There are several factors for seniors and their families to consider if a move to a senior living community is imminent, and one important one in many situations is finances. Paying for senior living is an understandable concern for plenty of families, but there are also a number of options often available to assist in this area.
At Avamere at Mountain Ridge, we’re proud to offer not only caring assisted living, memory care and other senior communities, but also assistance with financial themes for any senior or family considering our services. If you’re in a financial position as a family where you believe you’ll need some kind of assistance, what are your options? For seniors who are covered, do programs like Medicare and others help cover these costs? This two-part blog series will give you a primer on all these important factors, plus help you understand some of the standard average costs of senior living care so you can do some broad calculations.
General Senior Living Costs
It’s important to note that specific costs for assisted living, senior living or memory care communities will vary, often somewhat significantly. These fluctuations will be based on several factors, from amenities offered to the specific needs of the senior in question.
However, there are some standard services and general cost levels that tend to be somewhat consistent across the industry. The average monthly fee for assisted living in the US today is just above $3,600. That said, services can generally be customized for seniors, allowing some who only require limited assistance to pay far less than this if they don’t require a full range of services.
Forms of Financial Assistance
If your family has determined that a senior loved one requires services that are outside the family’s standard budget, there are a few programs or solutions available to assist you here:
- Bridge loans: For seniors who will be selling their home to help pay for senior living, a bridge loan is often a helpful tool. It refers to a short-term loan that pays for assisted living and certain related costs during the in-between period where the home is selling. In addition, those obtaining bridge loans will often work with a senior living relocation specialist, who will assist with everything from selling their original property to other related areas.
- VA programs: Many veterans who are eligible for a VA pension may also receive benefits to pay for assisted living. Contact your nearest US Department of Veterans Affairs office if you’re unsure here.
- Home rental: In other situations, a senior may not be ready to let go of their forever home even as they move into assisted living. In these cases, you might consider renting the home to bring in some extra income, which can assist with senior living costs. This also allows you to wait to deal with the hassle of selling the home once the senior in question is fully moved-in and comfortable in their new assisted living community.
For more on financial assistance for senior living, or to learn about any of our assisted living communities or services, speak to the staff at Avamere at Mountain Ridge today.