If you have an elderly loved one who could benefit from making the move to senior living, you may have some questions before taking the next step. At Morada Quintessence, we want to help families make the best possible decision for their circumstances. In our handy family resource guide, you can find out more about everything you need to do before transitioning your loved one to senior living!
Initating the Conversation of Senior Living
Not every older adult has the same idea of what their retirement years should look like. Your loved one may be eager to make the move, or they may be resistant. Broaching the subject is often the first step to take, and if your loved one seems to be against the move, below are some tips to try out:
- Find out their reasons for being against the move and debunk each of them. For instance, if they are worried about not seeing their grandkids anymore, assure them that they can video call and visit as often as they want.
- Gently let your loved one come to terms with the idea by explaining the benefits they can reap. If they constantly complain about a lack of social interaction, let them know that they will be living right next to friendly neighbors of similar age onsite!
- Most importantly, keep your loved one involved in the conversation. Never presume to make a decision on their behalf without consulting them.
Consolidating Finances for Retirement
Now that you are all prepped for the big move, the next step is to consolidate your finances. If your loved one’s retirement savings can cover the cost of senior living or if you are planning to contribute, great!
However, many of our residents find that they have to tap into one or more other sources of funding, which can be:
- Proceeds from Home Sale or Rental: When making the transition to a senior living apartment, many older adults choose to sell or rent out their homes. If moving in day is already upon you but you are waiting for your home to sell, you may be able to get a bridging loan to cover the costs of senior living until your home sells. You only need to pay back this loan when you receive the proceeds of your home sale.
- Long–Term Care or Life Insurance: If you have purchased long-term care or life insurance and are able to cash in on it, this can go a long way towards offsetting the cost of senior living. Your eligibility will depend on the specifics of your policy, so make sure to consult with your insurance agent before making a decision.
- Veteran Benefits: Veterans and their surviving spouses may be eligible for an additional monthly payment on top of their regular pension to go towards senior living. Eligibility will depend on individual circumstances, so always check with your local Veterans Administration office when in doubt!
Our team members at Morada Quintessence are more than happy to carry out an initial consultation with you if you are thinking of making the move!
