6 Tips for Reducing the Cost of Assisted Living

Written by Julia on November 5, 2015

Without a doubt, old age is going to creep up on you. When you get there, you’ll want comfort knowing you’re cared for in any situation, and you’ll want to live in a place you can call home without it costing a fortune. Undoubtedly, these are the same requirements you’re seeking for your aging parents.

Quality senior living shouldn’t cost you dearly, and it should enable your parent or grandparents to live independently in a retirement community with assistance if they need it.

Top Ways to Reduce Your Assisted Living Costs

According to the Assisted Living Federation of America, while assisted living is more affordable than a nursing home, it can still cost between $25,000 and $50,000 per year.

This can be expensive, especially when the federal Medicare program does not cover assisted living costs. However, there are a number of ways you can reduce these costs.

Plan in advance

Rather than leaving everything to the last minute, review your options months before you need to move into senior living. This will give you time to visit each facility and to find one that’s affordable, rather than you having to make a rushed decision that may be costly.

Research all options

Assisted living is just one option. You may find that independent living, in-home care or family caregiving, where family members team-up to assist the senior, are more affordable options.

Find out about Veteran Benefits

For those 65 and older that served during wartime, you may be eligible for a veteran’s pension. There are three means-tested pensions available, but they can give you financial assistance for assisted living. To find out more visit your local Veterans Benefits office.

Enquire about share rooms

If you cannot afford to live by yourself, then you may be able to share a room with a friend. This can be more affordable and enjoyable.

Ask about facility incentives

Many retirement communities offer incentives and price reductions. So don’t be afraid to ask, you have nothing to lose but added expense.

Contact a local senior living placement agent

These agents are similar to an apartment broker in that they are able to compare assisted living retirement communities that offer you independent living and senior care for your aging parent or parents.

The agent will arrange to meet you and your parent or parents, they’ll arrange tours of the senior care facility and they’ll negotiate a price on your behalf. Best of all, this is a free service–the agent is paid by the assisted living facility you select.