Are you looking for affordable senior apartments for an elderly parent? The boom in senior housing has provided many choices, but they aren’t always affordable. To help you invest in the right choice, here are some tips:
Choosing a senior apartment community is a big decision. Ask about move-in incentives and how flexible the monthly rate really is. If there are services that your parent won’t need, see if the you can reduce the rate by excluding these. Likewise, assess how much space your parent will need. Is a two-bedroom apartment necessary, or is a studio or one-bedroom more practical?
Depending on what’s included, a retirement living home may run $1,000 to $4,000 or more per month. This is why it’s so important to do your research and understand what services are included in the monthly fee. Are meals and housekeeping included? What about utilities? Is there a move-in fee? What about cable and internet services? Are wellness facilities and programming extra? Is there a pet deposit? Understanding the actual cost up front and per month will help you budget accordingly.
For seniors who choose assisted living apartments or nursing home care, you may find that there are some government subsidies that can help defer some of these costs. Long-term care insurance can also provide some benefits. However, you should plan on paying the majority of your senior apartment living costs through private financial sources. These could include retirement savings, funds from the purchase or rental of your home, or other sources. The more creative you and your family are with funding options, the more successful you will be in finding an affordable senior living option for your parent.