Making the Move: Financial and Emotional Tips for Assisted Living
One of life’s biggest transitions is moving—or helping a loved one move—into a care facility or assisted living community. It’s a decision often met with a mix of emotions: concern, uncertainty, and even relief. While the primary worry is often the cost of care, there are financial and quality-of-life factors that can make this transition more manageable than many realize.
Understanding the Financial Side of Assisted Living
Shifting Your Perspective on Costs
Many people view assisted living as an added expense, but that’s not the full picture. While it’s true that care facilities come with a price tag, they also replace many existing expenses. If your loved one owns a home, for example, they may not immediately realize that selling it could significantly offset the cost of care.
The proceeds from the sale of a home can:
- Provide a financial cushion for ongoing care needs.
- Eliminate mortgage payments, property taxes, and maintenance costs.
- Help fund a lifestyle that supports independence with necessary assistance.
Even if a home isn’t sold immediately, renting it out could create passive income to support assisted living expenses. Many families don’t consider these options because they are focused on the expense rather than the financial shift that occurs in this transition.
Exploring Financial Resources
Aside from personal assets, there may be other financial tools to help cover the cost of care, such as:
- Long-term care insurance – If in place, it may cover part of the cost.
- Veteran benefits – Programs like Aid & Attendance may provide financial assistance.
- Medicaid or state programs – Depending on income and asset levels, some may qualify for assistance.
Before assuming that assisted living is financially out of reach, working with a financial professional can help explore all available resources and strategies.
The Unexpected Benefits of Assisted Living
While the financial aspect is crucial, quality of life is just as important. Many older adults worry about losing independence when moving into a care facility. However, the reality is often quite the opposite: many individuals thrive in assisted living in ways they hadn’t imagined.
A Newfound Sense of Freedom
At home, aging individuals often struggle with everyday tasks—cooking, cleaning, managing medications—leading to stress and physical strain. In assisted living, these worries disappear, allowing them to focus on enjoying life rather than just maintaining it.
Combating Isolation
Aging at home can lead to isolation, especially if driving becomes difficult or if family members live far away. In a care facility, seniors often rediscover the joy of community through:
- Social activities and outings
- Dining with friends instead of eating alone
- Access to wellness programs and hobbies
The transition, while daunting at first, can lead to an unexpectedly rich and fulfilling next chapter.
Making the Decision Easier
If you or a loved one are considering a transition to assisted living, don’t let fear of the unknown (or finances) hold you back. Taking time to evaluate assets, explore funding options, and understand the potential benefits can help make the decision with confidence.
At On Purpose Financial, we specialize in guiding families through life’s big transitions. Whether it’s helping you assess financial resources, plan for care expenses, or navigate the emotional side of change, we’re here to help.If you’d like to discuss your situation and explore your options, reach out today. You don’t have to figure it all out alone.