If you or a loved one is an active, healthy senior searching for more socializing and a carefree lifestyle, you may want to investigate independent living. While independent living includes activities, food services, and regular cleaning, it does not offer personal care or medical services.
As a result, paying for independent living is more similar to paying for an apartment or condo than paying for other kinds of senior living communities. Continue reading to discover about the best ways to pay for an independent living community.
Paying with Personal Funds
Most individuals use personal funds to pay for senior independent living. This includes pensions, retirement funds, and investments.
If seniors have a source of income, such as Social Security or a part-time employment, they may contribute it toward monthly rent in an independent living community.
Paying with Assets
Older folks who move into an independent living community sometimes sell their house to support the transfer. Seniors as well as their families should speak with a real estate specialist about selling a home to fund senior living. Particularly, senior real estate experts — especially, agents with experience working with seniors — may be a trustworthy and knowledgeable partner in this endeavor. Seniors and caregivers may use the National Association of Realtors’ database to locate a senior real estate expert in their region.
Though it is a less conventional choice, keeping one’s home and utilizing it as an investment — such as renting it out to another person or family — has become an increasingly common tactic. This is often more profitable in the long run. It may also be surprisingly stress-free: Knox Financial, for example, works with elderly persons to locate renters, set rent costs, and manage the property.
The majority of seniors’ most valuable asset is their home, although selling other stuff also helps produce value. For example, a couple transitioning to independent living may start sharing a vehicle as well as selling their second automobile.
Paying with Public Benefits
Though uncommon, certain governmental subsidies may assist seniors in meeting the expenses of independent living.
Housing aid. Section 202 of the U.S. Department of Housing and Urban Development (HUD) provides housing vouchers to extremely low-income seniors. Seniors are not required to return these coupons. It is crucial to know that not all independent living homes accept Section 202 coupons as payment. Income criteria vary depending on a senior’s location, therefore seniors interested in obtaining vouchers should contact their local HUD office.
Supplemental Security Income (SSI). SSI payments, which are also meant for extremely low-income seniors, offer an extra stipend to qualifying older individuals who are already receiving Social Security benefits. The estimated net worth of a single senior must be less than $2,000, or less than $3,000 for an elderly couple. Seniors who are interested in applying may do so by calling 1-800-772-1213 or approaching their local Social Security office.
Lead an Elegant Retirement Lifestyle with Conservatory At Alden Bridge
At the Conservatory At Alden Bridge, we provide amenity- and service-rich Independent Senior Living options in The Woodlands, TX, and we are delighted to state that we were named the Best City to Live in America in 2021. (Niche.com). Conservatory At Alden Bridge offers six distinct lifestyle programs, each precisely developed to promote health and living quality, decrease stress, and give a plethora of contemporary comforts in our retirement community.
Schedule a complimentary tour around our community now to learn more about our services!