Senior living communities are a great way to enjoy your golden years with friends while getting all the medical support you need. This retirement lifestyle can be expensive, however, which is why many seniors and their families turn to senior living cost calculators to determine whether they can afford it.
You may wonder what the cost of a senior living community is in Texas and what options you have for paying for it. Contact the friendly team at Westminster Place by calling 903.329.6520 or connecting with us online to learn more about pricing, payment plans, and government assistance today.
Can I Afford a Senior Living Community?
If you’re not sure whether the cost of senior living is in your budget, you’re not alone. These types of communities provide a high level of care in addition to an elevated lifestyle, and the cost of these amenities can feel prohibitive for seniors considering their options.
Before you explore payment options outside your own funds, take the time to use a senior living cost calculator. This will help you arrive at a realistic figure so that you can determine whether you can afford the expected senior living costs.
Different senior living communities will have different options for various needs, including:
- Lodging
- Amenities
- Medical care
- Meal plans
Once you understand what your budget is for a retirement community, you’ll be able to narrow down your search based on cost.
How to Pay for Senior Living Costs
Senior living communities can give older adults the support they need 24/7 while also improving their quality of life each day. In many cases, moving to assisted living is the safest option for seniors who need specialized care around the clock.
You may be asking yourself, “Can I afford a senior living community even if I need it?” Apart from your own funds, there are several ways to cover the cost of senior living, especially if it’s deemed medically necessary for you.
Pension
After years of working, many people enjoy gaining access to their pension fund once they reach retirement. Essentially, this money is designed to go toward services just like a senior living community—essential and safe care to support you as you thrive in your older age.
Real Estate and Other Investments
Have you invested in real estate or other assets over the course of your life? Now that you’re approaching retirement, this could be a great time to cash in on your investments and put those funds toward a comfortable lifestyle in assisted living.
Medicaid
If you meet certain guidelines for income at the federal and state level, you may be able to access healthcare support from Medicaid and get your stay in a senior living community paid for.
Your local Department of Social Services or an elder law professional that you trust will be able to give you more information on the requirements in your area.
Help From Family
Your family understands that the cost of a senior living community may feel out of reach, even if the services you could access could be life-changing. The transition from living independently to a senior living community is a good time to lean on your closest family members for financial support.
VA Benefits
If you or your spouse served in the military, you may be able to access an Aid and Attendance financial benefit from the Department of Veteran Affairs. This tax-free financial aid helps to decrease the personal responsibility of veterans and their spouses to pay for essential services like senior living communities.
Get the Most Out of Retirement at Westminster Place
Moving to a retirement community like Westminster Place can improve your quality of life significantly. At our luxurious community, you can enjoy a wide range of benefits, from top-quality healthcare and recreational programs to sought-after amenities to delicious dining.
We can also work with you to determine the best way to cover the costs of opting for senior living with us. Contact us today to learn about the Westminster Place lifestyle by calling 903.329.6520 or filling out our online form.