Last month, we highlighted red flags to watch for when visiting older loved ones during the holidays. This month, let’s delve into the next steps—understanding senior housing options and how to pay for them.
Planning for senior housing (Independent Living, Assisted Living, Memory Care or Residential Care Homes) is vital as loved ones age. One common misconception is that Medicare will cover all senior housing costs, it does not. Knowing your options is essential.
Private Pay OptionsÂ
Most senior housing costs are paid privately, often through:
Savings and Investments (Retirement accounts, 401(k)’s, and personal savings). Social Security Benefits. Pensions – though less common today, provide valuable income for some. Home Equity – selling a home or using a reverse mortgage can free up funds for care. Life Insurance – some policies allow cash-outs or loans against the value of the policy.
Understanding these options ensures your loved ones are in a safe, comfortable environment without financial surprises. Additionally, certain long-term care insurance policies and veterans’ benefits may help cover costs, so exploring all avenues is crucial.
Learn More
 For a deeper dive, check out my podcast, “Aging in Style,” Episode 218: Aging Parents? Here’s How to Pay for Senior Living and Senior Care. We provide practical insights to navigate this challenging yet critical aspect of aging.
By equipping yourself with knowledge, you can help your loved ones plan for a secure and fulfilling future.
Lori Williams is a Flower Mound resident and Certified Senior Advisor (CSA) with over 18 years of senior living experience. She is an Author, Podcast Host, Public Speaker and owner of the multi-award-winning senior placement service, Lori Williams Senior Services, LLC. To contact Lori, call 214-783-1222 or visit her website www.loriwilliams-seniorservices.com.
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