When it’s time to arrange long-term elder care for a loved one, you’ll be facing a taxing time full of stress and expense, on top of all you are already going through. Which has potential to be even more challenging when your loved one requires specialized care, needs a full-time nurse, or has some other form of care that costs money that may not have. The fact is, assisted living costs are exorbitant, and the money you spend giving aid to your loved one is on the rise.
According to assistedliving.com, 70% of all people over the age of 65 will need some type of long-term care. Additionally, costs are on th increase. In 2012, a survey found that the average monthly rent for a person receiving long-term care increased by $100 from previous year. If this trend continues over the next decade, what was once a stressful situation has the potential to turn into an unbeatable monster.
So while setting up assisted living for someone you love may seem like a battle you can’t win, now’s not the time to give up hope. There are several strategies, that a person on any type of budget can implement to help offset assisted living costs. Here are just 7.
7 Strategies to Reduce Assisted Living Costs
1. Research is a golden ticket. As much as most people would like for the a situation like this to work itself out, that’s simply not going to happen. Research opportunities, before the time arise, as a preemptive measure, and you’ll see how much easer the process ends up.
2. Start saving money now. If you are reading this, then you likely have a loved one who will need assisted living at some point soon. If so, start squirreling money away ASAP. Every little bit you put away has more power than you can imagine, especially when money is tight later down the road.
3. One and done, with care. If you have to re-home a loved one after already placing them in assisted living, you are essentially adding unnecessary costs. To avoid this, don’t be afraid to ask the tough questions from the start; ask people who work for the company about the standards, check licenses and names, and have your attorney review the living contract. Your loved one is worth the extra time.
4. Negotiations work. Many assisted living companies offer incentives (just like any business), for new patients. Before you agree to any arrangement, inquire about perks that may reduce your monthly payments. You’ll be surprised at how much people will want to work with you.
5. Keep a broad eye out. If you exhaust your resources in the area you live in, branch out. You may be surprised at the resources in neighboring communities and cities. Use your time to take a closer look into other opportunities, and consider an alternate locale.
6. Insurance may work in some situations. Assisted living, as we noted above, is expensive in any situation. For those who are on a tight budget, perhaps it’s time to consider insurance options, beginning with Medicaid or Medicare. While these government programs are a good start, they don’t always pay for everything. So take a look at some additional insurance programs to help offset what they lack.
7. Discuss the types of care you require. Not every person who needs assisted living needs the same care. Some people only need assisted living, as opposed to being moved into a facility. When deciding what will work best for your loved one, it’s important to place value on what they truly need. Expenses related to living at home, versus general assisted living costs, are particularly relevant to those on a budget.
If all else fails, then perhaps it’s time to speak a care advisor about your particular needs. A knowledgeable person who spends a majority of their time assisting our elders might be your ticket to long-term savings, while giving the care your loved one deserves.
For more information on how we can help you through this difficult time, please don’t hesitate to contact us to discuss your options.