How to Afford Senior Housing and Elderly Care
Since more and more of the Baby Boomer generation is reaching retirement age, senior housing and elder care industries are booming.
However, the gap between supply and demand has caused the cost of senior housing and elder care to skyrocket in recent years. This leaves families struggling to pay out-of-pocket costs that these communities charge. Here’s what you can do to afford senior housing and elder care for a member of your family.
What Are Some Budgeting Suggestions for Senior Citizens on A Fixed Income?
As a senior on a fixed income, knowing exactly how much money you have makes budgeting easier. On the other hand, a fixed income may not be sufficient to cover necessary expenses. Start by writing down your mandatory expenses to assess where you stand with your fixed income. Housing, food, medicine, medical insurance, and transportation are examples of these necessities. Adding a miscellaneous category for unplanned expenses would also be beneficial.
So, what are your options for cutting costs at this point? Determine a less expensive way to meet this need for each category. For example, in terms of housing, owning a home entails paying for maintenance, property taxes, and repairs, which can be expensive if the house is old. In this case, it may be less expensive to rent a senior apartment or live in an independent senior living community.
By reviewing your necessary expenses and discussing ideas to reduce the costs by category, you can prepare a budget that helps you spend within your limits. Think about how much you pay on insurance, gas, maintenance, and repairs if you own a car – would it be better to sell the car, put the money into savings, and rely on public transit instead?
Will Medicaid Cover Senior Housing for Low-Income Seniors?
Medicaid covers assisted living for the elderly, but there are some restrictions. Before we go any further, remember that Medicare does not cover assisted living. Medicaid is a sort of health insurance program for elderly citizens on a fixed income. Because it is less expensive than the comparable alternative of nursing home care for elders, most states pay for affordable assisted living. Check with your state’s Medicaid program to determine if your benefits will cover some or all of your assisted living costs.
Where Can Seniors Find Low-Cost Senior Living and Housing?
You should contact your local HUD public housing authority if you need low-income housing. You will be sent to the next stage in the application process by the office. You might also want to start looking for senior housing options in your area, such as independent senior flats or senior cooperative living. These listings are often found by searching for any housing and your city on the internet.