How Can I Manage a Fixed Income with Assisted Living?
The cost of assisted living can be expensive, sometimes making it more difficult for someone who is living on a fixed income. You or a loved one may benefit from the care of assisted living, but all too often, seniors living on limited monthly income and savings do not make enough to cover these costs. Every senior deserves a good retirement, but many fear they cannot afford it. However, there are financial solutions available to make fixed-income assisted living possible. Read below to learn some of the options for managing assisted living on a fixed income.
Look for Income-Qualified Opportunities
Though assisted living can seem financially out of reach, some senior living communities offer financial opportunities to those who qualify. If you require daily assistance and your income is below a certain amount, these programs are designed to help make fixed-income assisted living affordable. A quick search of assisted living communities in your area and the aid they provide for fixed-income seniors will help determine which communities focus on making their care affordable to all seniors.
At BridgeWater Assisted Living, we believe senior care should be accessible and affordable, so we offer income-qualified opportunities. If you make less than $2,420 per month, you will likely qualify for such opportunities. Every senior deserves a great retirement. We offer an income-qualified housing option that is modern and fully equipped with top-of-the-line health monitoring technology.
Choose Low-Cost, High-Quality Care
When working with a fixed income, knowing your monthly expenses is critical. Any unexpected increase can be detrimental. As the number of seniors living on fixed incomes increases, more seniors get left behind as assisted living communities become financially unattainable.
Some assisted living communities are working hard to address the growing number of seniors depleting their savings or living on pensions or Social Security. These communities offer low rates for their care and housing without compromising on quality. Look for communities that have high reputations for care while offering competitively low apartment rent and care rates. Many assisted living communities charge community fees or deposits, so opt for a community that does not charge such fees.
Partner with an Advocate
An advocate will help support and recommend the best course as they guide you through available financial solutions and eligibility. As part of our income-qualified programs, BridgeWater Assisted Living provides a community benefits advocate to assist you through the process. Your advocate is dedicated to helping find all possible financial solutions, as well as guiding you through all the steps, whether it’s confirming eligibility or completing necessary paperwork.
Your advocate can also help determine if you qualify for Medicaid. If you run out of money during residency, Medicaid-Certified Communities are equipped to receive payment for any long-term care benefits you qualify for. These programs help seniors with a disability find high-quality, affordable care and provide financial assistance to seniors who cannot afford to pay for long-term care.
As a senior, you should have less worry and more life. Speak with a community benefits advocate today about available resources and discover the best option for fixed-income assisted living.