Affordability of Senior Living
Making Senior Living Affordable and Accessible
At Benedictine, we understand that the decision to transition into senior living is not just about finding the right community— it’s also about ensuring that the choice is financially sustainable. As one of the largest Catholic senior care organizations in the Midwest with over 35 years of experience, we are committed to helping seniors and their families navigate the complexities of financing senior living. Our approach is grounded in our core values and specifically, in keeping with our core value of Stewardship we are dedicated to ensuring that every resident receives compassionate care at an affordable and sustainable cost.
Understanding the Costs and Benefits of Senior Living
The cost of senior living can be a major concern for many families, especially in today’s uncertain economic climate. Common worries include, “Is this more than I’m currently spending on housing?” or “Will I have enough to last through my lifetime?” To address these concerns, Benedictine collaborates with experts, who bring decades of experience in financial planning for seniors. Together, we help families develop realistic strategies for affording the care they need, whether that involves staying at home or transitioning into a senior living community.
Personalized Financial Planning Support
Every individual’s financial situation is unique, and our experienced team is here to provide personalized guidance tailored to your specific needs. From the initial consultation to ongoing support, we offer a range of resources and advice to help you understand your options and make informed decisions.
Explore Financial Assistance and Benefits
Veterans Benefits
For those who have served in the military, the Veterans Aid and Attendance Pension can provide significant financial support for senior living expenses. Our team can help you determine eligibility and assist with the application process.
Long-Term Care Insurance
Many families utilize long-term care insurance to cover the costs associated with senior living. We can help you explore your policy options and understand how they can be applied to your care needs.
Medicare and Medicaid
While Medicare offers limited coverage for long-term care, Medicaid provides more extensive support for qualifying individuals. Our experts are available to guide you through the complex eligibility criteria and application procedures.
Flexible Payment Options
Benedictine offers flexible payment plans designed to accommodate a variety of financial situations. Whether you need assistance with short-term funding or long-term planning, we’re here to help you find a solution that works.
Key Financial Considerations for Senior Living
Decision-Making Dynamics
When planning for senior living, it’s crucial to consider who is involved in making decisions. Are you making decisions for yourself, or are your children helping? Are decisions being made proactively or reactively? Understanding these dynamics helps in creating a plan that aligns with your health care needs and financial situation.
Financial Planning Timeline
Traditional financial planning focuses on pre-retirement goals, retirement and legacy planning. However, when health care needs change, the timeline shifts. It’s essential to reassess your financial plan to account for potential senior housing and healthcare costs, which may arise unexpectedly. Understanding this new timeline can help you make informed decisions that protect your finances and your family’s well-being.
Comparing Costs: Staying at Home vs. Moving to a Community
One of the most critical decisions is whether to stay at home or move to a senior living community. While staying at home might seem less expensive initially, factors like home maintenance, transportation, social activities, increased care needs and a host of other hidden costs should be taken into consideration. On the other hand, senior living communities offer comprehensive care, social engagement and peace of mind—all of which can be more cost-effective in the long run.
Proactive Planning for Peace of Mind
Create a Comprehensive Plan
Proactive planning is key to ensuring a smooth transition into senior living, whether it’s now or in the future. Start by considering what circumstances would make staying at home unsafe or unmanageable, and establish a plan that includes financial, legal and clinical aspects. Write down your plan, share it with loved ones and make sure everyone involved understands your wishes.
Understand the True Costs
Senior care can cost between $5,000 and $20,000 per month depending on insurance and the level of care required. While assisted living could cost between $5,000 to $10,000 each month, skilled nursing can range between $10,000 to $20,000 each month. Understanding these costs and what insurance and Medicare does and does not cover is crucial in planning for the future.
Seek Professional Guidance
Engaging a financial advisor early in the planning process can help you navigate the complexities of financing senior living. Whether you’re planning ahead or reacting to a recent health event, a financial advisor can help integrate your health care needs, financial situation and personal priorities into a comprehensive plan.
Plan Ahead with Confidence
Planning for senior living can feel overwhelming, but with the right support, it doesn’t have to be. By taking advantage of our financial planning resources and expert advice, you can ensure that your transition to senior living is as smooth and stress-free as possible.
Benedictine: Your Partner in Affordable Senior Living
At Benedictine, we believe that financial planning for senior living should be holistic, incorporating your health, family and financial circumstances. Our team is here to help you map out a plan that aligns with your priorities, ensuring that you or your loved ones receive the care they need without sacrificing financial stability.
Contact Us for More Information
If you’re exploring the affordability of senior living, we encourage you to reach out to us. Benedictine is committed to providing compassionate support and clear guidance, helping you make the best decisions for you or your loved one’s future. Contact us today to learn more about our financial planning services and how we can assist you.