With the rising cost and need for senior living care, it’s helpful to start budgeting early for long-term care services for yourself or a loved one. Unfortunately, preparing for senior living expenses can be overwhelming for some families.
To simplify the process, follow these three tips to create a financial plan for senior living expenses.
Three Top Tips to Budget for Long-Term Senior Living Care
1. Gather and Organize Your Financial Documents
Look for the following information to help plan for senior living costs:
- Stock and bond certificates
- Pension and other retirement benefits
- Insurance policies
- Bank and brokerage account information
- Deeds and mortgage papers
- Monthly and any outstanding bills
- Social Security payment information
Related: Funding Sources for Senior Care and Housing >>
2. Discuss Creating a Financial Plan With Your Loved Ones
Get together with your loved ones to talk about creating a financial plan for your future care and expense needs. Discuss your wishes, needs, and goals so everyone is on the same page.
Talk about who will handle managing the finances, like paying bills, tracking benefit claims, making investment decisions, and doing tax returns.
3. Consult With a Financial Advisor and Estate Planning Attorney Who Specializes in Long-Term Care and Senior Planning
Planning for your long-term care needs can be complicated, and there are many legal factors to keep in mind. Hiring a financial advisor and an estate planning attorney can be invaluable for establishing peace of mind that you’re fully prepared for your future care needs.
Advisors and attorneys can assist you with the following:
- Insurance options
- Programs in which you may be eligible
- Potential tax deductions
- Pension, retirement benefits, and personal property that may be potential income
- Investment portfolio analysis for your long-term care needs
- Considering Senior Living Options
When you’re considering senior living communities, make sure to talk to the marketing and sales team about the costs. Find out the monthly fees and any additional charges you can incur. Most communities, like Golden Bell Senior Living, have an experienced staff that will provide you with guidance and resources when planning for the costs of your care.
Life at Golden Bell Senior Living
Senior living communities like Golden Bell provide the comforts of home with the added benefits of supportive care, engaging activities, and a maintenance-free lifestyle. With your daily needs met, your loved one will live more independently and have opportunities to meet friends, discover new interests, and live each day to the fullest.
Golden Bell Senior Living offers a full continuum of care, including independent living, assisted living, and respite care. Residents have personalized care plans, are treated like family, and are greeted by name in a warm, welcoming environment.
Amenities and activities include:
- Beautiful accommodations
- Landscaped grounds and gardens
- Community outings
- Recreation and social activities
- Chef-prepared meals
- Scheduled transportation
- Beauty and barber shop
- Housekeeping and maintenance services
Please contact us to learn more about our communities or set up a tour. We’d love to hear from you and are happy to help answer any questions you have about senior living. For more information about choosing senior living, download our complimentary Funding Senior Care and Housing Guide.
