Making the move to an independent senior living community is a huge milestone in your life. The decision may not have come without any apprehension on your part. Change can be scary at times, however, when you know it’s for the best, you can quickly start looking forward to your new and exciting life in senior living. In this article, we share with you some ways you can finance independent living at Plano.
Understanding Independent Living
Because independent living caters towards seniors with little to no medical need, the costs are not covered by Medicare or Medicaid. Seniors who are eligible for independent living can take care of their daily needs without requiring assistance. The services provided in independent living include housekeeping and maintenance to take the burden off residents’ shoulders, and not because they are no longer able to tend to these tasks themselves.
Selling or Renting Your Home
Many seniors fund independent living at Plano by selling or renting their house. After deciding to make the move, you can find that homeownership becomes a burden. From keeping on top of several monthly payments to housekeeping, homeownership comes with responsibilities you may wish to be rid of. The proceeds from selling your house can go towards covering the costs of independent living. Seniors who are reluctant to part with their homes may choose to rent it out, using the monthly rental to offset their own fees in senior living.
For seniors who started financial planning way in advance of their golden years, you may have purchased an insurance policy that pays out an annuity. The exact amount you receive and the frequency you are receiving it at will depend on numerous factors, such as the amount of your initial investments and whether you purchase a fixed or variable annuity.
Seniors from low income groups may be eligible for financial assistance to help them meet their living needs from the Department of Housing and Urban Development (HUD). However, keep in mind that the waiting list is long and that the assistance provided may come in the form of public housing, vouchers or rental assistance.
Social Security Pensions and Benefits
If you have Social Security retirement benefits or a pension due to you, you can use these funds to cover the costs of independent living at Plano.
Experience Independent Senior Living at Conservatory At Plano
If you are considering independent senior living, look no further than Conservatory At Plano. We have a rent lock program to give residents peace of mind that there will be no hidden fees or unexpected rent hikes. When you choose to stay with us, you will benefit from a wide range of luxurious, resort-style amenities that will make you feel at home in no time, including a pool, senior-equipped fitness center and lush outdoor spaces. If you would like more information about our community or senior living program, please feel free to schedule a tour with us.