The costs of assisted living or nursing home care can be extremely high. They often run around $3,000 per month, but some of the more expensive and inclusive options can cost over $6,000 per month. You might need assisted living, but you might not. Here are a few things you can do now to make assisted living more affordable.
Make Some Home Upgrades
There are many things you can do to increase the accessibility of your home. This includes putting grab bars in the bathroom, increasing the lighting around the home, or reducing the use of stairs by moving objects to the main floor. Remove loose carpeting or rugs. You can even install railings on both sides of the stairs. Some modifications can even be supplemented by government assistance programs, such as HUD Title 1 Property Improvement Loans.
Take Advantage of Technology
Research on the current state of assisted living shows that new technologies are making it easier for family and friends to check on loved ones and ensure that they’re doing well. There are devices such as mobile wearable sensors, which track location, read blood glucose, and blood pressure levels in a non-invasive way. Smart homes are also reducing the amount of unnecessary movement that seniors have to make. Utilizing these devices is one way to gain more independence if you or your loved one still live at home. If you’re already in assisted living facilities, it can help reduce maintenance.
Long-term Care Insurance
Long-term care insurance is one important way to pay for care in the case of a chronic illness that requires extensive assisted care. Chronic illness often isn’t covered by other insurances or Medicaid. Try to compare evaluate which kinds of long-term insurance gives you the best coverage for your needs.
Talk with a Specialized Financial Adviser
Increasingly, there are financial advisors available to talk about financial planning issues that aren’t closely related to asset or investment management. This can help senior citizens get specialized advice relating to Medicaid or the tie between their health and financial future. A financial advisor should assist with your needs and help you plan best for your future. Find someone who helps you learn where you can save money.
Consider Sharing Your Living Space
A recent article on Forbes discussed the financial benefits of older adults sharing a home, as well as the security benefits. Home-sharing programs can help you find some extra roommates. This is nice because people in these programs have to go through rigorous criminal and background checks. You can find compatible housemates and get the social connections that are hard to find as you age. The best part: you don’t have to move out of your home to do this.
Check If It’s Tax-Deductible
The costs of assisted living can be tax-deductible. This is only if the primary reason an individual lives in the facility is because of a medical condition, and living there gives them access to medical care. Checking on these options can help you save a lot of money in advance.
Making some home upgrades and taking advantage of technology can help you age in place. Sharing your home can also be a suitable option for saving money, as well as giving you social interactions. Consult a financial adviser and get legal advice as well where you can. There are many ways to save on assisted living. It takes a bit of time and effort to find those options, but that effort will make all the difference.
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