What You Need to Know About Paying for Independent Living
The aging population is growing more every day and with it comes the increasing need for elderly care. Retirement is an inevitable part of life and when that time comes you may want to start considering your options for places where you can still live as independently as possible in a safe and secure place designed specifically for the elderly. Independent living is a residential care option that offers the lowest level of assistance to its residents. Also called a retirement community or senior housing, this community is the ideal choice if you just want a place where you can minimize your daily responsibilities and focus on living an active life and socializing with your peers.
But the question is: how can you pay for independent living?
The Cost of Independent Living
The average cost of independent living ranges between $1,500 and $6,000 per month, according to the American Seniors Housing Association.
This depends on the type of residence that you choose, the amenities offered in the facility, the location of the residence, and the level of services that you can enjoy while living in the community. The cost will also depend if you wish to buy or rent the residence.
The Payment Options
Unfortunately, you cannot use Medicaid or insurance to pay for independent living costs, as they are only used for nursing homes, home care, and assisted living facilities. This is why you’re required to use your personal income to take care of these expenses.
With the help of your family, you can use your personal income, savings, pension payments, or investment retirement accounts. You can also use these other options to pay for independent living:
This is a type of insurance that is often part of a retirement funding strategy. Here, you’ll be making an initial investment where you will be entitled to a future payment that can be scheduled annually, monthly, quarterly, or as a lump sum.
Social Security Benefits
Your social security retirement benefits can be used together with your other pension payments to cover the cost of independent living.
The U.S. Department of Housing and Urban Development (HUD) offers several programs to help low-income seniors find safe and comfortable living arrangements as stated in Section 202L Supportive Housing for the Elderly Program.
If you meet the eligibility requirements for low-income housing, the government will pay 30% of your income to be paid mostly on rent and other expenses.
Supplemental Security Income (SSI)
The government also offers Supplemental Security Income (SSI) for individuals aged 65 years and older who have disabilities, are blind or have limited assets and income.
If you belong to this category, you can apply for SSI to over for expenses like your monthly payments for independent living.
At the end of the day, you have to choose a residence where you can feel safe, comfortable, and as independent as possible.
Independent living facilities offer you the opportunity to enjoy the best quality of life in your late adulthood years.
Richmont Senior Living is proud to serve Ashland, NE and the surrounding cities: Memphis, Springfield, South Bend, Greenwood, Murdock, Waverly, Murdock, Ithaca, and Chalco