Didn’t Plan for Senior Living Care?

If you haven’t planned for senior living care, you have a lot of company. Most don’t either because they don’t think they’ll need it or because they want to save their assets for their children. This doesn’t mean they can’t afford suitable care; it just means the choices may be more limited. Fortunately, just like the variety in settings, styles, and amenities, senior living residences are available at a variety of price points.

The cost will vary with the residence, apartment size, and types of services needed. Every community charges differently so it’s important to be sure you’re comparing apples to apples. The basic rate may cover all services or there may be additional charges for special services. Most assisted living residences charge on a month-to-month lease arrangement, very few require long-term arrangements.

The average cost for a private one-bedroom apartment in an assisted living residence in Louisville is $3,500-4,000 per month. There are two types of assisted living licenses in Kentucky, which complicates things. There is assisted living care and personal care. Personal care offers the same services as assisted living care, with one notable exception, personal care offers a medical component. Personal care homes have nurses on staff 24/7 who can perform nursing duties. This is especially important for seniors who have diabetes, or need blood testing done regularly as well as needing injections. The staff at assisted living communities cannot perform these tasks.

Determining Your Budget for Senior Living Care

When we help families budget, we look at income and assets and life expectancy in addition to ongoing medical expenses, insurance etc. We never want to have funds run out! There are programs that might come into play that can help pay for assisted living and stretch those funds such as VA benefits. Surviving spouses can qualify for about $1100 per month and veterans $1800 per month. Many believe they won’t qualify because they have too much money, but that is NOT the case. Proper financial planning and asset reallocation will assure every veteran who served during war time will qualify. We can connect you with professionals who specialize in this area.

Something else to consider when your funds are limited, Indiana Medicaid laws are very different from Kentucky and there are options in Indiana that might work well.

If you have questions, please feel free to contact us. We’d be happy to educate you!!