An assisted living community is ideal for seniors who are fairly healthy, but need a little extra help with everyday tasks, including household chores, cooking, medication management and personal care. It’s a great intermediate step on the continuum of senior care. However, like all health care, it comes at a cost. One which largely falls on you and your family.
While the cost of most senior living communities in Saratoga Springs, as well as those across New York State and the country, are non-negotiable, there are several ways to plan for and approach assisted living to make the fees more manageable.
1. Consider Selling Your Home
We know that for many seniors this a tough pill to swallow, but there’s a reason it’s at the top of the list. Selling your home is the most economical way to fund your move to an assisted living community. If the reluctance to sell stems from a desire to keep the home in the family, discuss it with your heirs. At Wesley assisted living in Saratoga, we’ve found that most families are happy to forfeit their inheritance to secure their loved one’s future.
2. Leverage Your Life Insurance Policy
Did you know that you can borrow money from your life insurance policy to help pay for assisted living? Unfortunately, this only applies to whole life, not term life, but once the money paid into the policy exceeds what is needed for the death benefit, the tax-free cash value can be borrowed against. The loan must be paid back with interest, however, interest rates are usually much lower than a bank loan or credit card. Plus, there is no mandatory monthly payment, so at the time of the insured person’s death, the loan amount plus any interest owed is simply subtracted from the amount the beneficiaries are set to receive from the death benefit.
3. Give Up Your Car
Admittedly, this is another tough one. For many seniors, a car represents freedom, but it’s an unnecessary expense in an assisted living community, where transportation services are typically included. At the Wesley assisted living community in Saratoga Springs, residents enjoy transportation to shopping, religious services and doctor appointments, as well as off-site entertainment. And the money saved on car payments, insurance, gas and maintenance helps to offset monthly assisted living fees. It may be time for your loved one to give up driving. If you’re in the middle of that discussion, here’s more information on whether or not it’s time for a senior to stop driving.
4. Research Benefit Eligibility
Even if private insurance, Medicaid or Medicare does not cover the costs of assisted living, long-term care insurance or Veterans Aid & Attendance may be able to help supplement your care costs. There are many eligibility requirements and standards that must be met, however, so it’s important to speak with an insurance specialist and/or your local VA office to understand what benefits are available to you.
5. Choose a Community Wisely
Not all assisted living communities are created equal and rates and fees vary greatly. Everything from the state in which the community is located, to the size of the apartments or rooms, to the amenities and level of care it offers, can impact price. Like with any major decision or large purchase, it’s important to shop around and interview various assisted living communities. Make sure you understand if the pricing is a la carte or upfront, and what’s included before signing on the dotted line. We are confident that you will find what you need at The Wesley Community.
Affordable Assisted Living in Saratoga Springs
At The Wesley Community, our assisted living apartments in Saratoga Springs offer all the amenities of our independent senior living community, as well as a little extra help when you need it. Our monthly fee covers rent, utilities, three meals per day in Georgia’s Restaurant, laundry/linen service, housekeeping, transportation, medication management and personal services, and the rates are based on the level of care that you need.
To help you determine the best senior living solution for your lifestyle and budget, we encourage you to contact us, or call (518) 691-1525 to speak directly with our Community Living and Outreach Coordinator.