Senior living is the best option if you don’t want to be burdened with owning and maintaining a house. These retirement communities feature a different level of care and you can access them based on your needs.
These centers offer an independent living where you can maintain a sense of freedom while you live among happy residents. However, these all come at a cost and the cost of living might be high for some communities. And this begs the question of whether the cost can be negotiated or not. Below is the estimated cost of living in senior housing in Allen, TX:
Cost of Independent Living
The total number of independent living communities in Allen and nearby areas is 32. With 8 in Allen and 24 in surrounding areas, the median cost of these communities is $2,533 a month. Again, this is below the National average of $2,700. In the surrounding areas, there are communities with an average cost starting from $1,560.
How to Pay for Independent Living
- Personal funds
Personal savings is one of those options you can use as a way to pay for your independent living expenses. This type of savings comprises different options, it can be pensions, investments, or retirement accounts. In addition, if you have other sources of income from a part-time job you can use them to pay for independent living.
Another payment option you can try is using your asset to pay for the retirement community. It is common to see people selling their homes while transitioning into senior living.
To make the selling process easy, you can use the service of a real estate agent. A real estate agent will help list your property for sale and ensure you sell it at a good price. You can find qualified real estate in your location by checking the database of the National Association of Realtors.
- Life insurance
Generally, people buy life insurance to offer financial support for their family after passing away. However, in a situation where you need to pay for senior living, you can use the insurance policy to make the payment. Below are different ways you can use your life insurance pay for the retirement community:
- Sell Policy
- Exchange the policy for its cash value
- Take a loan and pay it back into your life insurance fund
- Lastly, you can set up a benefits program that allows you to use a part for independent living and other parts for your family members
Can You Negotiate Cost of Independent Living?
Yes, even though prices in independent living are fixed there is room for negotiations. You can negotiate the cost in the following ways:
- Avoiding the entrance fee
The entrance fee can be as much as thousands of dollars. You can agree with the community to waive the fee for you. This negotiation can be easily done when the community has high vacancy thus in need of residents to fill the vacancies.
The number of services you need will impact your cost of living. So, you can negotiate services by removing the ones that are not basic to you.