A majority of people who are drawing near to their retirements are worried about how they might pay for the costs of long-term care. Many people who have already retired are also worried about it. A primary cause of the worries that people have about long-term care costs and senior living costs is uncertainty. Planning ahead can help you to feel more confident in how you will handle it when the time comes. At Elder Care Direction, we can help you to plan for yourself or for your loved one so that your worries can be alleviated.
Governmental assistance for senior living costs
While Medicare won’t pay for the costs of senior living, Medicaid may help to pay for assisted living when you have exhausted your resources. Understanding what Medicaid will pay for in your state is important.
If you are a veteran, you may also be able to receive additional benefits from the government to pay for your assisted living. The VA may give money to pay for additional care services, but it will not pay the rent.
One of the most common errors that people make when they are planning is not taking the time to understand the help that might be available to them from the government. You should familiarize yourself with these benefits and what they cover so that you can understand how they will fit with your other funding sources.
Plan for costs to rise
When you are planning for retirement, you should expect that the cost of your medical care will rise. Couples who retire today at age 65 should expect to have $240,000 available for medical costs. You should also keep in mind that inflation and medical cost increases can make the estimated costs of care to go up. To afford senior living costs, you should plan for both now as well as for the future. You can do this by employing a number of different strategies, including the following:
- Picking investments wisely so that they keep up with inflation
- Reducing expenses through smart budgeting
- Working for at least 35 years prior to retirement to get the most from Social Security
- Waiting to draw Social Security retirement so that your monthly amounts are larger
When you have already moved into a senior living facility, financial planning should not end. It is important for you to review your plan when your monthly expenses, care needs, and circumstances change. This is important so that your plan will continue to work for you. There are several sources of help in the community that might help you such as senior care coordinators at your senior living community or at Elder Care Direction and your local Area Agency on Aging. In addition, you might also want to investigate long-term care insurance if you are relatively young and have some time before you will retire.
Contact Elder Care Direction
Most people are worried that they will not be able to pay for long-term care and other senior living costs when they are older. Many others are worried that they will not have enough money to last through their retirements. While figuring out government assistance programs is a good start, it is also important for you to write a financial plan that can help you both now and in the future. The professionals at Elder Care Direction can help you to understand the government benefits that might be available to you and assist you in figuring out how much you might need to save. Schedule a consultation today by filling out our contact form or calling us.