After much consideration and discussion, your senior parent might have finally agreed to join an assisted living facility. This living arrangement can help elderly parents lead a fulfilling life during retirement. When you have financial constraints, you'll need to make critical decisions. Most families use private funds to pay for senior living expenses. If your parent saved for retirement, they would have a minimal burden. Here are ideas you can consider to help you afford the new living arrangement when enrolling your parent in assisted living.
1. Sell Big and Expensive Items
When residing in assisted living, your elderly parent will probably never use some of their expensive or big possessions. If they have multiple vacation homes or commercial properties that can't be easily managed, consider selling some of them. You can also sell some cars, furniture, and trophies that they no longer need. You can also rent out or sell your parent's main house. Consider involving your parent in the process if there are items or possessions they would like to keep a little longer. The combined value of the sold items can help you enjoy assisted living for a few years.
2. Secure Senior Care Insurance
If your parents are not too old, they might qualify for senior care insurance. This type of coverage is also eligible for individuals who aren't ill. The policy might cover a significant percentage of the assisted living expenses. Consider looking into other suitable insurance policies, both private and state-funded. Some policies may cater to medication, insulin injection fees, and nursing services. When combined, you can make enough savings to make the new arrangement affordable.
3. Get a Roommate
Many facilities welcome the idea of getting roommates. This is a very personal decision that you might want to discuss with your parent. Ask them if they are okay with sharing the space with another resident at the assisted living facility. Of course, sharing space will be more cost-effective. Your loved one will also prevent isolation and loneliness, improving their mental health.
4. Apply for Tax Deductions
Unknown to many caregivers, if you pay a significant amount of the cost of assisted living for your elderly parent, you may qualify for tax credits. Seniors considered critically ill can be eligible for substantial senior living tax deductions. You can use the money saved to pay the expenses required to support your parent at the facility. Consider talking to a professional to understand your options and see what deductions to take advantage of.
Your parent will need you to step in and help them make sound decisions concerning their new living arrangement. Consider applying these ideas to make the transition stress-free and affordable for both of you.Share