Preparing financially for senior lifestyle changes can be a worry for adult children with aging parents. Fortunately, there are plenty of affordable assisted living facilities in the Oklahoma City area to choose from, making those financial preparations much easier to deal with. In fact, when it comes to affordable assisted living, Oklahoma is one of the best options. Costs in this state are consistently lower than the average for seniors choosing this residential option.
When looking over the financial situation in preparation for making assisted living arrangements, be sure to take a big picture approach. If retirement savings fall short or the investments a senior expected to rely upon took a hit during the economic turmoil of the past decade, remember a senior’s monthly retirement income is just the starting point. There are other options to review that can be helpful in meeting assisted living financial planning goals.
Often, seniors are living in homes they own when they first begin to weigh the advantages of affordable assisted living. Owning a home can contribute to assisted living financing in a number of ways. Depending on the amount of money that needs to be raised to ensure the financial viability of a move to assisted living, the home can be sold outright or kept and rented to add to a senior’s monthly income. For those who decide selling the home is the best option, they can apply for a bridge loan to provide them with the funds for assisted living while the home is on the market.
In many cases, seniors may be eligible for assistance in paying for affordable assisted living. Veterans and their surviving spouses with medical needs, even if those medical needs are not related to their military service, may be eligible for help paying for assisted living. It may be necessary to reallocate assets to meet the eligibility threshold so a senior considering this method of funding may want to consult a lawyer before applying to ensure they are able to obtain the long-term assistance they need. Seniors who are experiencing financial hardship may be able to get help from Medicaid.
This is the kind of financial planning that needs to be done well ahead of time. Sometimes, in the event of an unexpected medical crisis, this isn’t possible. However, when it is possible, such as when the idea of assisted living is years away, this is one of the best financial planning options. Adult children should talk to their aging parents before they hit their retirement years to find out if they have long-term care insurance. If not, it is time to start discussing long-term care financial planning more seriously so you aren’t caught unprepared when the time comes.
Contact us for more information about affordable assisted living and financial planning. As OKC’s first affordable assisted living center, we’re experienced with the most practical and accessible assisted living financing options.