As you age, it becomes more likely that you will need help in certain areas of taking care of yourself. Depending on the level of care you need, different types of living situations may benefit you the best.
We understand how important it is to plan for long-term care and we have helped many of our clients with their transition into new situations with ease.
Typical living arrangements for long-term care
Fortunately, there are several different housing situations for seniors, depending on their preference and ability to care for themselves. According to a pamphlet released by the American Association of Retired Persons, the following is a list of common arrangements for living.
- Living with your family
- Foster care for adults
- Sharing your home with another individual in exchange for help
- Retirement communities
- Apartments for seniors specifically
- Age-restricted communities
- Nursing homes
- Continuing care communities for retirees
- In-home care
- Government housing
When choosing a living arrangement, it is important to consider what arrangements will make sense in the future, as well as what is important to you. Do not move into a situation where you will ultimately be unhappy.
Paying for long-term care
It is no secret that long-term care can be expensive. It is important to research which programs are available for your income bracket. For example, you may qualify for free public services, but decide that you would rather pay for arrangements that will make you more comfortable instead.
When it comes to paying for long-term care, several options may help you. Amongst these are long-term care insurance, annuities, life insurance options and even reverse mortgages.