Paying for Assisted Living in Three Rivers: Financial Planning Tips
Three Rivers, in Michigan, is a scenic spot for retirement, with peaceful lakes and nature trails. However, paying for retirement and assisted living can feel daunting. Current data suggests the average monthly costs in Michigan are between $3000 and $8000. On top of that, senior care decisions can be both emotional and complex.
Nevertheless, sound financial planning can ease many worries, and the first step starts here. In this guide, we'll explain more about paying for assisted living and the sources of funds available to you.
The Costs of Assisted Living in Three Rivers, Michigan
Assisted living costs will vary depending on the package and location. When searching for assisted living in Three Rivers, Michigan, make sure you are focused on local communities so that you can get a more accurate feel for prices.
When you are comparing affordable senior living options, you are likely to see the following as part of the package:
- Housing
- Meals
- Personal assistance
- Housekeeping and maintenance
- Access to community activities
Some providers will use an all-inclusive model for senior care expenses. Others will offer a tiered model, allowing you to select the care level you need and ensuring the package is affordable.
It's always important to ask for a breakdown of prices to get a clear idea of what you'll be paying and why. This will help you see whether an assisted living community in Three Rivers, Michigan, offers value for money.
Assisted Living Costs: Creating a Budget
A realistic assisted living budget begins with some thought about what is right for you and your family from a financial perspective.
Begin with a list of income sources. This list might include one or many of the following:
- Pensions
- Social security
- Sale from a family home
- Money from relatives
- Retirement savings
- Health insurance
It's important that when putting together a budget, you think about how your future needs might change.
If you need to increase the level of support due to a chronic condition, you need to plan now how you will fund that to ensure your budget will stretch. You'll also want a buffer for any unexpected expenses and leisure costs, like a visit to some of Three Rivers' fantastic annual festivals.
If you are a veteran, you may also be eligible for financial support. You can find out more about LakeHouse Three Rivers' Veterans Program here.
You will need to make an application online, and the award will be based on income, assets, and care requirements. Start early, as the application form takes some time before assistance is awarded.
Long-Term Health Insurance and Assisted Living
If you have long-term health insurance, check the coverage, as these can be a valuable source of financial support for assisted living and reduce the burden on families to pay for long-term care. You may have a policy that covers some of the care you need in an assisted living community, like:
- Bathing
- Dressing
- Medication management
Review your policy and check coverage, benefit limits, and waiting periods. If you don't have a policy but are considering purchasing one, make sure you do this as early as possible. Premiums are lower if you or your loved one begins it before any diagnosed health conditions or support needs arise.
Medicare and Assisted Living Funding for Three Rivers
The federal health insurance program, Medicare, covers medical needs like hospital stays and doctor consultations but won't typically fund long-term assisted living care.
Nevertheless, you may have related medical needs alongside everyday assistance, like physical therapy, that is included in Medicare. Always check your Medicare plan and see whether it will support any of your financial expenses in your senior years.
Financial Help for Aging Adults in Michigan
You may be eligible for state-level support in Michigan to help manage your long-term assisted living expenses. In Michigan, there are specific assistance programs available for seniors.
You may also be able to access help in related Michigan services like financial counseling and care planning, as well as non-profit organizations in the local area. It's worth looking at some of these resources to see if you meet any of the eligibility criteria.
Three Rivers, Michigan: Local Budgeting and Financial Advice
If you are planning to move to Three Rivers, MI, reach out to local organizations for advice on funding, budgeting, and any other financial worries.
You will get to learn more about community-based services and local benefits, as well as practical tips on long-term care planning. You should also speak to our team at Lakehouse Three Rivers.
We can guide you through some of the benefits of our assisted living community and help answer any questions about our community costs. Our experienced staff have supported many seniors in making this transition and will be able to offer resources and recommendations.
Involving a Financial Planner
Another way you can get clarity on your finances is to speak to a financial planner. They can offer clarity and help you navigate some of the more complex financial decisions. You can speak to financial planners about topics such as:
- Selling your home to pay for assisted living
- How to manage your retirement funds
- Benefits and other forms of financial support
- Care planning
- Budgeting tips
- Tax-efficient ways of funding your care
Financial planners are often helpful if you have family supporting your funding. The planner can guide you about how to use the money in the most effective way, and they can guide you on joint decision-making.
Seek advice as early as possible because it will help reduce the stress of managing finances when moving to assisted living.
Paying for Assisted Living: Starting Planning Now
Whether assisted living is an upcoming decision or some time away, don't delay your decisions. When it comes to paying for assisted living, early planning is always beneficial.
If you are searching for an assisted living community, you've found the perfect destination here at LakeHouse Three Rivers, so schedule a visit today. With a caring team and a close-knit community, we offer the ideal destination in this beautiful historic town. We are nestled near rivers and parks, offering you the highest quality senior lifestyle in Three Rivers, MI.