7 Techniques To Save Money For Assisted Living
Despite all the benefits of assisted living, senior care can be costly. With these seven suggestions, you can save money on assisted living.
1. Inquire about price concessions and special offers.
Communities may be willing to provide a discount to fill vacant rooms depending on the time of year and location. Many facilities provide discounted move-in rates at the end of the month or during peak seasons. During your tour, ask these questions:
- Is there anything in the way of a move-in bonus?
- Is there anything special you’ve got going on right now?
- Is the neighborhood willing to work out a monthly price?
- Is it possible to get a discount on the entrance fee?
- Can you give us a free month if we sign a long-term lease with you?
- Is there a discount for making a lump sum payment?
Helpful Information: Choosing Assisted Living Facilities Or Nursing Home
2. Contrast a la carte and all-inclusive pricing.
Some assisted living communities allow families to choose between paying an all-inclusive rent charge or paying for services as needed. You’ll be able to plan and budget more efficiently if you figure out the greatest alternative for your needs. The following are the two payment options:
- It’s a la carte. This option allows you to purchase services or things on an as-needed basis, such as laundry or bathing services, extra housekeeping, meal delivery, and more.
- All-inclusive. A monthly subscription covers a variety of services in this arrangement, so there are no hidden costs. Make certain to inquire about what is included.
A la carte payments may save money in the long run if family members are available to assist with services such as housework or personal grooming.
If you expect your care needs to alter over time, however, all-inclusive rent payments are generally a better bargain.
3. Think about sharing a room.
A communal space is more cost-effective than a single room or apartment in many senior living facilities. Sharing a room can be safer and minimize loneliness, which is a prevalent problem among the elderly, in addition to saving money.
4. Enroll in necessities discount programs for low-income seniors.
Your loved one may be eligible for grants or help through senior benefit programs, allowing them to repurpose money that would otherwise be spent on needs to pay for assisted living.
The National Council on Aging (NCOA) includes many programs which enables seniors to save money for assisted living including prescription drugs, food, hearing, dental, vision, and energy expenditures.
5. Lower your moving costs
The cost of downsizing and transition can be reduced by hiring a senior move manager. Move managers may be able to assist you in determining the most cost-effective moving date, the best options for seniors, and how to sell personal belongings to help pay for assisted living.
Also Checkout: Helping Seniors to Downsize and Move On
The majority of senior move managers collaborate with estate agents to help plan sales of personal collections, antiques, automobiles, and other items. Referral discounts for senior-specific relocation services are available at several assisted living complexes.
6. Find out about tax credits and deductions.
Senior and caregiver tax credits are an unexpected option to save money for assisted living. Seniors who are “chronically ill” or require assistance with two or more ADLs may be eligible for a tax deduction of up to $7,500. Caregiver tax credits may be available to relatives who pay for at least half of an older relative’s care.
7. Get one-on-one assistance with senior living advice
The senior living consultants at A Place for Mom have years of expertise assisting families in finding inexpensive senior living. One of the most typical inquiries families have is, “How does one pay for assisted living?” According to Mary Lontkowski, a Senior Living Advisor, “some families can simply pay for care with their salary and savings. “However, it requires a little more ingenuity for some families.”
Because You Read: The 7 Techniques To Save Money For Assisted Living, Also checkout these:
- HOW TO DISCUSS ABOUT FINANCES WITH YOUR AGING PARENTS
- MOST COMMON LONG-TERM CARE INSURANCE MISINTERPRETATION
- 7 MONEY SAVING TIPS FOR SENIORS ON A FIXED INCOME
- MEDICARE SPECIAL ENROLLMENT PERIOD [FULL DESCRIPTION]
- MOST PREFERRED JOB ROLES FOR AGING PEOPLE