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5 Ideas to Help You Cover the Costs Of Your Senior Living Community

5 Ideas to Help You Cover the Costs Of Your Senior Living Community

Senior couple share high five for learning how to afford assisted living in Elkhorn
July 13, 2023

If you have started to consider a senior living community, whether that be due to the need for assisted living or other reasons, we know you want the best living situation available to you. Assisted living in Elkhorn is receiving an exciting upgrade with the soon-to-be-opening Symphony Pointe, a unique residence where elegance meets aging. You will want to check out our unique luxury senior living setting to see if it’s right for you.

Symphony Pointe offers independent living, assisted living, and memory care, so we can meet any needs you may have when considering a new residence. The offerings are great!

When it becomes time to make that change in your living situation, cost may be a major concern. Let’s look at a few ways to help you figure out your budget and plan for the costs of a unique residence that allows you to live your life in the fullest way possible.

#1) Personal Savings

If you have the money in a savings or retirement account, you may be able to pay for your senior living community through those funds. 

It is always a good idea to discuss your savings and major financial changes with your financial advisors because they may have additional ideas for you regarding this lifestyle change and covering its costs. 

They can also help you figure out how long your funds will last in regard to your care and any other concerns with using this method to cover the costs. 

Additionally, some people will qualify for Medicaid to cover their long-term residential care, so this is another avenue to explore. Medicare, on the other hand, only pays for short-term rehabilitation stays after a hospital stay.

#2) Long-Term Care Insurance  

Long-term care insurance usually covers nursing home care, home-based health care, assisted living care and possibly other services. 

If you have this type of insurance, you should look at your policy to see just what all is covered and how to go about securing the insurance when you make your living change. 

If you have not yet decided to change to senior living but think you may in the future, it may be a good idea to look into this type of insurance. A reputable insurance agent should be able to give you information on the costs of the insurance and what all different insurance options will cover. 

#3) Sell Your House

When making this type of change in lifestyle, many older adults know they will not still need the house they have been living in, so they sell in order to have the funds available for their new residence. Your home has always been an investment, and this could make that investment go toward your future living arrangements now that you desire and/or need a change. 

In some cases, you may need to move into the new residence before your house sells, even if you have it on the market. In that case, you may be able to get a short-term bridge loan until the house does sell. 

We have a variety of options for your new home setting, with different floor layouts, so you can find what best suits your needs. We realize selling your house and moving is a major step, and we want you to be comfortable in your new surroundings. In addition we have different levels of care as options, with the ability to add to that level of care when needed. 

#4) Reverse Mortgage

If you are in a situation to need the money invested in your house but do not want to sell it, a reverse mortgage may be a good option for you to gain the funds needed for your new residence. 

According to Consumer Finance, a reverse mortgage loan allows individuals to borrow money against their home. It is much like a traditional mortgage, except the borrower does not make monthly payments. Instead, the loan is repaid after the borrower no longer resides there and no longer considers it their primary residence. 

Even though you would not have monthly payments on this reverse mortgage loan, you would still be responsible for property taxes and insurance on the house. 

There are a few different types of reverse mortgages, so it is important to look into the type that would best fit your needs.

#5) Veterans Benefits

If you are a veteran, you should always pursue any benefits through this avenue that may help. Depending on your situation, veterans benefits sometimes cover assisted living care and residences. 

To pursue these benefits, you will want to apply at your local Veterans’ Affairs office. 

Make Symphony Pointe your new residence for assisted living in Elkhorn!

The National Council on Aging has tools in place to help you find other benefits that may be available for you in your situation. They have a benefit checkup that can assist in finding possible assistance based on your personal situation. 

If other benefits are not available for you, the above tips are also avenues to explore in order to help cover costs associated with your new living community. The thing to remember is, this is your life, and you want to live it out in a setting you will continue to enjoy.

The benefits of living in a community like Symphony Pointe are excellent, and you should explore what we have to offer today. 

We at Symphony Pointe are here to support your lifestyle by offering numerous amenities and activities to help you live your best life at any age. 

We also offer different levels of care to ensure you receive exactly what you need. As you age, you can change the level of care you are receiving to increase the assistance you receive on a daily basis. Your wellness and overall health and happiness is our major concern as we offer our unique and full life enrichment program

If you are interested in exploring the lifestyle at Symphony Pointe for your next residence, contact us and we will be pleased to visit with you about your needs and desires in more detail.