How to Budget for Loved Ones in Assisted Living

June 14th, 2016 by John Wilson

For most people, budgeting skills are an essential part of enjoying a comfortable, safe retirement. To budget for a loved one in assisted living, you must have an accurate understanding of the costs involved. Oklahoma assisted living is among the most affordable in the nation, offering better value for every retirement dollar spent. Next, you need to review your loved one’s retirement savings, income and financial assets. If there is a shortfall, don’t panic. There are options.

Get the Details

Assisted living centers can vary significantly in cost and in services provided for the money. On the national level, the average cost for an assisted living single bedroom unit is about $3,000 per month. However, costs for a single bedroom Oklahoma assisted living unit can be much lower. When looking at prices, however, always find out exactly what is included. That base price you’re offered may include only two or three meals per day, with extra fees for housekeeping and other services.

Another thing to consider and factor into budget plans is the rate of inflation. Calculate future costs figuring an annual increase in cost of between four to five percent to be safe. If your loved one is in reasonably good health, he or she could enjoy their assisted living residence for decades. Choosing more affordable assisted living in Oklahoma could be a smarter financial choice that ensures your loved one will be comfortable, safe and happy for years to come.

A senior living center is achievable with financial planning.

Plan financially for life in a senior living center.

Gather Financial Information

Once you are familiar with the various Oklahoma assisted living options and costs, you’ll have a better grasp on your financial targets. Sit down with your loved one’s financial information and figure out how much money there is available to pay for assisted living. You’ll have to do some math here because you have to calculate how those finances will work for years to come.

After you have an idea of the monthly amount of money at your loved one’s disposal, you can do some serious assisted living comparison shopping. Make a list of what services are essential and what services you’d like to have if affordable. Then start talking to various options for affordable assisted living in Oklahoma City to see what they can offer you. There’s a good chance you’ll be pleasantly surprised at what you find, especially if you’re also speaking to assisted living centers in other states.

Don’t Panic

If you find your loved one’s financial situation is worse than you expected, don’t panic. There are a number of options that can help pay for assisted living. If your loved one is planning on selling the house to pay for assisted living, a bridge loan may be a possibility. That’s a loan to tide your loved one over until the home sells. Another option to consider is a reverse mortgage.

If your loved one has long-term care insurance, that may help defray some of the cost, as can some types of veterans benefits. Low-income seniors may be able to take advantage of government assistance programs, such as Section 8 housing benefits, to help pay the costs associated with residing in an affordable senior living center in Oklahoma City. To learn more about available assistance programs, contact us today.

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