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How To Save For Assisted Living

Are you prepared for the future? How about the future of your parents and older loved ones? It is crucial that you prepare for not only your future but also theirs. Specifically with finances. We all will unfortunately reach a point in our lives where we aren’t as able to take care of ourselves as we used to. Assisted Living is a great option for those who are in need of that extra help. Helping a loved one prepare financially for assisted living facilities can be a more complex and sensitive process than people realize. Here are some steps you can take to assist them.

Understand Their Financial Situation

The first thing anyone that is looking into assisted living should do is assess the financial situation. Start by understanding your loved one’s current income, savings, investments, home value, and any existing insurance policies or benefits. It’s always surprising when the child of an elderly adult has little to no knowledge of their parents finances. The better you understand this, the easier the process will be. 

Research Assisted Living Facilities

Research various assisted living facilities in their area to understand the costs involved. Here at Bel Aire Senior Living we offer tours to anyone interested. These can be by appointment or a walk in (Monday – Friday). Our Marketing Director Ally will walk you through our building and explain what makes us different. During the tour, or any tour you take, always consider factors such as location, amenities, level of care provided, and reputation. Compare the costs of different facilities to find one that fits within their budget. 

Create a Budget & Consider Selling Assets

After going over the possible facilities, create a budget with them and other family members wanting to help. Work together to create a budget that outlines their income and expenses, including any potential costs associated with assisted living. Make sure to account for monthly fees, additional services, and potential medical expenses. If necessary, consider selling assets such as a home or car to help fund the cost of assisted living. Consult with a financial advisor or real estate professional to determine the best course of action.

Explore Funding Options

Look into funding options available to help cover the cost of assisted living. This may include long-term care insurance, veterans benefits, medicaid, or other assistance programs. Here at Bel Aire Senior Living we accept a type of medicaid called The New Choices Waiver. This waiver assists many of our residents with their monthly rent. Research eligibility requirements and application processes. Our marketing director here is also happy to assist in educating people on this waiver. Just set up a tour with us and ask about The New Choices Waiver and Veterans Aid and Attendance benefits. 

Stay Involved

Even after your loved one has transitioned to assisted living, continue to stay involved in their financial affairs and provide ongoing support as needed. Moving to an assisted living facility can be emotionally challenging for your loved one. Offer emotional support and reassurance throughout the process, and involve them in decision-making as much as possible.

By Taking these steps and working together with your loved one, you can help them prepare financially for assisted living facilities while also providing them with the support and guidance they need during this transition. Click the link below to set up a tour of our facility!

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