The transition into a supportive, comfortable senior living community involves several factors, and the financial considerations are often at the top of that list. Learn how we can simplify the process for you.

Are you wondering how to pay for senior living? You are not alone. One of the first things that come to mind when families begin to contemplate the transition into senior living is no doubt the financial aspect of it.

Because of that, we have compiled the six most common ways families come to pay for senior care:

  • Long-Term Care Insurance
  • Private Funds
  • Supplemental Security Income (SSI)
  • Veteran’s Benefits
  • Life Settlements
  • Senior Living Line of Credit

Other factors to be considered are the tax benefits and the deduction made available to offset costs at senior living communities as well as Veteran benefits provided to U.S. veterans and their spouses. At The Blake, continuing education is also made available to seniors through classes and workshops.

When considering the financial aspect for senior living, it’s also important to choose the type of housing arrangements that will best serve your needs. While a senior will transition to more than one type of senior living arrangement in their lifetime, by understanding the options available, you can identify senior living services that fit your level of care needs. Each of these structures is based on different levels of care, thus different levels of pricing.

  • Independent Living communities are senior apartments that enable complete independence for residents that want freedom, community and enjoy daily activities while maintaining access to 24/7 emergency care and instant aid in anything they may need.
  • Assisted Living provides residents with more of a personal feel, complete with one-on-one care and services like transportation, medication, hygiene, and physical fitness.
  • Memory Care units provide care for those with dementia and Alzheimer’s and are an all-in feature focused on a specific situation. This level of care often consists of a skilled staff that is trained in memory loss diagnosis and available therapies and treatments.

Lastly, for more information on pricing, contact your nearest Blake community for an affordability calculator, cost comparison and to schedule a tour and a complete financial consultation.

Elderlife Bridge Loan is a financial bridge, allowing you to pay for senior care now until permanent funding is arranged. Use the Elderlife Bridge loan to pay for assisted living facilities. The interest rate is typically much lower than other lines of credit, such as a credit card. Click here for more information.

ResourcesThe Financial Aspects