If you or a loved one such as a spouse or parent are considering a senior living option such as assisted living or memory care, finances are likely at the forefront of your mind. Protecting seniors’ financial security is a critical task that can be complicated by fixed incomes or increasing medical needs, so preparation is key – the earlier the better. If an extra level of support is needed, delaying action increases the risk of injuries, health complications or decreased quality of life. While it is a considerable undertaking, people often find that gaining a clearer perspective on finances puts their mind much more at ease than the preceding uncertainty. Many also discover that transitioning to a senior living community is actually a more secure option than in-home care.
“The cost of assisted living can seem overwhelming at first glance. However, compared to the average cost of a nursing home ($5,000 to $10,000 per month) or in-home care (about $4,000 per month for 40 hours of care per week), assisted living is often one of the more affordable and convenient options if your loved one doesn’t need close medical supervision.”