Mostly, the retirement costs are higher than you anticipate. The costs can virtually drain your money. When your parent has reached the retirement age and you are unable to provide the care that is needed, you may find it necessary to seek a comfortable living solution.
In most cases, the residential living solution comes in the form of assisted living, a senior care option where residents are given personal care support services, including meals, transportation, dressing, bathing, and medication management. Generally, this living option does not come cheap. According to experts, you may pay up to $5,000 a month depending on your state. So, you can expect the figure to rise or drop. But this should not scare you into not giving your elderly parent the life that he or she needs.
For inspiration, here are the financial tips that you can use to pay for the costs:
Veterans Benefits
Veterans are normally given by the state a pension benefit on a monthly basis. The amount is roughly $2,200. This can help a lot to meet the living costs of your senior. However, you have to confirm with the local authority if your parent is eligible. In addition, your elderly can also qualify for the Medicaid benefit. These benefits normally have a long waiting period but they are worth the wait.
Non-Medicaid Programs
Since these programs are not offered by some states, it’s important to confirm whether or not they are available in your state. Some of the states that enjoy the benefit include Alaska, Colorado, Indiana, Maryland, and Virginia. The benefit is a good alternative to the Medicaid program. It comes in form of cash and you can use it to pay for the extra services offered to your senior.
Social Security Programs
Though social security benefits do not pay directly for assisted living, you can direct the money to your savings account then pay for the costs from there. The benefits vary from state to state, so you should check with the responsible authorities to determine how much your family is owed.
Compare States
As aforementioned, the costs for assisted living vary from one state to another, and it is advisable to compare them. If you have relatives in other states, ask them about the costs and see if you can take your senior there. For example, it may cost you roughly $2500 in Alabama or Idaho while the average cost in New Jersey or Alaska is $6000.
Fee-For-Service
Instead of paying for an all-inclusive package (which caters for the meals, the rent, medical care, and housekeeping), you can opt to pay only for the services that your elderly loved one needs. This option is ideal if your elder doesn’t require much care and you can avail a few extra hours to provide the care at the facility.
Try to Negotiate
You can always negotiate the price that the home care provider asks. You don’t have to settle on what they ask if you know that the figure is too high. Besides, no one will resent you for bargaining.
With the above financial tips, you can be able to meet the heavy costs of assisted living and provide your senior with the life that he or she deserves. Just plan wisely and go with the option that is the most comfortable for you.