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How Can My Parent Afford Assisted Living?

Your parent’s cost of living in an Assisted Living community is cheaper than living in their own home—but not by much. Genworth Financial estimates the median cost in 2016 was $3,628, less than half the cost of a nursing home. The company estimates the cost this year will rise to only $3,737.

In Massachusetts, however, 2017 costs are estimated to be $5,627, because Massachusetts has higher-than-average housing costs. That amount, by the way, is even higher in the Boston area, because the Boston area has some of the highest real estate expenses in the nation.

So what are you and your parent to do?

How Can My Parent Afford Assisted Living?

Plan Ahead

If you can, plan ahead. You know that your parent will eventually need help. At least 70% of people will need long-term care after they reach age 65, noted a CareScout report.  As soon as they retire—or even earlier, if they’ll let you—take upon yourself the potentially unpleasant task of talking to them about their finances.

Try these ideas to talk to your parents about their future!

Why? If you know their financial situation, you can plan for the future. Your parent, who is likely to be healthy upon retirement, will not remain that way for the rest of their life. Both of you are likely to have mental blocks against considering your parent’s future disability, but it’s vitally important you plan for such an eventuality.

As the saying goes, “Hope for the best. Plan for the worst.”

The earlier you plan, the more likely your parent can implement these retirement strategies, which include:

  1. Plan for a long life
  2. Don’t expect savings to cover costs
  3. Invest in retirement savings and other investment strategies
  4. Consider long-term care insurance
  5. Use your home equity to your advantage
  6. Consider your state’s retirement-friendliness
  7. Make sure your investment portfolio is diversified
  8. Consider rental properties as an income stream
  9. Make cost reductions a habit
  10. Don’t take a hands-off approach to financial matters

Research Resources

If you come to the realization your parent will need help with activities of daily living now or very soon, investigate resources that may help cover the cost.

For example, The Arbors Assisted Living Residential Communities offer a page on our website with information and links to help you cover the cost of Assisted Living. They include:

  • Veterans Benefits: Aide and Attendance Program
  • Long-Term Care Insurance
  • Tax-deductible
  • Affordable Programs
  • Medicaid/MassHealth Programs
  • Companion Apartments

Whether you live in Massachusetts or not, this page will offer you some suggestions. For others, the U.S. Department of Health and Human Services offers information about Medicaid/Medicare coverage and other resources. The site includes helpful information, such as whether disability or health insurance covers long-term care, what long-term care insurance covers, whether life insurance will cover long-term care, and ways to pay privately.

Other resources may include your Area Agency on Aging, geriatric care managers, and eldercare resource managers.

Why The Arbors Helps

We know Assisted Living is not the cheapest option for your parent who needs supportive services. However, we believe it is the safest and most healthful option. That’s why we do as much as we can to help families who need some help affording Assisted Living.

 

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

Instant Access to Free Guide

 

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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

 

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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

 

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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

 

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

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

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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.

Instant Access to Free Guide

 

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

 

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

Instant Access to Free Guide

 

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

Instant Access to Free Guide

 

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

Instant Access to Free Guide

 

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

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

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Guide-The StandoffAssisted 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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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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