Tips On Planning Expenses for Senior Living

A common oversight among many middle-aged and older adults is not considering expenses beyond retirement. However, senior living can be a substantial financial commitment, and by starting to budget for it early on, you can make the process much easier. Balfour Senior Living provides you with three key tips when planning for senior living or assisted living at Ann Arbor.

1. Settle On an Amount You Want to Spend

To effectively plan your senior living budget, it’s crucial to determine the estimated expenses you’ll need to cover. This can be done by utilizing online resources which provide cost estimations based on factors such as your age, location, and preferred living arrangement.

Create your budget once you have a rough idea of the costs involved. Decide on a specific amount that you can save or allocate on a monthly, quarterly, or annual basis, and make sure to stick to it. This will help ensure that you have enough financial resources to cover your senior living expenses.

2. Start Early

In order to find the right senior living community, it’s important to start by researching different options that interest you. Consider factors such as location, size, cost, and available amenities when making your choices. Once you’ve narrowed your search down to one or two communities that seem like a good fit, take the time to carefully compare the costs, care services, and other offerings of each. This will help you make an informed decision about which community is the best choice for you based on your specific needs and preferences. Here are some important areas to focus on when deciding on a senior or assisted living facility:

• Housing options and their costs.

• Additional fees and deposits.

• The amenities and extra services that are included.

• Health accommodations for the future.

Taking the time to research and understand your options before making any decisions can ultimately help reduce stress and ensure that you have adequately accounted for all the associated expenses. Whether it’s independent living at Central Park in Denver, or assisted living at Ann Arbor in Michigan, Balfour Senior Living’s leasing counselors can help you find senior living that suits you best.

3. Contact Your Financial Agent

To help plan and budget for your senior living needs, it’s important to work with a trusted financial advisor who has expertise in this area. There are several options available for financing senior living which helps cover costs not covered by regular insurance. By seeking the advice of a professional who understands senior living financing, you can better assess which options are best suited to your circumstances.

Talk To Our Leasing Counselors

By taking the necessary steps to create a strong financial plan, you can gain more financial flexibility and peace of mind as you prepare to transition into a senior living community. If you are looking into senior living options, call our leasing counselors about assisted living at Ann Arbor or our other communities.