As your loved ones age, you want nothing more than to ensure their safety and well-being. This might mean that they can no longer live alone and they should consider moving to an assisted living community. This may be an emotional journey for you and your family, but the stress of paying for assisted living shouldn’t add to this decision.
In Midwest City, OK, there are plenty of incredible assisted living communities to choose from, such as Morada Midwest City. However, paying for assisted living might leave families feeling a little unsure.
Fortunately, there are ways to prepare for assisted living expenses and tips and tricks for saving, outlined in this helpful article.
Understanding Assisted Living Costs in Midwest City, OK
Assisted living helps seniors with daily activities. This might be:
- Dressing
- Eating
- Bathing
The level of care each resident needs varies from one person to the next, but one thing remains a constant: assisted living communities can help keep your loved one safe and happy.
It’s also important to understand what assisted living is and who it’s best for. Assisted living is ideal for seniors who require extra assistance performing daily routines but who don’t need 24/7 care.
Here is a better understanding of how specific factors affect senior care costs:
Level of Care
The more care a person needs, the more expensive senior living can be. For example, if a person requires minimal care, the cost of assisted living might be more affordable than someone with limited mobility who requires more support.
Location
When choosing an assisted living community, you may notice that they vary in price. This is typically dependent on location. Rural areas tend to be more affordable than cities, so keep this in mind when budgeting.
Size of Living Space
The size of a person’s assisted living space determines what they’ll pay. There are different floor plans available, so choose the one that best fits your needs — and your budget for senior community pricing.
Services and Amenities
Each assisted living community comes with its own set of services and amenities. Some are included in the cost, while others are extra. Always ask what’s included ahead of time so you can plan accordingly.
What Is Included in Assisted Living Costs?
Assisted living costs usually have several included amenities. Although it varies from one community to the next, here is a list of items that are traditionally included:
- Help with daily activities
- Home maintenance
- Light housekeeping
- Laundry
- Meals and snacks
- Local outings and social activities
- Exercise programs
With financial planning for seniors, keep in mind that additional activities and specialized care may cost more, so budget accordingly.
Financial Aid Options for Assisted Living in Midwest City, OK
Paying for long-term care can be stressful for families, but they can choose from several different savings options. Here are some popular ways to pay for assisted living:
Long-Term Care Insurance
Long-term care insurance can be expensive, so weigh the pros and cons of this type of plan. Policyholders have monthly premiums and coverage varies, so be sure to read the fine print.
Veterans’ Benefits
Qualifying Veterans and their spouses may be able to receive financial assistance for senior care. They would need to contact the U.S. Department of Veterans Affairs (VA), where these benefits are available. Should a Veteran and their spouse need help performing daily activities, they may be entitled to financial assistance through this program.
Savings Accounts
Some families may find that the best way to save for senior care is with a private savings account. They can monitor these funds and save when they have extra cash. When doing something like this, it’s best to stick to a budget and save the same amount of money monthly.
If a family has a 401(k), IRA, or some other type of savings plan, they can use these funds for assisted living. Just check into penalties and taxes ahead of time. Additionally, families may be able to pull from life insurance plans to pay for assisted living, so always contact your provider and ask.
Reverse Mortgages
Reverse mortgages are ideal for qualifying older adults who need to borrow equity from their homes. They can turn this equity into cash to pay for assisted living. Since they come with risks, the pros and cons should be carefully weighed.
Seniors may also opt to sell their homes and use the equity to pay for assisted living.
State Assistance Programs
States may offer assistance with paying for senior care. Although it might not be for an assisted living community, they may offer help with meals, transportation, and other available services for the elderly. By researching local programs, you can see what’s available in your area.
Planning for Assisted Living in Midwest City, OK
Don’t let planning for senior care stress you out. Have a plan in advance and be prepared for these expenses to make the transition to assisted living a seamless one. Consider the following:
Shop Around
Since assisted living varies in price, it’s best to shop around. This doesn’t mean you should sacrifice the level of care your loved ones receive; it just means that you may want to compare assisted living communities in rural areas vs cities, as the price may vary.
Save as Early as Possible
Saving is always a great idea, especially early. Since you can’t plan on the exact type of senior care a person needs, it’s best to save as much as possible.
Work With a Financial Planner
Financial planners can help you craft a budget that works best for you and your family. They’re adept at helping you set realistic goals and can put in perspective what you need to save to pay for assisted living.
Paying for Assisted Living: Consider These Options
Paying for assisted living in Midwest City, OK is something all families should consider in advance. There are multiple ways to manage costs, from insurance plans to Veteran’s benefits and private savings accounts. By planning, families can work to prevent financial hardships from occurring with assisted living.
Morada Midwest City can help you choose the best floor plan for your needs — and your budget. Contact us today to speak with a trusted member of our team. You can also inquire about a special discount program for Veterans.
