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Tips to reduce Cost of Assisted Living: Spend Less, Save More.

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Tips to reduce Cost of Assisted Living: Spend Less, Save More

As time passes and our loved ones begin to Age, the one question that every caregiver must finally face is if it’s time to consider an assisted living option .

It will intrigue you to know that according to Genworth’s Cost of Care Survey, the national median rate for assisted living facilities is about $4,500 per month, or $54,000 per year.

With rising inflation rates and increasing costs, this is a mountain for many caregivers to climb. Luckily, there are different ways caregivers can reduce the pressure and possibility of burnout .

Deductions and Tax Credits

The Federal government understand how daunting this can be for caregivers and offer tax deductions to the dependant in their care. Following a multiple support declaration, If you have paid over 10% of the support of your qualifying relative whom you are claiming as a dependent, you also get access to these tax deductions

Contrast and Compare

Start by researching different assisted living facilities in your area. Look for ones that offer quality care at a reasonable cost. Compare their prices, amenities, and services to find the best fit for your needs and budget.

Apartment Choice

Choosing a smaller apartment setting can cut around 15%-20% of total apartment costs for communities charging the median rate. That’s about 6000$-$8000 per year.

Consider Shared Living

Before opting for this choice, determine the specific need of your loved as this is not suitable for everyone. So be sure of what your loved ones needs before going for this one.

Most assisted facilities offer the shared room option so you wan to make enquiries about this while considering cost. This can significantly reduce your care expenses by upto 10%. It’s definitely worth considering.

Explore Government/Insurance Programs

Fortunately there are different programs that can help cover assisted living expenses. Long term care insurance and Medicaid are one of the popular options you can look to.

While some of them may have state specific conditions, it is done mainly on the basis of income and personal resources. Check if your loved one qualifies for any government assistance programs take advantage of it.

Veteran Benefits

This is another option to explore as veterans often have access to medical benefits that will help cover the bills for assisted living services. If you are signed up to any VA health care, it’s another healthy optionto go for.

Speak with an expert

Sometimes, getting the opinions of a more professional indeed=idula will help you make better informed decisions, especially when it has to do with specific needs.

Talk to your local community or personal medical physician. You can easily talk to our experienced staff (link to Braeburn contact) for more information on what the best fit would be for your loved one.

Time your Entry

Opt for the services at the right time. This could be when facilities are low on residents, towards the end of the month, or during festivities. Assisted living facilities will likely offer discounts and become a bit more flexible in accepting potential intakes.

Plan Ahead

You can save more when you plan early. Start saving for assisted living as early as possible. Set aside a portion of your income to create a dedicated fund.

Accumulated savings turn out to be quite useful when they mature. Consider investing in long-term care insurance, which can help cover the costs of assisted living in the future.

Explore In-Home Care Options

Depending on your needs, in-home care might be a more cost-effective choice than assisted living. Research different in-home care providers and compare their prices to see if this option suits your requirements and budget better.

Choosing the right assisted living option is important to giving your loved one a fulfilling life as they grow older. Even so, this requires finances. Hopefully, the tips in this article can help you build the budget you need for these services.

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