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6 Ways to Save Money on Long-Term Care Costs

6 Ways to Save Money on Long-Term Care CostsSenior care is an important part of many retirement plans, however; lots of seniors will find themselves worrying about long-term care costs due to the expenses that eat up a large amount of their monthly income. Thankfully there are solutions to this as there are many different strategies that can be used in conjunction with each other in order to keep your wallet happy.

A Quick Overview of Senior Financing

How you will go about paying your long-term costs varies from person to person. It varies based on your financial situation and which service you use. Generally, a whole list of payment sources are involved and commonly include private financing options, government programs, and out of your pocket. Several federal-state programs pay for senior care, some of which you may be eligible for.

These programs include:

  • Medicaid  – Provides inexpensive medical care for low-income households. Unlike other programs it isn’t determined by age, rather it is determined by annual income and the size of your family.
  • Medicare – A government program that helps people over the age of 65. It does not cover people receiving ongoing care at home, assisted living, or long-term care.
  • Social Security Disability Income – This type of social security is for people under the age of 65 and is dependent on the social security administration’s definition of disabled.

How to Save Money on Long-Term Care Costs

1. Select the correct level of senior care (some are more expensive depending on what the resident’s needs)

If you want to save money on senior care then first and foremost you should be buying the correct level that is best suited for your needs. If you need 24-hour assistance then invest in that coverage but different levels come at different costs so if a person doesn’t have medical needs then refrain from buying those types of care.

2. Apply for eligible discounts and payment programs.

As mentioned before there are plenty of payment programs with criteria you may be meeting that will give you a reduction in the price of your senior care. Do the research and apply for discounts when you can as this will save you a lot of money in the long run.

3. Continue renting out your home after you move.

You may be considering selling your house once you’re ready to move out of it and while this may make you some quick cash in the short term, it will serve you just as well if not better to rent it out rather than sell. This strategy will give you a small form of income after retirement allowing you to keep up should anything go wrong financially with your long-term care.

4. Consider sharing your community space with a roommate.

This isn’t for everyone but having a roommate can reduce long-term care costs by a hefty amount. Although some prefer privacy, sharing the costs can really help your senior care financing along with giving you a social outlet.

5. Keep track of your senior tax deductions.

As a senior keeping track of your tax deductions is essential. Things such as a social security tax exemption can come into huge play depending on how you’re paying for your senior care. Start some investigating and keep up with what’s going on and how it affects you.

6. Look for deals and special offers when choosing a senior living community.

Senior living communities often have special offers for different people stemming from all kinds of backgrounds. Work to find a community you’re both comfortable in but can also comfortably afford. As such you should be hunting down these deals using them to your advantage.

Looking for a Great Senior Community?

If you are looking for a high-quality, resident-centered senior care facility to live or work in, look no further. Colavria Hospitality is a local, family-owned management and consulting company specializing in skilled nursing communities and senior living in the greater Denver area. Our wide capacity for assistance and rehabilitation ensures maximum care for all residents.

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