Managing the Cost of Assisted Living

Retirement should be a time for enjoying the freedom one has earned after a lifetime of hard work. Days should be lived on one’s own terms, whether that means socializing with friends, picking up a new hobby or just relaxing with a good book. However, as retirement progresses, the challenges of aging can get in the way of this freedom. Everyday activities such as mowing the lawn, getting around town or managing medication can become increasingly difficult.

Assisted living offers a solution that allows residents to receive support when and where it is needed so they can spend more time doing the things they love. What’s more, finding the right assisted living community can offer a network of neighbors and new friends that can make life more enriching and help ward off the common age-related challenge of isolation. However, some people tend to delay the move to assisted living even when doing so would help improve their quality of life. This is often due to concerns about cost. Fortunately, many people ultimately find it can actually be a more affordable option than remaining at home.

Below are just a few of the ways that people manage the cost of assisted living.

Explore Insurance Benefits

It can be a shock to learn how seldom it is for insurance to pay for assisted living directly, whether the coverage is through a private company or Medicare. However, with more research, it is possible to find ways to support overall cost. For example, Medicare may be able to support with costs related to the care received in assisted living, such as supporting claims on injection fees. Additionally, those with life insurance can usually use some or all of their policies towards assisted living.

Look for Additional Support

By doing some digging and exploring their options, people often find additional channels of support for assisted living. For instance, certain veteran benefits like Aid & Attendance can provide funds to help cover long-term care in addition to a VA pension. Medicaid (unlike Medicare) can also help qualified recipients directly cover some of the costs of assisted living.

Conduct a Cost-Benefit Analysis

Sometimes, the most challenging aspect of the potential cost can be an issue of perception. The overall price tag of assisted living is generally much more manageable when compared to existing costs. For example, when people compare current expenses such as property taxes, property insurance and home maintenance to what is included in the cost of assisted living, they find that they may even be paying less in a senior living community than they were at home. To learn more, use this free tool to compare the costs.

Would like to learn more about a Freeport assisted living community whose residents enjoy many included costs and amenities? If so, call WinnPrairie today at 815-656-4800 or contact us online.