5 Ways to Afford Living in a Retirement Home

A common concern for many in old age is the affordability of retirement homes. Oftentimes, these communities can be expensive and deter individuals from considering their services when they age. However, there are a number of steps that people can take to help counteract the overall cost of retirement that include: planning ahead, comparing packages, selecting a remote location, sharing a room and making use of government benefits and subsides which are outlined in detail below.

1. Plan Ahead

The most important thing that people can do to help prepare for the cost of a retirement home is to plan ahead. Planning ahead can help to prepare yourself and your loved ones for the cost of a home before moving into it. This can allow you to put aside enough money for the facility and ensure you get into the centre you wanted.

Otherwise, failing to take the time to plan ahead can result in disappointment if you underestimated the costs and cannot afford the home or the centre is not accepting new patients. To avoid this disappointment its recommended to begin researching homes long before retirement to ensure all of its costs are covered.

2. Consider Alternative Locations

There are many different types of retirement homes that vary in their level of care and service. Given how different these homes can be their overall price can range with long-term live-in care facilities being the most expensive option. Rather than risk disappointment in your selection its recommended to spend the time researching various retirement homes as a way to compare their services and cost.

For those that find standard live-in retirement homes too expensive, they can select from a range of additional retirement services such as visiting caregivers or meal plan services that allow the person to live in their home and have professionals visit them regularly. These programs are typically more affordable seeing as the person won’t be paying for accommodations but will still be able to receive care in their old age.

3. Consider Additional Fees

It’s also important to consider any additional fees and costs of a retirement home prior to selecting a location. While looking at a home, you should speak with a representative at the residence to clarify what the overall cost of the facility includes and if there are any additional fees that the residents may be expected to pay.

Although this can be time consuming, it’s an important part of search for homes because it can prevent disappointment from a higher than expected bill and unaffordable costs after moving in.

4. Sharing a Room

If you’re struggling to afford a retirement facility, it’s also recommended to reduce the cost of living in one by sharing a room. Having a shared room in a facility often means that the overall price of living in it will be reduced. Plus, most facilities try to match compatible people to one another which can better their stay if they develop a friendship with their roommate. Ultimately, providing companionship in the home while helping to reduce the overall cost of living there.

5. Government Benefits and Subsidy Programs

The final method to help make retirement homes more affordable are to research and apply for any government benefits or subsidy programs available to seniors in your area. Oftentimes, there are a number of tax breaks and free programs that seniors can make use of their old age.

Although it can be a tedious and time-consuming process for the grants to be approved, the programming can give senior the chance to finally afford a retirement facility.