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But Can Your Parents Really Afford to Keep Living at Home?

Many aging parents don’t want to spend the money to move to assisted living or assume they can’t afford it. But are they — and you — aware of the financial implications of staying in their house versus moving to a community?

Worrying About Savings

Research shows nearly 75 percent of Americans are behind on their retirement planning. How much do you know about your parent’s financial situation — from what regular income they have to what expenses they pay each month?

Financial uncertainty can definitely increase opposition to the idea of assisted living. However, there is no reason for total uncertainty. You can do research, crunch the numbers, and use informed cost comparisons to provide detailed and accurate answers to your parent’s questions surrounding assisted living costs and affordability.

Determining Current Expenses

Monthly expenses to maintain a home are higher than many seniors realize. Costs associated with staying at home might include:

  • Rent or mortgage
  • Property taxes
  • Insurance
  • Utilities
  • Home and yard maintenance
  • Housekeeping and laundry
  • Groceries
  • Transportation

When combined with potential in-home care costs, living in their current home may end up being the most expensive option.

Figure out your parent’s existing monthly expenses and see how that total compares to the average cost of senior housing in your area.

Considering Financial Options

Most families pay for assisted living costs on their own by using a combination of pensions, home equity, and savings. However, there are numerous other ways you can pay for assisted living. Options include:

  • Veterans benefits
  • Long-term care insurance
  • Life insurance
  • Bridge loans
  • Income tax deduction

Calculating the True Cost

Providing care at home is fraught with financial risks and personal sacrifices, too. Family caregivers spend an average of 24.4 hours per week providing care, so it’s not surprising that caregivers often have to take time off, either paid or unpaid, while some have to reduce their work hours.

Some caregivers even leave the workforce entirely in order to provide full-time care for a loved one. One-third of caregivers say they’ve also had to dip into their savings in order to cover caregiving-associated out-of-pocket costs.

There are 40.4 million unpaid caregivers for adults ages 65 and older in the United States, according to data from the Bureau of Labor Statistics. The unpaid care they provide is estimated to be worth $470 billion per year in a report by the AARP Public Policy Institute.

Caregiving is rewarding, but your family needs to be prepared for the impact that care has on your life.

Handling the Objection

If your parent objects to assisted living by saying, “I can’t afford it,” talk with them about the different financing options and how they might be able to pay for it. Strategies that can help your loved one afford assisted living without compromising the quality of care include long-term care insurance, life insurance, veteran’s benefits, a reverse mortgage, a bridge loan, and price flexibility. Have resources ready for both of you to review together.

Try saying something like, “Quality assisted living is certainly an investment that deserves careful attention and thorough research. But did you know that it will actually cost about the same as or maybe less than you’re paying for your house?”

Show them the research you have done on how much they’re spending on their mortgage, taxes, maintenance, utilities, and other costs, and remind them about all the things that are included in the monthly assisted living fee.

Three meals a day served daily in the dining room, personal care services, 24-hour staffing, weekly housekeeping including flat linen service, health promotion and exercise programs, medication reminders, cultural and educational activities, social programs, scheduled transportation, and maintenance — it’s all included.

As you help your parent transition to a new stage of life, it helps to be prepared with answers to their questions and concerns. For more insights into common objections and strategies for how to handle them, download our eBook The Standoff: Coping with a Parent’s Objections to Assisted Living.

 

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Assisted living can be a touchy subject. No matter how you approach it, your parent is likely to have objections to something.

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This checklist will help to make sure you are getting the most out of your visit to The Arbors.

The list details what important questions to ask during your visit so you are able to make an enlightened choice and find the best assisted living community for your needs.

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If you’re unsure what Assisted Living looks like in real life, whether there is a difference with nursing homes or a desire to see how community life unfolds, then this guide is exactly what you need.

A guide to discover the Care Team and a Typical Day in Assisted Living.

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The Arbors Assisted Living-Guide-How to Choose the Right Assisted Living Community: What You Need to Know Before You Begin Your SearchHave you decided that assisted living is the best option for your elderly parent, and now are feeling overwhelmed on how to begin your search for the right community?

This guide will go over what you need to know before you make a decision.


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The Arbors Assisted Living-Guide-Assisted Living Costs and AffordabilityAre you considering assisted living for yourself or a loved one but are hesitant about the cost? Assisted living costs, services and amenities vary greatly among the last and most expensive communities, and costs are higher in some states than others.

This guide will answer questions you may have about the costs of assisted living and recommend resources to help you pay for it.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Having “The Talk” With Your Parent: It’s Time for Assisted Living
Talking to your aging parent about moving to an assisted living community isn’t easy.

Often, many adult children avoid bringing it up because it can be a sensitive topic.

This guide will provide you with helpful tips and insight on how to have a productive conversation with your parent and siblings regarding your parent’s future.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-The Challenges of Aging: How to Handle Your Aging Parent’s Difficult BehaviorsDifficult behaviors in elderly adults are very common. They may be an expression of frustration your loved one feels or a symptom of early stages of dementia or Alzheimer’s.

This guide will provide you with skills and knowledge on how to handle difficult behaviors your aging parent may be experiencing.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Becoming a Family Caregiver: What You Need to Know Before Deciding to Take Care of a Loved One
Becoming a family caregiver can be a rewarding experience. It also has its challenges.

There are many questions to answer before making the decision to take care of a loved one.

This guide will provide answers to questions you may have on this topic.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Helping Your Parent Manage DepressionIs your parent or loved one depressed, or just in a bad mood?

What does medication and illness have to do with depression?

How can you help? In this guide, you will be provided with answers to the difficult questions you may have about depression.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Is It Depression? A Guide to Identifying and Addressing Depression in Aging AdultsHas your aging parent recently lost interest in activities they used to enjoy? Have you noticed a change in their mood and behavior?

This guide will provide you with resources and tools on how to identify depression, what are the common causes of depression, and how to promote mental health in your aging loved one.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

The Arbors Assisted Living-Guide-Assisted Living Frequently Asked Questions and Answers
Does your loved one need more support than what they are getting? Would they benefit from some assistance with daily activities?

In this guide, you’ll find answers to the most common questions asked about assisted living.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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The Arbors Assisted Living-Guide-Why We Chose the Arbors Assisted Living and Memory Care: A Collection of Stories from Residents Living at The ArborsWhere do you start searching for assisted living or memory care communities?

What qualities in a community should you look for? How do you know you made the right decision?


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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The Arbors Assisted Living-Guide-7 Warning Signs It’s Time to Make the Move to Assisted Living
Has your dad stopped getting together for lunches or outings with friends or visits with neighbors? Have you stopped enjoying time with your parents because you’re a caregiver?

Choosing an assisted living community is a big decision. Learn how to find the right one for you and your loved one.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-Getting Your Affairs in Order
No one ever plans to be sick or disabled, and disasters, man-made or natural, can happen at any time, anywhere.

Yet older adults are among the most vulnerable during a crisis. That’s why it’s critical that seniors, and those who care for them, prepare for emergencies.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-Guide to Making the Move to Assisted Living
Moving to assisted living is a life-changing event.

This guide provides tips and ideas on downsizing, what to pack and how to make the transition smooth for your senior parent.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-Solutions to Common Caregiving ChallengesIn this eBook, you’ll learn how to talk with family and friends about caregiving challenges, how to deal with a parent who is resistant to help, how to get more caregiving help from your siblings, and how to keep your job while caregiving.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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How Moving My Loved One to The Arbors Eliminated My Caregiving ChallengesHave you had to cut back your hours at work to care for your mom? Are you worried about administering medications or injections?

Have you stopped getting together with friends, either because you don’t have the time or you’re too exhausted? Are you becoming the invisible second patient?


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-When is the Right Time for Memory Care?In this guide, you’ll learn about the difference between Alzheimer’s and dementia, including the early symptoms of dementia; the seven stages of dementia and the symptoms that typically accompany each one; and the signs it’s time to start exploring your memory care options.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

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Guide-What to Look for in a Memory Care CommunityIn this guide, you’ll learn about the difference between assisted living and memory care, how healthcare professionals are trained in dementia care, common features of a memory care community, and questions you should ask when exploring your memory care options.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-Brothers and Sisters
Navigating adult sibling relationships can be a challenge, but coming together for the sake of your parent is important.

In this guide, you’ll learn about common sibling conflicts that arise when caring for parents, strategies for getting siblings on board, and where to turn to for help.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-The StandoffAssisted living can be a touchy subject. No matter how you approach it, your parent is likely to have objections to something.

As you help them transition to a new stage of life, it helps to be prepared with answers to their questions and concerns.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-11 Most Common Caregiving Challenges
A Guide to the Most Common Family Caregiver Challenges Associated with Caring for an Aging Parent.

You’ll learn about the true costs of being a family caregiver, common family conflicts that can occur when caring for parents, and some of the unexpected challenges of caregiving.


NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-Checklist_ Questions to Ask When Touring an Assisted Living Community
This checklist will help to make sure you are getting the most out of your visit to The Arbors.

The list details what important questions to ask during your visit so you are able to make an enlightened choice and find the best assisted living community for your needs.

NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Guide

 

Guide-What is Assisted Living Really LikeIf you’re unsure what Assisted Living looks like in real life, whether there is a difference with nursing homes or a desire to see how community life unfolds, then this guide is exactly what you need.

A guide to discover the Care Team and a Typical Day in Assisted Living.

NOTE: Your privacy is important to us. We’ll never share your details nor spam your inbox.

Instant Access to Free Cost Comparison guide

You’re probably wondering how much the different senior living options compare to your current situation.
If you do, then this guide is exactly what you need.


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