• Get in touch
• (770) 721-2812

Talk to a local advisor for free (866)732-1234

Deciding to move a loved one into a senior living community is a profoundly emotional decision. The process is rooted in love, concern for safety, and the desire to provide a life of comfort, dignity, and connection. However, sometimes the costs of senior living become daunting and threaten your best intentions.

Perhaps the monthly costs of home health care have crept higher than expected, or your loved one’s needs have grown, requiring more of your care and support. Or your loved one is blessed with longevity and threatening to outlive your resources. Ensuring your loved one’s resources last as long as possible can be stressful.

These challenges are not unique, and compassionate solutions exist to meet them. Here are some practical tips to ensure your loved one receives the care they deserve while managing the costs of a safe and supportive home environment.

1. Start with Expert Guidance: A Roadmap to Peace of Mind

Most of us are not experts in finances or senior living, so a good first step is to seek guidance from someone who is. A trusted financial advisor or senior care specialist can help you create a plan that’s tailored to your family’s unique situation. These professionals specialize in identifying senior care options and determining financial eligibility, while also partnering with families to craft a plan that meets your loved one’s needs.

You can also receive help from other sources:

• Senior Living Communities partner with families to determine the best option for a loved one’s residential living and care needs. They can connect seniors and their caregivers with a wealth of professional partners, such as financial planners, eldercare attorneys, realtors, social workers, transition specialists, and other local advisors.
• Eldercare Attorneys often specialize in long-term care planning for seniors. They can provide advice and guidance to help safeguard your finances and select a senior living community with a reputation for high-quality care. 
• Resident Services Coordinators are helpful, compassionate social workers or coordinators on staff at many senior living communities. They typically have deep knowledge of various financial options. They can help you explore different levels of care within the community to find a solution that fits your budget.

2. Consider Multiple Options—and Locations

While you may initially fear that moving your loved one will be disruptive, a change of scenery can sometimes improve their quality of life and save you money. Senior living communities in suburban or rural areas often offer the same warm, relationship-driven care as their urban counterparts but at a more manageable cost. These communities are often beautifully maintained, with open spaces, fresh air, and a slower pace of life. Moving to a new area is a big step, but it may be worth exploring to preserve quality care.

In areas with multiple senior living options in close proximity, prospective residents may be able to find more competitive rental rates for similar services and amenities. These market rates may fluctuate, but they can offer short-term savings for cost-conscious families. To ensure the community provides quality care, speak with current residents and their family members, read online reviews, and visit in person before making any relocation decisions.

3. Explore Veterans Benefits and Specialized Programs

Veterans or spouses of veterans may qualify for financial assistance through programs such as the Veterans Aid and Attendance benefit. This program helps cover the cost of care and services in senior living, including assisted living, in-home care, or nursing home care.

If your loved one has specific needs or conditions, other specialized programs may help cover costs. For example, Area Agencies on Aging coordinate a variety of services, from assistance with daily activities like bathing and dressing to chore services and transportation. These programs are often free or available at reduced rates to eligible participants.

While these resources often have strict eligibility requirements, they can significantly impact your family’s financial journey. Each state’s offerings are unique, so you’ll need a financial advisor, social service agency, or senior care expert to help you navigate your state’s process. These professionals can help you understand what each state offers and the requirements, ensuring you don’t miss out on valuable resources.

4. Bridge the Gap with Short-Term Solutions

Sometimes, families can benefit from a little breathing room to cover costs while exploring long-term options. A senior care bridge loan is one way to gain peace of mind while you discover the right long-term plan. A senior bridge loan is a flexible line of credit that allows up to six family members or friends to share financial responsibility. 

5. Plan for Long-Term Security

Preparation is critical for caregivers who want to ensure the best quality of life for their loved ones. Early financial planning helps ensure your loved one’s stay in senior living is sustainable over the long term. Most families set aside funds for at least one to three years of residence in a senior living community. 

A long-term care insurance policy can offer substantial benefits for older adults seeking to preserve their funds later in life. Policies can often help supplement the cost of care services when a loved one is using private funds to pay rental rates in a community. Some seniors may be able to apply insurance benefits toward the cost of living, but this can vary depending on the policy’s specific terms. Any future senior living plans should always be discussed with an advisor before purchasing a policy.

When private funds begin to get low, speak to the senior living community’s executive director about making the most of financial resources. Community staff can often advise families on helpful next steps to prevent funds from becoming depleted and ensure a hopeful future. In some cases, family members may contribute to a loved one’s monthly costs to help offset expenses and ensure they can remain in their preferred community for as long as possible.

Be Encouraged

Decisions about your loved one’s senior living and care are complex. They come with a mix of emotions—love, worry, hope, and sometimes even guilt. You’re not just managing finances; you’re safeguarding the well-being and dignity of someone you love.

While it is easier said than done, avoid being overwhelmed. You don’t have to do everything all at once or all alone. Every step you take, no matter how small, is a step toward ensuring their comfort, safety, and happiness.

Key Takeaways

• Questions about financial challenges in senior living are common, but compassionate solutions are available.
• Start with expert guidance to explore your options.
• Look into veterans’ benefits and specialized programs, when applicable.
• Consider short-term solutions, like bridge loans, for immediate relief.
• Contact local community programs and state-funded assistance programs to see if they can reduce costs.
• Consider relocating to a more affordable area.
• Planning is key to long-term security and peace of mind.

Let’s Find a Solution Together

If you’re feeling overwhelmed by the financial challenges of eldercare, reach out. Our specialists are here to listen, guide, and support you every step of the way. Together, we’ll find a solution that ensures your loved one continues to receive the exceptional care they deserve. Senior living is more than just service—it’s a place where older adults can find a sense of belonging and feel at home. At its very heart, senior living facilitates meaningful connection and a life filled with warmth and dignity. 

Visit us at The Landings at Canton Hills to see why our relationship-centered approach stands out from the rest. With options for assisted living, memory care, and respite stays, we can support your loved one’s current or future goals while offering peace of mind as care needs change. Contact us today to learn more or subscribe to our blog for more valuable resources to inform your senior living search.