The decision to help a loved one transition into a supportive, comfortable Senior Lifestyle community involves a number of factors, and the financial considerations and senior planning are often at the top of the list. We’ve compiled a number of resources to help you navigate this important part of the process, which you can find below.
At Senior Lifestyle, we know the financial figures can appear overwhelming initially. To help you better understand your budget, consider your options, and create a financial strategy for the future, we’ve designed this affordability calculator for senior planning to assist you.
|Current Monthly Expenses||Your Present Home||Senior Lifestyle|
|1||Monthly Mortgage or Rent Payment||$||$|
|3||Home or Renter’s Insurance||$||$|
|4||Telephone and Cable||$||Included *|
|5||Utilities (Electricity, Gas, Water, Sewer, Trash Removal)||$||Included *|
|6||Property Tax and Association Fee||$||Included|
|7||Lawn Care & Landscape Maintenance||$||Included|
|9||Maintenance & Home Repairs||$||Included|
|11||Laundry Services (Washer & Dryer)||$||Included|
|12||Transportation (Insurance, Gas, Registration, Repairs)||$||Included|
|14||Social, Cultural, Recreational Events||$||Included|
|15||Health and Wellness||$||Included|
|16||24-Hour Emergency Call Service||$||Included|
|18||Daily Life Enrichment Programs||$||Included|
|Total Monthly Expenses||$||$|
We know that companionship goes a long way toward getting the most out of life. Residents are matched based on compatible interests, backgrounds, and personalities. And not only are Shared Suites a great way to make friends right off the bat—they are also a very affordable option.
Veterans Administration Benefits
According to the U.S. Department of Veterans Affairs website, you may be eligible for VA benefits if you are a:
- Veteran, Veteran’s dependent
- Surviving spouse, child or parent of a deceased Veteran
- Uniformed service member
- Present or former reservist or National Guard member
Keep in mind that your eligibility for assisted living financial support is based on clinical need and setting availability. Your VA social worker or case manager may be able to help you with eligibility guidelines and help you decide if you will need extra help from a nurse or aide at the facility. Learn more about VA assisted living benefits at the VA website.
Financial Planning for Seniors
Every family’s situation is unique, and our corporate partner Elderlife Financial specializes in helping families make a financial plan that makes sense for them. They can help you find solutions to a number of important issues, including qualifying for a bridge loan prior to a home sale, or receiving approval for Veterans Benefits or Long Term Care Insurance.
We encourage you to visit the Elderlife Financial website to learn more or contact a Senior Lifestyle Community Advisor.
We suggest you visit the Internal Revenue Service (IRS) website to see what tax deductions are available and possible applicable to you as a resident or caregiver.
CONVERT YOUR LIFE INSURANCE POLICY
It may be possible to convert your life insurance policy to pay for your or your loved one’s stay at a Senior Lifestyle community. We’ve partnered with Life Care Funding to help you determine if your existing life insurance policy can be converted into an immediate Life Care Benefit Plan to pay for the cost of care. There are no fees or obligations to apply. Simply visit the Life Care Funding website to learn more.
We also cover topics about how families, caregivers, and seniors can make sound financial decisions in our Unretired blog. Check it out here!