As a retiree, what’s one of your biggest fears? At least half of the people to whom that question was posed cited one of two situations:
- Being a burden on family members
- Not being able to afford suitable options for retirement living
Some of today’s retirement communities, however, offer retirement living at an affordable rate. Particularly when you compare all the costs you incur on a regular basis when living on your own, in an all-inclusive payment, everything you need is covered. Today’s 55+ communities are a good financial option. But the question still remains, how do you pay the retirement community fees?
Your independent living costs may be covered in a number of ways. Let’s explore some of those here.
Existing Life Insurance
If an existing life insurance policy is no longer wanted or needed, there’s a chance it might be applicable toward covering retirement living costs. There are a number of ways in which this may be accomplished. Check with a financial advisor to explore the options and because some income tax implications may result from participating in a Life Settlement and/or cashing in a life insurance policy.
Assets or Owning a Home
To cover retirement community costs, the person in question may want to sell their home. Not a good time to sell? Consider turning the residence into a short-term rental unit for some income.
A reverse mortgage is another way to allow a family to keep a home but, against built-up equity, draw cash. This can be done over a period of time or in a larger lump sum.
If a spouse, a loved one, or you served in the Armed Forces, through the Department Of Veterans Affairs, you may want to explore benefit eligibility. Veterans Aid and Attendance is applied for by less than 10% of qualified individuals! Especially if the person in question experienced service-related disabilities or injuries – or can demonstrate financial and medical need – monthly retirement housing and care costs may be covered.
Long-Term Care Insurance
A gap can be experienced in some cases, even though the cost of maintaining a separate home is comparable to the price of living in one of today’s retirement communities. Medicaid, Medicare, or private insurance might be helpful. In some communities, it’s not accepted, nor does it cover everything if it is. To help bridge the gap, LTC (long-term-care) insurance may be of assistance. From policy to policy, it varies widely, however.
Lessen Your Living Costs by Switching to A Retirement Community
If you are concerned about your finances, some changes may be in order. By moving to a retirement community, all (or most) of your living costs will be covered/included in the community’s fee. Find out ahead of time what’s covered and what you may have to pay separately.
For general inquiries, please phone us at 561-801-7301. For specific sales and leasing questions, call 561-316-4626. You can also fill out our convenient online form to open the lines of communication.
Better yet, schedule a tour to see for yourself all we have to offer.