Understanding Your Private Pay Budget
One of the most significant things you must consider when looking at senior living communities is how you will pay. The main considerations for understanding how to budget are: your monthly cost-of-living income, family contributions, assets, home, and available benefits.
We offer a free budgeting tool, to provide you with a ball-park range. It is our pleasure to have you in to thoroughly navigate senior living finances with you; schedule a time to come in today.
6 Key Components to Creating Your Senior Living Budget:
1. Monthly Cost-of-Living Income
An important consideration is your monthly income, what do you currently spend on rent, food, entertainment, maintenance, utilities, etc. Click here to use our free cost-of-living calculator tool. Your cost-of-living income is not the only consideration to make when you are planning a senior living budget.
2. Available Income From Your Home
A great financial asset to consider into your budget is selling your home that longer. In addition to selling your home, there are other important options available that can help align with your plans such as timing or inheritance. If an immediate sale or final sale does not make sense for you. You can still utilize your home for cash with these two commonly used options:
- Reverse Mortgage
- Bridge Loans
3. Family Supplementation
Are there people in your family who are able to chip-in and help you supplement. This consideration is unique to each family but a common core budget component when planning senior living.
4. Additional Assets
You also should consider additional assets available to you. There are many examples but a few to consider are savings, CDS, and stocks.
5. Life Insurance Policy
Does your life insurance policy have a cash value? This is another area to investigate to alleviate your monthly costs.
6. Benefits Available to You
We are a private-pay community and accept two main types of benefits: Long Term Care Insurance and Veterans Benefits. You can learn more about the benefits we accept in the next section.