Many people can find themselves caught off guard by unseen costs when looking for affordable assisted living facilities in Southeast Denver for themselves or their loved ones. That is why it is essential not to put off planning for senior care—no matter what your finances look like now. Financing retirement living requires time, preparation, and forethought. Here are five helpful tips for financial planning for living in an assisted living community:
Talk to a Financial Advisor – Financial advisors help you achieve your financial goals and save money. They allow you to create financial plans, including budgets, savings, and tax strategies, and answer any questions you might have about tough decisions—such as using a reverse mortgage or selling a life insurance policy.
VA Benefits, Bridge Loans, & Medicaid – If you qualify for a VA pension or have documented physical or mental restrictions, you may be eligible for an increase in monthly payments. Bridge loans can also be used for seniors having trouble securing the finances to move into a retirement community. Medicaid can also help cover these costs for qualified individuals.
Understanding Pricing for Your Level of Care – The cost of senior living varies depending on the type of care you need and any personalized accommodations you request. When touring a retirement community, it is important to ask about community fees, care fees, and service fees.
Consider Senior Tax Breaks – If you are over the age of 65 or have a disability, you may qualify for a federal tax break.
Take Advantage of Free Resources – Gaining financial knowledge is a good thing to do no matter how old you are, but it is especially helpful when you are retired. There are many excellent retirement home resources out there that can help you take control of your financial future.