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3 Tips for Paying for Senior Living

a woman and a man talking about tips for paying for senior living

A cost calculator for senior care will tell you that living arrangements for you or your loved one can be expensive. However, a suitable environment during your senior years is essential to your health and well-being. How can you balance this need with the cost of proper care? Fortunately, no matter your situation, you likely have options for covering your expenses.

At Buckner Parkway Place, we understand your concerns about paying for senior living and work with you and your family to determine the costs. Learn more about paying for senior care in San Angelo, TX, from our team today by calling 281.305.1846 or completing our online form.

3 Tips for Paying for Senior Living

1. Paying for Senior Care with Personal Resources

The preferred option for paying for senior care is a personal resource for most people. This resource may be savings you’ve laid aside over the years. It may also be continuing income you make while living in your senior care community. In addition, you may have friends or loved ones in a financial position to help you cover your expenses. In a best-case scenario, you will have access to multiple resources of this kind.

2. Financing Senior Care Through Insurance

Insurance is a payment resource that works for many seniors needing long-term living arrangements. There are two potential options, which are life insurance and long-term care insurance. You can use life insurance to pay for senior living in a number of ways. For example, some policies have a cash value. If that’s true for you, you access this cash and use it to make payments to your care provider. You can also use something called a life settlement option. In this kind of arrangement, you sell your policy and use the proceeds of that sale. Long-term care insurance is designed to help you cover certain senior living expenses. Specifically, it reimburses you at a daily rate for what are known as activities of daily living (ADLs).

Examples of these activities include:

  • Personal hygiene and toilet hygiene
  • Walking up or down stairs
  • Putting on your clothes
  • Standing and sitting
  • Bathing or showering
  • Eating

It’s best to purchase this kind of insurance long before you need it.

3. Paying for Senior Care Through Government Programs

Another of our tips for paying for senior living is having a government program to help you pay for senior living in certain circumstances.

For example, military veterans may be able to use their:

  • Pensions
  • Disability pay

The specific benefit that lets you access these options is Aid & Attendance, or A&A. However, there are limits on this benefit. This means that you need to check your A&A eligibility before applying for it.

Additional Options

You may also have other personal resource options available to you. One potential option is a reverse mortgage. This kind of mortgage lets you convert some of the value of your home into cash. You don’t have to repay it the same way you would a traditional loan. Instead, repayment happens when you sell your home, stop using it as your primary residence, or pass away.

As an alternative, some seniors establish trusts that let them transfer assets to a loved one or another designated person. Those assets are then used to help cover the cost of senior care.

Get Additional Tips for Paying for Senior Living at Buckner Parkway Place

At Buckner Parkway Place, we’re dedicated to helping you find a way to pay for senior care. This mission aligns with our overall goal of providing the best in non-profit services for independent living. Need additional advice on financing senior care? We’re standing by to assist you. Call us today at 281.305.1846 or fill out our online form for more information. You’ll see why Buckner Parkway Place serves as a premier senior living resource for San Angelo and all of Texas.