Have you or a loved one of yours decided to move into an assisted living community in Athens, GA? While this can be both an exciting and a stressful time for your whole family, one important aspect to consider is the planning of finances. Before you or your loved one can move into your chosen senior living community, you must understand how you or your family can pay for the care. Below, we’re listing 10 of the most common ways to pay for assisted living in Athens, GA.
1. Selling Your Current Home
If you own a house or apartment, selling that home is one of the most common ways seniors pay for senior living community care. And since you’ll have everything, you might need in your new community, converting the funds of such a large investment into cash, is a great way to make sure you have a healthy budget for your new retirement journey.
2. A Reverse Mortgage
If you currently own a home but might not want to sell it completely yet, you can consider a reverse mortgage. This is a good way to gain extra money in the bank to help cover your new living environment, while still retaining the home possibly for family members.
3. Downsizing Your Belongings
As we grow older, we often need or want fewer material things around us. Seniors in their retirement phase often rather like to create enjoyable experiences and memories than accumulate more “stuff.” So, selling your belongings is a great way to free up funds to pay for senior living. Some easy ways you can turn items into cash include selling pieces in your neighborhood for easy pickups, listing them online, or organizing a fun garage sale, where the whole family could participate.
4. Investments Profits
Many adults create an investment portfolio during their working years. This could include stock options, bonds, real estate, or other lucrative opportunities. The benefit of obtaining profits from earlier investments can prove quite valuable once a senior enters their retirement age. Sometimes, adult children may also be included in various investments or can contribute, so it’s helpful to consult your finance-savvy relatives or a financial adviser for this option.
5. Bridge Loans
A bridge loan is a special short-term loan related to the sale of your home or other property. It can be a useful way to help cover your senior living costs in your new community. To see what options are available to you, it’s best if you or a close family member gets in touch with local banks to see what terms and rates are offered in your area.
6. Part-Time Employment
Only because we’re done with our “regular” career, doesn’t mean we need to sit still and not be productive anymore. Many seniors enjoy staying engaged in their daily lives and community, and a part-time job could be a great way to add extra money into their pockets. Proceeds from doing something you love or know how to do very well can become a valuable addition to help you pay for your new senior living community.
7. Life Insurance Payouts
Many life insurance policies allow you to get partial payouts from an active policy, so this is another great way to cover extra living expenses. Since policies and insurance company terms may vary, it’s best to directly contact them and chat about all available options.
8. Government Assistance
Many states offer assistance to pay for senior living and care. This may include social security benefits, Medicaid, veteran benefits, or other sources. To best understand what you’re eligible for, it’s a good idea to sit down with your family and spend some time researching various information and resources.
If you are a veteran or surviving spouse, it’s crucial you understand what veteran benefits you may be eligible for. To gain a better understanding of what funds you’ll have access to it’s recommended to contact the right government veteran agencies in your state. The US Department of Veterans Affairs might also have valuable information.
9. Long-Term Care Insurance
If you’ve started a plan for long-term care insurance before your retirement, this can also help cover your assisted living costs. It’s most beneficial if you’ve selected a plan that covers the specific living option that you’d like to take advantage of now, such as a plan for assisted living. A great way to understand the insurance’s benefits and financial details is to directly talk to your long-term care insurance provider. You may also find some information on various of Georgia’s state websites.
10. Family Assistance
Most family members care greatly about the quality of life their loved ones can have in their senior years. While you may be hesitant to ask your children or other relatives to help contribute to your assisted living expenses, don’t dismiss this option. It’s worth talking with your close loved ones to cover all your options and to make sure you give everyone a chance to help.
If you’re interested in a clear and structured way to calculate your upcoming senior living expenses, take a look at our Senior Living Cost Calculator. It lets you directly input current and anticipated expenses, and see concrete numbers. You can also compare the cost of staying at home with in-home care versus moving into an assisted living community. Take charge of your retirement planning and head over to the cost comparison calculator now.
