Talking to Mom and Dad about money can be difficult, and not just when you’re young and need $20 for dinner and a movie. As parents age and need more care, the conversation may become a necessity between adult children and parents. Unfortunately, it doesn’t always get easier to talk about money, and sometimes the financial picture an elderly loved one paints is a bit more rosy than the reality. Additionally, seniors often consider finances completely private information and any attempt at learning more about what options are available can be seen by a senior loved one as prying. To help start the financial planning conversation, Senior Lifestyle has compiled a list of resources and tips to utilize when you’re unsure if your loved one’s finances are sufficient for the care they need.
Learning more about your family’s unique financial situation and needs is the first step to finding a senior housing solution. To facilitate that important first step in financial planning, many of our communities have partnered with Elderlife Financial, an organization that specializes in helping families navigate the senior housing journey and understand financing options available to them. Elderlife can provide education and additional resources on applying for Veterans Benefits and Long Term Care Insurance, as well as valuable information on bridge loans prior to the sale of a home. Contact a Senior Lifestyle Community Advisor for more information, or visit the Elderlife Financial website to get started.
Another financial option for some seniors is the conversion of an existing life insurance policy to pay for a loved one’s stay at a Senior Lifestyle community. To determine if your insurance policy can be converted into a Life Care Benefit Plan to cover expenses of care, simply visit the Life Care Funding website for information on conversion. There is no cost or obligation for this financial planning service and the information may well provide a valuable option for senior housing and care.
At Senior Lifestyle, we understand the value of companionship as well as financial health, so we also offer the affordable option of Shared Suites for seniors. This option provides newcomers to communities with a friend right at the outset and residents are matched based on personality, interests and backgrounds to ensure compatibility. In addition to the resources note above, this option can make senior living much more affordable and comfortable.
For a comprehensive list of these resources and tips, as well as a senior financial planning calculator, please visit our website at www.seniorlifestyle.com. Our website also provides contact information for our senior communities in your area, where a visit with one of our senior housing professionals is just a click away!