Considering a move into a Norwood, NJ senior living community can feel like a big undertaking. One of the most critical matters that may come up for you and your family may be the financial aspects of the care. The good news is, that paying for senior living doesn’t have to be complicated, and there are many resources available to help you and your family finance the care for you or a loved one of yours in senior living.In this blog post, we’ll explain some of the most important aspects of senior living costs, so you can gain a better overall understanding. We’ll also highlight some common ways seniors can pay for senior living, and what options may be available for you and your situation.
What Is the Cost of Senior Living?
When you and your family weigh the idea of senior living, it’s important to understand that there are several different types of senior living care. They’re usually priced quite differently because seniors get greatly varying levels of care under each type. On top of that, senior living care may have different prices within each category, depending on the level of care a senior receives within their chosen option.
The most common types of senior living in Norwood, NJ are assisted living and dementia care. Assisted living often covers the most suitable detail of care for many seniors. It includes having a highly trained caretaker right by your side 24/7. It also covers access to excellent medical care, often right on the assisted living campus. Assisted living communities also offer attractive amenities to their residents. This may include upscale on-site services, such as gyms and fitness instructors, heated pools, or beauty salons. It may also include tailored activities for residents, a uniquely enjoyable dining experience, and even community events and tours for residents to join in as they please.
In dementia care, residents get specialized care tailored to their memory loss and unique cognitive needs. This option is recommended for aging adults who experience memory loss or a gradual decline in cognitive abilities.
What Are Ways To Pay For Senior Living?
1. Consider Your Personal Assets
Many seniors have been able to put considerable savings aside from their working days. Using some of those funds to live your best life in retirement is an excellent option to make your senior living journey secure and enjoyable.
You may also have several assets that you don’t really use much or need anymore. Examples could be your house, a car, or various pieces of furniture. Consider selling those before moving to senior living. This will give you both more freedom of “stuff” you don’t need anymore, as well as extra cash to enjoy in those precious retirement years!
2. Loans
Some seniors prefer a little extra financial assistance to know their finances in senior living are taken care of. There may be different loan options available for you and your family. One popular example is bridge loans, which are unique short-term loans related to the sale of your home or other assets. You may also qualify for different loans, such as reverse mortgages on homes you still own, or other types. It’s best to consult a bank or financial advisor directly in your area to explore all viable options.
3. Insurance Plans
A lot of seniors have different types of insurance plans, that can help pay for senior living. One example is life insurance which may be able to supplement your retirement years with partial payouts. Another example to help pay for assisted living or dementia care when you need it is if you or your family have started an insurance plan for long-term care insurance before your retirement.
4. Government or Family Contributions
Thankfully, in most states, there are different types of government assistance available to seniors. It’s best to check with governmental agencies directly in your area for detailed information. Examples of government benefits could include social security, Medicaid, veteran benefits, and other supplements.
Finally, one aspect of covering the cost of senior living in Norwood, NJ that most seniors are aware of but often neglect to explore is your own family. Most people care greatly about the care and quality of life their family members and loved ones can have in their senior years. So, don’t be shy about starting a conversation and bringing up the topic. You may be surprised to learn how willing – and even happy or thankful – your family members may be if they can contribute financially to your well-being and excellent level of care in your senior years.
Are you looking for even better ways to prepare for the financial aspects of your senior living journey? Take a look at our Senior Living Cost Calculator. This is an incredibly helpful tool for both aging adults and their families to get proactive about their financial planning aspects for their retirement years. In this tool, you can directly put in your current living expenses, along with the level of care you’d desire in a senior living community. After a few clicks, you will see detailed numbers to compare your anticipated cost of home care versus moving into a caring Norwood, NJ senior living community. Access the cost calculator right here!
