Finances affect everyone whether you have no money or a lot of money because you still must make financial decisions. One of the biggest financial decisions you will make as you age is whether or not you can afford a senior living community. Planning for your retirement years is one of the best ways to address this concern. If you are already in your retirement years, don’t fret. There may still be steps you can take to help secure your future.
Understanding the costs of senior living, assessing your current financial situation, exploring financial aid options, and deciding whether or not to use retirement savings and investments are all steps to planning your future. No plan is still a plan in its own weird way. Wouldn’t you rather go into your retirement years prepared?
Victoria Landing, in Melbourne, FL, is a vibrant senior living community located in the heart of Brevard County on the banks of the Indian River. We want you to know how to prepare for your future, and we hope we are a part of it! This article will look at the above steps in depth to help you decide if you can afford to live in a senior living community and to help you plan accordingly.
Understanding Senior Living Costs
There are different types of senior living facilities and that affects cost. For example, a facility that provides skilled nursing care will likely be more costly than a community offering independent or assisted living. Skilled nursing care facilities offer a higher level of medical care than a standard senior living community. Victoria Landing offers independent and assisted living, as well as memory care. We are not a skilled nursing care facility.
Genworth reports that the monthly median cost of assisted living in the U.S. is $5,350. Location plays a factor in costs. Areas with an overall lower or higher cost of living than average will likely reflect that fact in the cost of their senior housing. Victoria Landing offers assisted living and memory care starting at $4495 per month, almost $1,000 below the national average. While that may seem like a lot upon first hearing it, remember that it includes a private apartment, 3 meals per day cooked by a professional chef, and a ton of amenities, including a heated pool and movie theater!
Assessing Your Current Financial Situation
Exploring Financial Aid Options
If you went to college, then you are familiar with financial aid options, but they are a bit different when it comes to senior living. There may be government programs available to help you with the costs. If you are eligible for or already have Medicare or Medicaid, look into your specific benefits as there may be aid available to you.
If you are a veteran and need assisted living, you may be eligible to receive aid to help with the expense. There are also State Veterans’ Homes available. Florida has one assisted living facility and eight skilled nursing facilities. While you may think you can’t afford senior living, explore your financial aid options before discounting the idea.
Planning for the Future
It is important to have a plan in place for your future. It is wise to have a will or living trust in place and possibly a power of attorney. If you have concerns that your wishes for assisted living, memory care, or skilled nursing care might not be carried out, then you should have your plan in writing with a power of attorney who will ensure your plan is implemented.
Reevaluate your plan as needed. Your needs may change over time. Make sure you still have adequate funds for your necessary care. While you can’t predict inflation or an increased monthly rate at your senior living community, try to incorporate that inevitability into your plan.
Conclusion
Financially planning for your future is an important part of your plan for yourself. Understand the costs for different types of senior living facilities and research those in your area. Thoroughly assess your financial situation to determine if you can afford a senior living community. Explore your financial options to see what financial assistance may be available to you. Plan for your future both legally and financially.
If you live in or want to move to the Melbourne, FL, area, then check out Victoria Landing. With beautiful grounds, private apartments, delicious food, luxurious amenities, and tons of activities, Victoria Landing is a vibrant, age-in-place senior living community. We hope you choose to be a part of it.
