Financial planning
While it’s wise to do your research and get a general idea for how much you can expect to pay for senior living, it’s also a hard question to answer without digging into your individual circumstances.
If you’re new to the world of senior living, one of the first questions you probably want answered is, “How much does it cost?”
There are several variables that go into the final price. Things like the city or region you choose, whether you have a large and private apartment or a companion suite with a roommate and how much care you need on a daily basis all play a role in the total cost.
What Are You Paying Now?
If you added up the cost of all your monthly expenses,
what would the total be?
Many seniors are surprised to discover that they’re already paying pretty close to what they’d pay if they lived in a senior living community. And as it is, they don’t even have access to the kinds of amenities and services that are included in the price of community life!
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Start with Your Monthly Expenses
Living at home requires you to pay separate bills for things like the mortgage, utilities, property taxes and homeowner’s insurance. You also have to budget for things like groceries, healthcare costs, entertainment and travel expenses.
Now imagine wrapping all of those costs into a single monthly payment. That’s what happens when you live at a senior living community. Most of your ordinary expenses are included in your monthly fee—and you get to enjoy things like housekeeping and laundry services, educational workshops, interesting classes, happy hours and ice cream socials, and fun-filled excursions with like-minded people.
Connect with a helpful staff member
at a Spring Oak community near you
And we haven’t even touched on the on-campus amenities like bistros, libraries, beauty and barber shops, transportation services and more. Some communities even have their own general stores, ice cream parlors, fishing ponds and golf courses near campus.
So before you write off senior living communities because you think they’re too expensive, add up your monthly expenses and see how that total compares to the cost of communities in your area. You may be surprised to learn that senior living may be more affordable than you think.
Government Assistance Programs
There are a number of government programs that can help subsidize the cost of senior living.
The main programs are:
- Medicaid
- PACE (Programs of All-Inclusive Care for the Elderly)
- Auxiliary Grant
- Veterans Aid & Attendance (AA)
Tax Benefits
Aside from the above programs, the Internal Revenue Service (IRS) offers potential tax deductions on certain expenses related to senior care, benefiting both residents and their family caregivers. Spring Oak does not provide tax advice; we recommend consulting with your tax adviser or accountant for personalized guidance, as tax deductions can present potential for significant savings on the cost of assisted living.
Choosing senior living is a significant decision, and we are committed to providing support and information to make the process as smooth as possible. If you have specific financial questions or need personalized guidance, our team is here to assist you every step of the way.
Get in touch with one of our communities today to explore the financial options available and embark on a worry-free journey to the best senior living setting for you.
Robbie
Visitor at Spring Oak Bedford
“When we toured the community, the staff showed us different apartments, the dining room, the beauty shop and physical therapy gym. We discussed the amount of staff that is usually there, medication administration, visiting hours, and the money aspect.”
