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Phone: 215-697-8086

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Planning and Paying for Senior Living

Posted on: Jun 28, 2019

The decision to move to a senior living community is not always an easy one. First, it can be difficult to say goodbye to your long-time home; then, families must address any financial concerns. The cost of quality senior care can be intimidating at first; however, when you break down the amount you spend living at home, it may be more reasonable than you originally thought.

If you are beginning to consider senior living, finding the right help is an important part of the decision-making process. You will likely have a number of questions about how to choose the right facility, and how to pay for it. This guide will help you as you enter into these uncharted waters, helping you find answers to tough questions while making the best the best possible decision for yourself or a loved one.

Start with the Level of Need

The level of care that you or your family member needs directly impacts how much you will pay at a senior living community. Start by asking yourself the following questions to consider what level of care, if any, is needed as you enter this next chapter in your life:

There are many different types and levels of senior living to consider. Some of these include:

By taking a careful look at your or your loved one’s abilities and potential needs, you will be able to determine which of these living options is the right fit; then, you can start the search for a facility that will meet those needs.

Consider Amenities as Well

Independent living communities strive to keep residents active and engaged through amenities and activities. These benefits are rolled into the cost of a senior living community and are accessible to all residents. Amenities can include everything from a library to a beauty salon or barbershop. Some senior living communities even have fitness centers, flexible dining options, art and hobby classes, computer workstations and more. The more amenities the community has, the more comfortable and active you or your loved one will be in retirement. 

The All-Important Question of Cost

After you’ve determined what type of facility and amenities would work best for your needs, it’s time to consider cost. The cost for senior care can feel overwhelming when you first start looking at numbers; however, when you break down the pricing and compare it to what you are currently spending at home – the numbers are very similar. In fact, aging in place is sometimes more expensive.

When determining your monthly spend at home, consider your mortgage payments, maintenance costs, in-home care, utilities, TV or internet, home security and more. In addition, do you spend money on a gym, club or pool membership? 

Once current budget is determined, consider what is included in the senior living community. If you’re looking at a facility that includes meals, laundry service and even some on-site entertainment, you will be able to reallocate funds to the overall cost of living at a senior living community. You won’t need to pay separately for laundry and food when they are included in your monthly payment. 

Often when families start to look at budgets, they find that the cost for care is actually more affordable than originally thought, and with some creative budgeting, they can fit it into their retirement income or budget. That said, there are additional options to help pay for the cost of care.

Planning Ahead for Costs

Some of the planning for senior living can be done far in advance of moving. If you start planning your retirement budget early, you can allocate certain costs to help make room for future living options.

If you anticipate that you may need long-term care someday, you can purchase long-term care insurance. This insurance sets aside money each month into a fund, which then can be used to pay for care in the future.

Retirement funds can also be used for senior care. Again, this requires time to build and grow, but if you are planning far ahead, consider setting some money aside for retirement that can go towards senior living expenses.

Payment Options for Senior Living Arrangements Needed Now

Not all families have the benefit of time as they search for senior living arrangements and consider how to pay for them. If you or a loved one need help right now, some options for payment assistant may include:

With so many payment assistant options available to help with these costs, few families are left holding the entire bill for their loved one’s care.

Striking the Right Balance

As you consider level of care, amenities and cost, you will need to strike the right balance between an affordable senior living environment and one that will meet your loved one’s needs exceptionally well. Often the lowest priced communities are the ones providing fewer amenities, benefits and lower quality of care. 

At PPH, we have created a supportive and comfortable independent living environment with personal care services, rehabilitation care and skilled nursing care, that provides superior options for families facing this decision. If you’re looking for an independent living environment, with exciting activities and amenities and a supportive, caring staff, consider PPH. Schedule a tour today.

What Residents Say

"In my two years at PPH, I’ve grown to like it very much. At first, I felt like a stranger and then as I began to talk to people, we increasingly became good friends. A way to meet people is to join clubs. I’m now part of the PPH Auxiliary. I love helping with their flea markets because you never know what you can find. Recently, I’ve joined an evening quilting class. I love that I can continue to enjoy my life outside of PPH while experiencing the offers here.….especially the pool! Everything is just so convenient.

– Lucille Hite, Independent Living resident

What Families Say

"My mom is sooo happy at PPH, I can’t even describe it in strong enough words. She’s met so many new friends and these ladies do EVERYTHING together! She sees Dad every day in Pathways, but can have her life too. She’s gone to so many activities and I think I’ve already been to Scoops with her at least 15 times. She loves the dining room and Bistro too. My sister, Ilene, and I are so delighted that Mom is happy.......Wow, it feels like Mom’s been there about 2 years—but it’s only 2 months!! That’s how comfortable and natural it feels for her – and for all of us.

– Rhonda Frenkel, daughter of residents Jack & Bernice Segal

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