The process of becoming a resident in retirement communities can be difficult to navigate. You need to know how long you can be there, your monthly income and whether or not you qualify for Medicaid. If you’re looking into becoming a resident in retirement communities in Naples, FL, below are some steps you can take to make sure that it’s the right choice for you and your loved ones:
You Have Reached A Certain Age
The first thing to determine is whether you are eligible for a retirement community. The first requirement is that you have reached a certain age. Most communities will require you to be at least 55 years old before they will allow you to move in, but this can vary depending on the community and its specific rules.
You Can Pay For Your Stay
Your financial situation is the first and most important thing to consider when deciding if you qualify for a retirement community. If so, how much do they cost, and how long will it take before they’re paid off?
If you’re looking at a large complex or one that has several senior living amenities, the monthly costs can add up quickly; if you have enough assets to be able to afford this type of lifestyle, then great! You may want to consider downsizing from a larger home into something smaller so that you can pay off your debt faster and move into the community sooner.
If, on the other hand, this seems like more than what’s feasible right now (and who doesn’t want a beach house?), think about another option where there are fewer amenities but lower costs or even consider living with family.
All Of Your Children Have Left
If you’re a retiree, and all of your children have moved away and have their own families, then the decision to live in a retirement community is much easier. Whether they live in another city or on the other side of the country, they will still be near enough that you can visit them often. If they aren’t willing to drive over an hour to see their parents once a week or once every two weeks, then it might be time for them to move closer.
You Are Retired Or Semi-Retired
It is important to note that it’s okay to retire from your job partially. If you are semi-retired, you might still work on a part-time basis or do freelance work. In this case, you may qualify as a resident if:
- You have stopped working full time
- You are no longer in school
- You no longer care for others (children or parents)
If you aren’t sure if your situation qualifies as retirement but feel like something else is going on, speak with an advisor who can help guide you through the best steps for reaching financial security in retirement.
You Can No Longer Care For Yourself
This essential qualification separates a retirement community from assisted living facilities. While assisted living facilities typically offer some level of support and assistance with daily tasks, residents are expected to be able to care for themselves. In retirement communities, this is not the case; residents have an increased need for assistance due to health conditions or age-related issues that prevent them from being self-sufficient (including financial matters).
Conclusion
Ultimately, it’s important to remember that there needs to be a formula for deciding whether you qualify as a resident of retirement communities. You will have to work with your doctor to determine the best plan for you and your needs. You may need to try several different solutions before finding one that works perfectly well for everyone involved in this process, so don’t get frustrated if none seem right at first!
