As we or our loved ones age, senior living Calgary becomes an important consideration. But, we all know that senior living often comes with a hefty price tag. And it is one of the reasons why many people steer clear from even considering it as a choice.
Well, what if we told you that there are ways to handle the finances associated with retirement homes? Dive into this blog. We will bring you a compact list of ways to pay seamlessly for senior living for yourself or a loved one.
1- Savings or personal assets
There are individuals who plan everything ahead of time. For instance, they set aside a portion of their earnings to handle certain tasks in future. If you have done something similar, maybe it is time to use that savings for stress-free retirement days at the senior living Calgary.
You can even sell your property or valuable assets. They can come handy in providing substantial funds.
2- Use long-term care insurance
Investing in long-term care insurance can help cover the costs of senior living facilities.
Such insurance plans are specifically designed to cover the costs of long-term care services. Trust us; you certainly won’t obtain such coverage in traditional health insurance or Medicare.
3- Veteran benefits
If you or your loved one has served in the military, there might be benefits available. Veterans Affair Canada sometimes provides financial assistance for senior living or home care for veterans and their surviving spouses
4- Medicare
For those with limited resources, Medicare can be a lifesaver. It’s a state and federal program that might cover the costs of care in certified senior living communities. Eligibility and benefits vary by state, so it’s essential to check local regulations.
5- Rent out the property
If you own a property but aren’t interested in selling it, consider renting it out.
Renting the property will create a steady flow of monthly income from the tenant. This money can be used to offset or even cover the cost of senior living in Calgary.
6- Opt for assistance program
It is worth checking for any available assistance programs offered by local non-profit organisations. These programs offer financial aid to those in need, especially senior individuals.
Ensure that you conduct thorough research on the same and also determine whether or not you or your loved one qualifies for any of such programs.
In conclusion
Planning for senior living is more than just choosing a location; it’s about securing the financial means without undue stress. Thankfully, there are various paths to fund senior living in Calgary, including veteran benefits assistance programs and more.
So, be vigilant, check out your options and make a sound choice about your future!
Shane Florins is the author of this article. For more details about Financial planning for retirement homes please visit our website: lakeshoremanor.ca
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