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The cost of senior living can vary based on living option
and levels of care, and once the need for senior living becomes a reality, how
to pay for it becomes one of the biggest concerns for seniors and their
families. However, with strong financial planning and thorough research, you
can cover the cost of senior living.
Let’s look at seven practical ways to pay for senior living
costs.
1. Personal Savings and Investments
Many seniors have planned for the potential cost of
long-term care and can pay for it with personal savings and investments.
Regular contributions to 401(k), IRA, and other investment
accounts can be used to pay for independent living, assisted living, and memory
care communities.
2. Life Insurance Policy
Most think of life insurance policies for death benefits.
However, life insurance policies can be cashed in using the
proceeds to fund senior living while retaining some death benefits.
Another option is to surrender your life insurance policy
for the cash value without receiving any death benefits.
Reviewing the terms and conditions of cashing in your policy
with your insurance provider is essential.
3. Long-term Care Insurance
If you currently have long-term care insurance, you’re in
luck.
Long-term care insurance policies are through private
insurance companies and can help cover the cost of assisted living, nursing
home, and in-home care.
Most long-term care insurance policies begin when you need
assistance with activities of daily living (ADLs) such as bathing, dressing, or
toileting.
These policies vary greatly depending on your health, age,
and coverage amount, so make sure you speak with your insurance professional.
4. Home Equity
If you no longer need a large home, consider selling or
renting it and using the proceeds to cover senior living expenses.
Another great option is a reverse mortgage, which allows homeowners aged 62 or older
to borrow from their home’s equity.
Reverse mortgages have specific rules and requirements, so
consult a financial advisor before taking one out.
5. VA Aid and Attendance Benefits
If you’re a veteran or spouse of a veteran, the VA Aid and
Attendance benefit can help cover some of the costs associated with long-term
care, including assisted living.
This benefit provides monthly payments added to the monthly
VA pension for qualified veterans and spouses.
To see if you qualify, review the requirements here.
6. Medicare
Although Medicare does not cover the cost of a senior living
community, it will cover health-related expenses related to your stay.
Medicare will cover skilled nursing by a certified nursing
professional or doctor.
It may also cover costs associated with assisted living,
such as transportation to doctors’ appointments, preventative health services,
or medication management.
7. Medicaid
Federally funded and state-regulated Medicaid provides
health coverage for seniors with limited financial resources.
While Medicaid won’t cover the cost of room and board in a
senior living community, it can cover services such as medication management
and on-site therapy. Some states offer waivers that provide funding for
services allowing individuals to live in community settings.
You must meet certain income and asset requirements, which
vary by state. So, review your state requirements and make sure that your
chosen community accepts Medicaid.
Wrap-up
With strong financial planning and thorough research, there
are several ways to help with the cost of senior living.
Insurance options, home equity, personal savings, and
investments are all financially savvy ways to cover senior living costs.
For more information, contact your local senior living community for guidance.
Passions Grow, Passions Bloom: Cultivating Wellness at Willow Valley Communities Among the most popular passions at Willow Valley Communities is gardening. And, Residents here have a wide variety of ways to indulge. Three generous gardens are situated across our sprawling 210-acre campus for Residents to use in a multitude of configurations of their choosing. Willow Valley Communities hardworking Grounds Team tills each garden in the spring and plows them in the fall, making them ready for Residents to dig right in. Whether Residents are experienced pros or novices, gardening is a wonderful way for them to get outside, enjoy nature and each other, and learn new things. Some Residents have been gardening for decades, while others have only started gardening after moving to Willow Valley Communities. In keeping with our Life Lived Forward philosophy, some Willow Valley Communities Residents take their love of gardening to deeper levels. For example, several Residents from across the country have achieved the distinction of Master Gardener. Master Gardeners are certified in their home state, and the program can take six months to a year to complete and includes a minimum of 40 hours of classroom training, a score of 80 percent on the final exam, and 50 hours of volunteer service. In another example, Residents Annabelle Simpson and Susan Kelly worked with the Penn State Extension of the Pennsylvania State University to have one of their gardens certified as an official Pennsylvania Pollinator-Friendly Garden. The stunning garden is well-known for attracting huge numbers of bees, butterflies, insects, and birds, helping our ecosystem to thrive. Residents are also able to partner their gardening skills with their desire to volunteer and give back to the Lancaster community. With the areas rich, fertile soil, and the extra special care and attention the plants receive, Residents often have an abundance of vegetables and donate them regularly. Throughout the growing season, the Solanco Neighborhood Ministries food bank receives a variety of beans, lettuce, kale, peas, carrots, eggplant, cucumbers, peppers, tomatoes, spinach, and much more from Willow Valley Communities Resident gardens. Additionally, every fall, a harvest of hundreds of pounds of sweet potatoes and butternut squash goes to the Lancaster County Food Hub, a community resource for free, nutritious food and gently used clothing. Some Residents maintain gardening plots every year just for this purpose.Annabelle Simpson and Susan Kelly Gardening time is couple time for Residents Mike and Susan Ziegler. Sue is an avid gardener, and Mike loves being outdoors supporting her gardening passion at Willow Valley Communities. They both love being together in nature, and Sue is amazed by how magical gardening can be. Its just a miracle when the seeds come up, she says. Resident Pat Mortensen challenges herself every year by growing something completely different. Once she enjoyed a robust harvest of King Tut Purple Peas, a very rare garden pea said to have been taken out of the tomb of King Tut! Resident and Master Gardener Angela Booker-White is originally from Virginia but has lived all over the country. Her interest in gardening grew as she read and learned more about it. In her plot at Spring Run, Angela grows all sorts of fruits, vegetables, and flowers and always tries something new. She has the most success with seeds she purchases from the dollar store! Angela has also learned how gardening can help during challenging times. She is grateful to her garden, as well as to her fellow Willow Valley Communities gardeners, for helping her during the difficult time of her husbands unexpected passing. Gardeners, and she doesnt know exactly who, would come and help by doing extra work around her plot. Residents just came in and helped, Angela says. Weeding, cutting, trimming, harvesting whatever work needed to be done. Thats the way Residents are here at Willow Valley Communities: very supportive. Resident Keith Yoder, who coordinates the Spring Run Garden, is not at all surprised by the variety of gardeners at Willow Valley Communities or by the reasons they enjoy the activity so much. He agrees that gardening is definitely a hobby that enhances well-being. Though hes known this himself for years, he refers to an article put out by CNBC that states how gardening can add years to your life. And life to your years, Keith adds. Gardening gets you into nature. Its good exercise for your body and your mind plus, you get to eat what you grow!
The Willow Valley Communities Day Spa is a destination for wellness and renewal. Its a critical component of the comprehensive Mind, Body, Spirit approach to wellness of Willow Valley Communities. The Day Spa offers many ways to soothe, calm, invigorate, or rejuvenate. A full range of professional services, all performed by our attentive and inviting staff, allows Residents to create their own regimen for personal well-being and beauty. These services include manicures and pedicures, skin care, facials, revitalizing peels, waxing, tanning, microdermabrasion, and body treatments with a wide range of different massage modalities, wraps, and scrubs. The Relaxation Room, with its beautiful waterfall and Himalayan Salt Wall, is a main feature of The Day Spa. It provides a peaceful and well-appointed environment in which to relax and offers a perfect and welcome respite between services. Himalayan salt rich in negative ions and essential nutrients and minerals offers numerous health benefits for our bodies, such as stress reduction, energy increases, and mood boosts at a biochemical level. Day Spa Manager Diamando Wallace says, Self-care is essential. Although manicures and pedicures are a well-deserved treat, they offer so much more to Residents sense of well-being. You can see the boost in a clients self-confidence as they walk out feeling refreshed. Massages are one of the most popular services requested by Residents, and The Day Spa offers a wide menu of options, including hot stone and aromatherapy. Emily Ransing, Willow Valley Communities Day Spa Massage Therapist, says, Massage is meant to enhance your well-being physically and mentally. I frequently remind my clients that this is their time to focus on themselves to feel healthier. I do all I can to send each client home feeling better than when they arrived. A Willow Valley Communities Resident was asked about her massage as she was leaving The Day Spa one afternoon. She said, After a massage with Emily, your body is so relaxed that you can focus on the things that you often overlook the air is sweeter, the birds are more melodious, the day is brighter. You are better equipped to face the next days, whatever they may bring. As she walked out of the Cultural Center to her car, she added with a smile, Its also a way to take the tension out of your body although theres not much tension at Willow Valley Communities!
You and your loved one have the right to seek a Personal Care Community that will provide a level of attention, dignity, security, and assistance that meets your needs. At The Haven at Springwood we strive to be your choice in personal care.
The Haven at Springwood offers memory care with a holistic approach designed to meet residents in the moment they are experiencing and engage them kindly and compassionately to guide them through their day.