Getting the right assisted living services without stretching your budget or compromising particular specifications that you are looking out for can be challenging. Older adults are seeking the balance between a comfortable assisted living home and an affordable rate to match. Families setting out to achieve the best without leaving out key services are wary of budgeting realities for the best cost of assisted living that suits their lifestyle.
Planning saves you from emotional and financial pressure. It is necessary to budget the cost of assisted living according to your income and assets. Also, conducting a financial check, drafting your budget, and determining how much can be set aside for assisted living services can help you achieve your goal.
Our assisted living home at Summer’s Landing offers a welcoming community in a beautiful neighborhood at an affordable rate. To learn more about our programs and services, contact us online or call us at 833.770.0414.
7 Things to Consider When Budgeting for Assisted Living Services
Here are seven things to consider when budgeting for assisted living services:
1. A Realistic Budget
The first thing to consider is the cost of your choice of assisted living services. Find out the price tag for the community you want. Learn their entrance fees, monthly fees, and the level of care they provide to enable you to streamline your search. Then measure how much you are willing to set aside for the community you desire. Saving towards a commitment can make it easier for you to budget your finances.
2. Long-Term Care Insurance
Look out for the provision of long-term care insurance that supports resident care. This insurance policy helps cover the cost of various chronic or progressive illnesses and also provides assistance in daily routine activities.
Understand if there would be benefits that support residents such as government programs, discounts, veteran benefits where applicable, housing assistance, or tax exemptions that are accessible to residents.
4. Retirement Goals
Regardless of your situation and preference, having a happy retirement is important. It may be travel, exercise, or expeditions that would make that moment of your life an exciting experience. Setting your goals or even a bucket list would help you achieve what you have dreamed of doing.
Creating a spreadsheet of all expenses can help in tracking how you spend your money and how much you can commit to saving to achieve your goal. Listing your expenses can highlight areas where you can cut back over-spending and prioritize saving.
6. Seek the Help of a Financial Advisor
Obtaining expert advice can help you to manage your finances by helping you reach your financial goal. The prices of assisted living services may even change over time, so when budgeting for future resident care, a financial advisor can estimate inflation in your budget.
Learn more about the type of care that the assisted living home you are considering provides. Will they be able to provide care long-term as your needs change?
How Summer’s Landing Makes Assisted Living Affordable
The cost of assisted living services may be seen as intimidating, but at Summer’s Landing, our assisted living community provides quality care at affordable prices to meet your desired lifestyle.
In addition to our dietitian-approved menu, residents enjoy the care they need through our medication assistance, exercise, and welcoming environment. We firmly believe that the place you choose should be comfortable, which is why we recently renovated our facility to suit the needs of all our residents so they can enjoy retirement life.
Our programs include assisted living facilities (ALF) and help with the activities of daily living (ADL) that have improved the quality of living of our residents. We would love to talk more with you about our services. Call us today at 833.770.0414 to learn more about our assisted living services.