If you are considering moving on to this next phase of your life, you may have some questions about how you are going to fund senior living. There are many financial resources our residents tap on to fund life in our senior living community, some of which may be available to you as well. Read on to find out your options in this handy guide!
Non-Subsidized Sources of Funding for Senior Living
Under non-subsidized funding, you will have your retirement savings and other assets to tap into. Below are some common sources of funding that may be available to you:
- Proceeds from a home sale or rental – Once you have committed to making the move, it makes sense to sell or rent out your home. If your home has not been sold by the time moving in day rolls around, you can tap on a bridge loan to cover the costs in the meantime.
- Long-term care insurance – If you have taken out a long-term care insurance plan previously, now’s the time to make full use of it. Depending on the conditions of your policy, this may go some way towards covering residential senior care, home health care or both.
- Converting life insurance policies – You will likely get more than the surrender value of your life insurance policy when you decide to cash in, although you won’t receive its face value. Always speak to your financial consultant and/or insurance agent if you are considering this option.
Subsidized Sources of Funding for Senior Living
You may be eligible for certain sources of funding based on your individual circumstances. This can include:
- VA benefits – Are you or your deceased spouse a veteran? If so, you may already be receiving a monthly pension amount. Providing that you meet certain criteria, you may be eligible for Aid & Attendance (A&A) as well as Housebound benefits, which give you an additional sum on top of your monthly pension.
- Medicare and Medicaid – Of course, you will need to check with the senior living community you are planning to move into whether they accept funding from Medicare and Medicaid. Not every older adult will be eligible for funding from these sources but if you are, this can go some way towards offsetting the cost of senior living.
- Medigap – As a supplementary health insurance policy that goes towards care not covered by Medicare, this can cover an additional portion of your costs.
Senior Living Can Be More Affordable Than You Think At TerraBella Northridge’s Senior Living Community
If the cost of senior living seems high to you at first glance, keep in mind that one monthly all-inclusive rent covers everything you will need. From weekly housekeeping services to a variety of events and activities to choose from, you will never have to worry about any of your basic needs again.
On top of that, the rent covers onsite medical and therapy services that include 24/7 nursing, continence management, medication management, personal assistance and more. Discover the value of senior living when you take the next step and move in with TeraBella Northridge today!