discounts and move-in incentives that communities offer to fill vacant rooms. Some facilities may reduce their fees during periods with lower move-in rates.
Explore Lower-Cost Living Options
Opt for lower-cost rooms in a community by considering location and apartment size. Living farther from common areas, like the dining room, can result in savings on monthly rent. Choosing a studio or sharing an apartment with someone else can also significantly reduce costs. Having a roommate has other benefits, such as preventing loneliness and providing additional safety.
Downsizing
When moving to an assisted living facility, it is highly unlikely that you will be able to bring all your things from home. Hence, downsizing by selling some of your belongings and furniture is another good way to build up your retirement fund.
