Smart Ways to Minimize the Cost of your Senior Living Search
20 Nov 2017
For many, the cost of long-term care is staggering. On a fixed income it can be hard to imagine how you will find a top quality retirement community at a cost you can sustain for the rest of your life. The good news is there are several things you can do to put yourself at the best advantage moving forward.
When it comes to searching for senior living options, you don’t have to break the bank trying to make the right decision. Rather, take a look at these five pieces of advice to learn how you can minimize the cost of your senior living search, while making the best decision for you and your family.
- Start your search early.
Don’t put off your search for senior living options. Do your research and create a list of your top options. Then, tour each option so you can really get a feel for the facility and its amenities. Once you’ve narrowed down your options, you may wish to be added to their waiting list until you are ready to make the move.
Starting your search early allows you time to thoroughly compare all your options and make the best decision for your situation. If you wait until you are desperate for care, you may be forced to make a quick decision or settle for a less than ideal option. Plan early!
- Know exactly what is – and what is not – included in the base rate.
Every facility has its own pricing structure. What’s included in the base price of one, may be an added cost at another location. Make sure you have all the information about pricing and that it clearly outlines what’s included. This is the only way to can really compare apples-to-apples and make the best decision for you.
- Make sure the cost of care is priced for your specific level of need.
The cost of care can range drastically, depending upon what you need. If you choose to first live in an independent living community, your costs will likely be lower than someone who needs around the clock personal care. Be sure to ask for a health assessment from a nurse and to also explain your expectations for care. This way you will be sure to get accurate pricing tailored to your unique situation.
- Seek help from a professional financial advisor.
No one can do it on their own. It’s a smart idea to seek help from a professional financial advisor who can look at your complete financial portfolio and provide a well thought out monthly budget for your cost of living and care. They will help you seek the bigger picture of how your finances will need to support you over time and with this information you can make an informed decision about your long-term care.
- Ask about incentives and specials.
Finally, be sure to ask every facility about possible incentives and specials. These will range from location to location, but some places may waive the initiation fee or offer special financing. It’s always worth asking! If you’re having a hard time deciding between two options, the location that offers an incentive or special might help make your answer a bit clearer
Can you think of some more tips that might help save money when searching for senior living options? Share your thoughts by leaving a comment!