Solving the Puzzle of Financing the Cost of Senior Communities

Solving the Puzzle of Financing the Cost of Senior Communities

By Judie Palmisano, The Trace Senior Community

There are many considerations involved in deciding if a senior community is the best choice for your loved one. In addition to care needs, the type of facility, length of lease, activities and activities, is the cost. Cost is a key consideration when thinking about moving an aging parent(s) to a senior community.

There are many points to consider in the puzzle of financing the cost of paying for living in a senior community or assisted living community. There are assisted programs, all-inclusive pricing, tiered pricing, level pricing, buy-ins and points systems. There are some seniors who have long-term health insurance options and some veterans that may take advantage of the military’s Aid and Attendance programs. The Trace Senior Community has staff that can help you wade through these choices. The Trace offers free appointments to help you learn about these options along with a tour of The Trace.

You may be surprised to learn that many older people spend more money living alone and paying expenses of running a household than they would by joining a senior living community. The Trace has developed an Expense Comparison Worksheet which will help families compare living at home expenses with that of a senior living lifestyle.

The Expense Comparison Worksheet uses a comparison of a typical homeowner, for an example. Of course, it is helpful to consult a tax and financial adviser. Adjusting can be made for renting and other options. Please contact The Trace to get your copy of the Expense Comparison Worksheet.

If you would like to learn more about financing this for your loved one, please call The Trace @ 985-249-7676 to set up a financial review appointment.