Don’t Miss these 9 Tips on Paying for Retirement Facilities

retirement facilities

As the years go by, you will likely start noticing that your mom is changing and going through a difficult time. She often misplaces her keys and forgets to take her medication or her pill organizer has Wednesday’s pills in Monday’s slot. She’s only 75, still driving, and loves her freedom, but you can’t help but worry about her. You try to visit her often, however, your busy personal and professional schedule makes it difficult.

You know and she insists that she can take care of herself, and her physician doesn’t feel she needs constant supervision, but maybe she just needs some assistance or housing for seniors where she can be around others her age. You are not alone when it comes to making decisions for your parent(s) on whether they can live on their own or not. In the U.S., there are around 47 million seniors. Soon, the population of seniors will double. In fact, by 2060, the Population Reference Bureau is projecting there to be close to 100 million people residing in America who are 65 and over.

When it comes to retirement facilities, there are many different options to choose from:

Senior Apartments/Condos

Many communities have entire apartment and condo complexes specifically geared for seniors. They tend to offer costs based on income.

Assisted Living for Seniors

Assisted living facilities are for seniors who need some assistance, but can generally live on their own. They have professional and licensed staff that will assist each resident with basic needs. Many centers provide three square meals a day and snacks.

Nursing Home and Rehab

A nursing home is a facility where people, including seniors, require constant supervision and health care assistance. They have full-time staff including nurses and doctors.

If you don’t feel your parent needs to move, you could look into a retirement center where a facility organizes programs to provide social services and activities for senior citizens who generally do not require ongoing health care.

Here are some great tips for paying for retirement facilities:

  1. Selling personal assets
  2. Private insurance
  3. Medicare* and/or Medicaid
  4. Income-based housing
  5. Social Security (SSI)
  6. Program of All-Inclusive Care for the Elderly (PACE)
  7. Nonprofit Organizations and Social Networking Tools
  8. Working with estate planning professionals
  9. Working with a coverage broker

*Unfortunately, Medicare doesn’t normally pay for retirement facilities, even assisted living, but you can still check into what they do cover.

No matter what, there are ways to pay for senior housing, you just have to be willing to do your research — but it will be worth it once your parent is receiving the care he or she deserves. Here are a few additional resources that will help with senior planning in Florida:

Senior Housing Net

They provide guidance for finding the best care for aging seniors such as assisted living, memory care, independent living and nursing home facility. Many of these retirement facilities are beautiful and make them feel like they’re at home still. You can take a tour, meet staff, and see other seniors residing there.

Leading Age of Florida

Leading Age’s mission to be the “trusting voice of aging seniors.” They have over 6,000 partners and members committed to providing advocacy at both the state and federal levels, staff education, and serving trusted quality care.