How do I Pay for Assisted Living or Memory Care?

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Options to consider from a Senior Care Counselor

When I meet with families just beginning their search for assisted living or memory care, I find many are experiencing sticker shock. Unfortunately, the cost of high-quality senior care can be expensive.

However, remember that while these monthly costs aren’t inexpensive, they do allow many seniors to leave behind other expenses. If you’re living at home now, you may be paying rent or mortgage payments, property taxes, utilities, lawn care, groceries, property insurance, housekeeping, maintenance and repairs.

A move to a senior living community will mark the end of those bills. You’ll enjoy the freedom of a maintenance-free lifestyle and the many amenities the senior living community offers.

For some families, even with the expected savings, the cost of senior living remains out of reach. However, don’t give up too easily. I encourage families to look at other options such as longterm care insurance.

LONG-TERM CARE INSURANCE Did You Know?Long-term care insurance can help make senior living affordable and gives you more The median cost choices. Depending on the of assisted living policy, policyholders generally in the U.S. in 2020 choose where they receive was $4,300 per care—a nursing home, assisted month according living or their own home—and the range of services they’re eligible to receive is expanded. to Genworth’s Cost of Care Survey. However, not all policies are created equal.

For those who do have this type of coverage, I advise them to look carefully at their policies. Understand what is, and what is not, covered. Begin the claim process as early possible because it can take time and require a lot of paperwork.

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There’s more of this article in our free Caregiver Toolkit. To discover three additional options available in Texas, visit srgtexas.com/getcaregivertoolkit