Ageing is part and parcel of life. While everyone wants to age gracefully, there will come the time when the negative effects of ageing start to kick in, and you might then consider moving yourself or your loved one into a senior living community.
However, the decision to do so raises more questions than answers, especially in terms of finances. You might be wondering how you could pay for the costs of living in a senior living community. Will there be subsidies available? Can Medicaid or Medicare be used to cover the costs of independent living? If you or your loved one is a veteran, will there be additional subsidies?
If you have these burning questions in the back of your mind, fret not. Our staff at Discovery Village At Naples are here to answer your questions. Listed below are the different payment options residents can opt for when they choose to move into Discovery Village At Naples.
For most people, the first payment option which comes to their mind is their personal funds such as their own savings, or selling some of their assets to pay for the cost. Personal investment plans such as the 401(k) plans can also be used to do so. However, it is generally unsustainable, especially in the long run, to use your personal funds to pay for the costs of living in a senior living community.
Social Security Pensions and Benefits
Seniors who are eligible for pensions and retirement benefits under Social Security can use them to cover their senior living expenses.
An annuity is a form of insurance used by many individuals to plan for their retirement needs. Following the first investment, the investor will receive some form of payment in the future which can be issued to them on a monthly, quarterly, or annual basis. Alternatively, they can choose to receive a lump sum instead of receiving periodical payments. The amount of payment is dependent upon the initial investment, as well as the investment performance.
Supplemental Security Income (SSI)
Individuals, be they seniors or otherwise, who are suffering from disabilities and have limited incomes and assets can take advantage of the benefits from SSI to cover the basic costs of living such as clothing, food and shelter. The amount of benefits an applicant will receive is dependent upon factors such as their income, living arrangements, their children’s ability to provide for them. The SSI benefits can also be used to pay for the costs of senior independent living.