Growing old is inevitable. It doesn’t mean the end of life as we know it. Many of today’s seniors are living full and healthy lives. There are adjustments to go through. Many older adults need help in their daily lives. Some might have a medical condition that’s monitored on a regular basis. Others need help with their medication or personal hygiene.
Moving to a senior living community like the Bahama Bay Club is often the ideal solution. This is not a low-cost option though. A good assisted living facility requires a large investment. There are 10 best ways to save money on assisted living costs.
Is Assisted Living Worth the Cost?
Assisted living is a kind of residential senior care facility. It provides residents with certain personal care services, like housekeeping and meal preparation. Some residents also receive help with the activities of daily living or ADL. These could help in bathing, dressing, or eating.
There are about 835,000 Americans living in this type of senior care facility. Most pay an average of $4,300 a month. The rates will change based on location and the type of amenities offered.
Is it worth it though? Yes, it is. You can save more money by moving yourself or a loved one to an assisted living facility. The amount you pay per month includes 24/7 care and assisted living safety.
There’s always a medical personnel on-hand. Your loved one also has use of all the amenities and they still enjoy the freedoms they have when they lived at home.
With in-home care, you’ll be paying an average of $7,129 a month. The caregiver will only be there for a few hours and they’re paid by the hour as well. The level of care might also be inconsistent.
How to Save Money on Assisted Living Cost
Most families struggle with assisted living costs. Medicare doesn’t cover it. But there are other programs you can use. You can follow the 10 best ways to save money on assisted living costs:
· Look for a Smaller Facility
A smaller facility will cost less than a 100-bed assisted living building. You should look into the small house model. It feels and looks like a regular home and can give you that sense of family you crave. You can also go to a family care home. This type of licensed care facility is an actual house in a residential neighborhood. It provides the same services as an assisted living facility. But it has fewer residents.
· Consider Your Timing
Timing is everything, even when it comes to moving to an assisted living community. Some facilities offer discounts when they’re trying to fill up rooms. Other communities have special deals at the end of the month. You can also ask about seasons where the move-in rates are low.
· Inquire about Price Flexibility
There’s no question that senior housing is important. So their administrators will understand if you ask a lot of questions about their prices. They even expect that. Don’t be afraid to negotiate the price of staying in the facility. You should also ask about their special deals or any incentives or discounts they offer.
There are other situations you can ask about, like discounts if you make a lump sum payment. You can inquire about the possibility of waiving the entrance fee. Or ask them to give a free month in return for an extended lease.
· Compare Payment Models
Assisted living communities often have two payment models – a la carte and all-inclusive.
· A la carte: You can buy the items or services you need based on the need. For instance, you can ask for bathing services or housekeeping. This is good if the family will help with the meals, laundry, etc.
· All-inclusive: A fixed monthly payment will cover a range of senior living amenities. You won’t become surprised with extra payments if you ask for a certain service. But make sure to ask about the services included in this plan. This is a good choice for those whose care needs will change over time.
· Pick the Best Space for You
Assisted living communities offer different types of rooms and layouts. You can choose a senior studio apartment with a balcony or an apartment-type unit. Think about how much space you need. If you’ll have regular overnight visitors, a two-bedroom unit is good. If not, a compact area is enough. Some residents even choose a unit based on the view it provides. But as with any living arrangement, a good view might cost you more.
· Share the Space
A roommate can also help reduce the cost. Sharing a room is more affordable than getting your own room or an apartment. It’s an option that many senior care facilities offer. It also has other benefits, like preventing loneliness.
· Get Out of the City
The cost of living is higher in cities. This holds true for senior care facilities. Look for senior apartments in Florida suburbs. It’s near the city but without the bustle. The rates can go down by 25% but the services remain the same.
· Take Advantage of Discount Programs
You can also enroll in senior benefit programs. Check out the National Council on Aging for their list of programs. You can receive monetary aid for essentials, like food, prescriptions, dental care, etc.
· Use Your Tax Credits
You can also qualify for tax deductions based on your circumstances. Talk to a professional to see if you can get caregiver or senior tax credits. This can go a long way in helping reduce the cost of senior living.
· Hire Professional Movers
Move specialists can make the move to a senior residential care facility go smoother. They can tell you the best way to downsize. They can help sell the stuff you don’t need anymore. It’s a good way of securing funds for the relocation. It’s also one way to reduce stress.
Live in Comfort and Style
You can live the lifestyle you want at Bahama Bay Club. We are a one-of-a-kind assisted living facility in the heart of Florida. We offer world-class amenities and exceptional health care services. We offer a unique mix of luxury living with next-generation healthcare technology. It’s a distinction that helps the residents of this gated community. You can call us at 386-256-2015 or send us a message at info@bahamabayclub.com.
