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Each person is unique, with their own needs. Something we all have in common, though? We ALL need to consider how we will pay for our own care as we age.
It sounds daunting, but here’s how to get started.
Take a moment to get real about your finances. Gather up all of your sources of income and expenses. It can be uncomfortable, but by doing so, you will feel less anxiety about the future.
Take some time to educate yourself. Additionally, seek out the help of a financial advisor, elder care attorney, and your senior care facility staff before making any hasty decisions.
By doing so, you will understand your finances and your strategy going forward.
Personal finances aren’t the only way to pay for senior care. Insurance plays an important role.
There are a few common types of insurance, including Medicare, Long-Term Care Insurance, Third-Party Insurance, and Life Insurance.
To ensure that you can afford your senior care choice comfortably, explore how each of these options might support you.
Medicare is typically the primary form of insurance most seniors carry, as it covers adults over the age of 65.
These policies are different from your typical medical insurance because they are meant to help pay for the cost of long-term care.
Seniors can invest in an additional insurance policy that supplements the coverage of Medicare. These plans usually don’t cover the costs of senior living but assist with basic health and maintenance needs.
Some folks choose to convert life insurance policies to a pre-funded account that can aid with the costs of senior living.
You don’t necessarily need all of these insurances. Consult your financial advisor and care facility to understand what is best for your unique situation.
Last but not least, government programs are a great option to help subsidize the cost of senior living.
While there are many local, state, and federal programs available to seniors, we’ve got a couple of tips to identify the ones you might qualify for:
There are many great programs available. Take the time to seek them out!
Planning ahead allows you to live out your retirement in peace and relaxation.
At Mary Wade, our expert staff helps seniors make the best financial decisions for their futures.
We partner with you and your family to determine the right financial moves for your unique situation.
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Mary Wade is a home for seniors from all backgrounds and financial needs, serving Branford, Guilford, Madison, East Haven, North Branford, Clinton, Killingworth, and Orange. Our experienced staff works to make each and every resident comfortable as their care needs change. We are also experts who can assist with insurance and grant applications as requested. Trust your future to a home that goes above and beyond, providing not just for your basic needs, but the comfort and peace of mind you deserve.
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