![\"\"](\"https:\/\/s25849.pcdn.co\/wp-content\/uploads\/2019\/07\/web1_1033485981-640x381.jpg\")
<\/p>\nShopping. Cooking. Cleaning. The burdens of living alone were taking a toll on Joyce, who at 89 was the oldest resident in her apartment building. Though she\u2019d spent a lifetime saving money, Joyce wasn\u2019t sure what she could afford. Her daughter Sandy knew it was time to talk about senior living.<\/p>\n
\u201cIt took some convincing to help her understand this was what she had saved for,\u201d said Sandy. \u201cWith the sale of her house and retirement savings, she could live comfortably in independent senior living. Plus, she would be around people her age, have plenty of activities and three nice meals a day.\u201d<\/p>\n
<\/p>\n
Joyce\u2019s senior living journey isn\u2019t unique. Most people are either not prepared for the potential costs of senior living, or think they\u2019re not prepared. A survey of 2,000 Americans 18 to over 51 for Brookdale Senior Living revealed 65% aren\u2019t saving money to pay for senior living, and 21% said they won\u2019t be able to pay for it or don\u2019t know how they\u2019ll pay for it. Only half said they have a plan in place.<\/p>\n
Mary Sue Patchett, Brookdale\u2019s executive vice president of community and field operations, recommends avoiding sticker shock by assessing current expenses. You may find that freeing yourself of expenses tied to living in a house \u2013 mortgage, food, transportation, utilities, home maintenance and more \u2013 and incorporating these into one payment for a senior living community is more cost-effective than expected.<\/p>\n
Patchett recommends seeking a flexible pricing structure at a senior living community, as one size does not fit all. Making a choice that fits your situation means you won\u2019t be paying for unnecessary services.<\/p>\n
Sandy found two locations that fit her mom\u2019s needs and compared costs of living alone to the cost of senior living. They landed on a Brookdale community near Sandy\u2019s home.<\/p>\n
\u201cAdult children must understand their parent\u2019s misgivings and help them decide what\u2019s best,\u201d said Sandy. \u201cConsidering my mom\u2019s age, senior living was a smart move. The cost is comparable to living alone and provides peace of mind for everyone. We know she is eating, socializing and safe.\u201d<\/p>\n
How do people pay for senior living, and how can you keep costs affordable?<\/p>\n
Current assets and income are what most people use to pay for senior living, just as they would pay for expenses staying in their current home: savings, pension or retirement plan funds, social security and annuities. Like Joyce, one big source of funds comes from the sale of their current home.<\/p>\n
Long-term care insurance is a possible source for those with chronic disability or illness, if they have a policy. Rules regarding benefits and eligibility vary per state and policy.<\/p>\n
Veterans\u2019 benefits, through the Veterans Aid and Attendance Pension, can help veterans and spouses offset costs of long-term care and\/or assisted living at some communities.<\/p>\n
Selling or cashing out a life insurance policy may be one route for those who no longer need life insurance. There are many options, so you should shop around. Consult your tax, financial and legal advisors to determine the implications of this option.<\/p>\n
Medicaid options may provide some assistance for assisted living, depending on where you live and if you qualify. Do not confuse Medicaid with Medicare, which does not cover assisted living costs.<\/p>\n
Family support is another source to consider for help with the cost of assisted living. In many families, children or other family members contribute to the cost of senior living. It\u2019s best to discuss possible support with family before the need arises.<\/p>\n
By selecting a senior living community that provides just the amount of care you need, you can keep costs low. Many communities offer options from apartments with kitchens and guest rooms to just a bedroom and bath. Opting for a roommate can save a lot. Senior living communities offering independent and assisted living or other care services on one campus helps couples stay together, even when they need different levels of care, and make it easier to move from one area to another if needs change.<\/p>\n
Now is a good time to assess your situation and talk with your spouse or family about your needs and desires down the road. Planning ahead lets you tour communities and decide what services and amenities you want and need.<\/p>\n
Forty-eight hours after Joyce moved to Brookdale, she was thrilled with her decision. Sandy immediately noticed a change in her mom. She met a group of ladies she refers to as \u201cthe girls\u201d and quickly found her purpose as the community librarian. She\u2019s happier than she was in her apartment, and according to Sandy, that makes it worth every penny.<\/p>\n
For information about Brookdale Senior Living, visit brookdale.com\/en\/where-to-begin\/financial-considerations.html.<\/p>\n","protected":false},"excerpt":{"rendered":"
Shopping. Cooking. Cleaning. The burdens of living alone were taking a toll on Joyce, who at 89 was the oldest resident in her apartment building. Though she\u2019d spent a lifetime saving money, Joyce wasn\u2019t sure what she could afford. Her daughter Sandy knew it was time to talk about senior living. \u201cIt took some convincing … <\/p>\n