Financial Preparations for Assisted Living
It may be time to think about the golden years. Afterall, this is every person’s future is it not?
Preparing now for costs associated with extended care is vitally important. Then if you, or a loved-one find it necessary to reside in an assisted living facility or nursing-home, at least you will have a plan in place to pay for it.
Assisted living facilities can be quite costly, making it very difficult to pay for long-term care needs. Some older adults have prepared well for their financial future, but unfortunately for many that is not the case. Many seniors were not properly educated and guided to assure their financial wealth would carry them through as long as they need it.
How to Find Money for Assisted Living
There are many ways to discover where and how to generate the necessary funds required to assure your retirement will be funded properly. The following are just a few money-making tips to help fund your assisted living home needs.
- If you’re a homeowner, sell the home to raise capital.
- Check your insurance policy to see if any portion of your policy will cover assisted living care.
- Create a profit and loss statement for yourself that lists your monthly debits and credits to determine your monthly income. You may actually discover that your assisted living needs may be covered by your social security checks, retirement funds, investments and so on.
- You may discover that there are additional financial assets you can liquidate such as household items, stocks, bonds, 401k, IRA’s, cars, etc.
- Ask family members to help with any left-over financial needs.
Remember, preparing financially is essential to a healthy and happy retirement. If you neglected to plan properly, not all is lost. By pooling all of your financial resources together the cost for assisted living may easily be met. It is well worth the cost and the effort to find a way to meet your retirement goals.
