Assisted living pricing varies greatly from place to place, over time, and depending on your individual assistance needs. It is never too early to begin planning and saving for assisted living.
It’s impossible to predict exactly what assistance one might need in the future. However, you can begin to consider questions of future needs based on your current state of health. Saving for assisted living services can be as simple as putting spare monies into a dedicated savings account each month or as elaborate as stock market investment portfolios. What’s important is that you begin saving for assisted living as soon as possible.
Summer’s Landing offer’s a unique and affordable assisted living experience for those in Lynn Haven, Panama City, and the surrounding areas in beautiful Florida. Our familial community and dedicated staff are here for all of your assisted living needs. For more, reach out to us at 850.265.9829.
Saving for Assisted Living
Assisted living can be costly, and many people find themselves reaching the point where they need long-term care, but are unprepared to finance it. Long-term care is not considered a medical expense, therefore simply paying into general medical insurance is not an effective strategy when it comes to saving for assisted living.
Assisted living costs can vary greatly depending on many factors including geographic area, types of assistance needed, and government assistance available. In some cases, Medicaid may contribute to assisted living. However, private funds are the most common way that families pay for assisted living. It’s never too early to begin saving for assisted living, and it can be as simple as a dedicated savings account.
One or more of the following sources are often used to cover the costs of assisted living:
- Retirement accounts
- Personal savings
- Pension payments
- Family contributions
- Long-term care insurance (LTCI)
- Life Insurance
- Home equity
- Government benefits
Although it might be costly, assisted living doesn’t have to catch you off guard. With some forethought and planning it’s possible to afford a comfortable lifestyle no matter your assistance requirements or desires.
Planning for Assisted Living Costs
Assisted living costs are a reality of aging, and with proper planning, they can be set aside so that when the time comes to enter assisted living, there is no question of how to pay for it and no need to curtail the care you or your loved ones receive because it is unaffordable.
Planning for assisted living is an underrated yet vitally important aspect of future planning. It can be a daunting task to imagine what sorts of assistance you or your loved ones may need in the future, but the short-term discomfort will prevent long-term pain and suffering. If you haven’t already begun a conversation with your loved ones about this aspect of the future. A supportive network can help ease the burden of assisted living care significantly.
Talking with a long-term care advisor can be a great first step when planning for assisted living costs. A long-term care advisor can ask the right set of questions to help you get a realistic picture of what the future assisted living costs may entail as well as offer support in strategizing about how to save for and select the right types of assisted living.
Other elements of an effective assisted living plan worth considering are:
- Special discounts and offers
- Packages vs. a la carte costs
- Financial assistance programs
- A shared room or rooms
- Tax deductions and credits
Reach Out to Learn About Assisted Living at Summer’s Landing
It is possible to afford exceptional assisted living care. The senior care advisors at Summer’s Landing are here to strategize with you about saving for assisted living. To learn more or visit our family-oriented assisted living community, reach out today at 850.265.9829.