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Senior Living: Ways to Finance Your Move

Posted by Eskaton on Jan 17, 2017 7:00:00 AM

Making a move can be exciting and overwhelming. If you’re like most people, one of your biggest worries may be finances.

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There are a variety of financial strategies that can help make the move more affordable. Are you sure you have explored all your resource?

7 Ways to Help Fund Senior Living:

  1.     The sale of your home. Do you know how much equity you have in your home?
  2.     Downsize your belongings. What is the value of furniture, vehicles, and assets you’ll no longer need in your new home?
  3.  Veterans benefits. If you are a veteran or the surviving spouse of a veteran, you may qualify for Veterans Aid and Attendance Pension. Find out more here. [open in new window http://www.benefits.va.gov/pension/aid_attendance_housebound.asp]
  4.     Long-term care insurance. Make sure you understand what your policy covers. Premiums, daily benefits, elimination periods, what is covered, and method of reimbursement vary dramatically per policy.
  5.     An annuity. Annuities provide a way to take a pension or other "nest egg" of money intended for retirement and use it to obtain a guaranteed income that pays out until your death.
  6.     Retirement savings: Individual Retirement Accounts (IRAs), 401(K)s, pension, personal savings accounts, and any other investments you may have.
  7.     Social Security income.

As you research your financial options, make sure you talk with a trusted accountant or advisor. Make sure to ask financial questions as you tour senior living communities, such as: What costs are included? What costs extra? Are fees refundable?

Lastly, don’t forget to conduct a cost comparison of senior living communities to your current living expenses. It will help ensure you include all expenses, make a fair comparison from community to community and allow you to easily lay out and compare costs.

can I afford senior living? 

Topics: Independent Living

Eskaton is a nonprofit senior living community in the greater Sacramento area. With nursing, short-term rehabilitation, community living, and in-home services (including Home Support Services), Eskaton has nearly 2,000 staff committed to helping seniors receive the care they need while prioritizing independence. Learn more about Eskaton today and call us at 888-684-6554.