Nowadays, many want to live in their own homes for as long as possible. However, there comes a point when it’s no longer safe or practical for someone to live alone. That’s where senior living in Wilmington, NC, offers the best of both worlds—independence and assisted living services—within one location. The question is, how do you pay for it?
This article discusses some frequently asked questions about financing senior living experience:
How Much Does It Cost to Live in an Assisted Living Community?
The cost of living in an assisted living community varies depending on location, amenities, and services. The most basic cost is room and board: the monthly rate for housing. This includes utilities (electricity, gas), housekeeping services, and meals.
A second category of expenses is additional care costs, which the resident requires depending on their individual needs or preferences. These include the following activities:
- Arts and crafts classes or entertainment programs
- Transportation services such as shuttle buses
- Personal items like toiletries or clothing not provided by the community
- Medical supplies such as dentures, braces, or eyeglasses are uncovered under Medicare Part B insurance plans (which covers only 80% of most medical expenses).
How Is the Cost of Assisted Living Calculated?
The cost of living in a retirement community depends on the type of unit you choose and other additional services the resident needs. The type of community you choose will also affect your costs. Some communities offer other amenities, such as transportation services and dining options, at their locations.
However, these may come with additional fees on top of what you pay for rent each month. It’s essential to know how much your monthly payments will be so that you can plan accordingly!
Will My Insurance Cover the Cost of Assisted Living?
Your insurance may cover some or all of your costs. You should check with your insurance company to find out if they offer a plan to help finance the retirement community. If you don’t have insurance, you may be able to get Medicaid.
Medicaid is a federal program that provides medical assistance and long-term care services. This program covers people who meet certain requirements based on income level, assets owned, and health status.
Can I Use Veterans Benefits to Help Pay for Assisted Living?
If you’re a veteran, it’s essential to know you can use your benefits for assisted living. However, they must be included in the cost calculation and won’t be covered by Medicaid.
Veterans benefits aren’t lump sum payments but monthly payments based on a person’s income and medical needs. The VA won’t pay for more than 100% of their care at any given time. So if your loved one has other sources of income like Social Security or personal savings, they’ll likely have to use those funds before turning to their VA benefit as a last resort.
This can make financing senior living difficult because there may not be enough money left over after paying other expenses to cover all of the costs associated with assisted living. However, there are still ways around this issue!
Am I Required To Have A Financial Advisor Work With Me During This Process?
Yes, you’ll need a financial advisor. A good financial advisor can help you find the best financing options for your situation and explain how they work. They’ll also be able to help you understand the costs and benefits of different options. A good financial advisor will also help you budget your money to last throughout retirement and beyond!
Conclusion
Financing a senior living community is a big decision that can be confusing. This article has helped to demystify the process by answering common questions about funding your retirement community. If you still have questions after reading this article, please call us at 910.661.3840, and we will be happy to assist!
