The cost of senior long-term care can vary wildly between communities and depends on the type of care they provide and the kind of personal services and amenities they offer. Understanding financial planning for senior long-term care is the first step in knowing how much you’ll need to live the retirement you’ve always dreamed about.
Baptist Retirement Community is a full-service senior living community that includes independent and assisted living programs for Texas seniors. Our community features a number of spacious floor plans for independent seniors and those who need daily assistance to maintain their quality of life. Our financial team will meet with you to discuss the cost of our programs and work with you to fund your retirement through insurance plans, investments, savings, or government financial programs. You can begin planning today by using our senior living cost calculator for a side-by-side cost comparison. Then call us at 325.313.7931 to speak with our financial team about spending your senior adult years with us.
How Much Does Senior Long-Term Care Cost?
The U.S. national average of senior long-term care costs is around $54,200 per year1. For seniors planning on retiring in Texas, the average cost of long-term senior care at an assisted living community is around $47,970. Of course, the types of personal services, amenities, and medical care a community offers will affect the price.
When starting your senior financial planning, you must consider several factors to understand your yearly cost. You’ll need to consider the type of medical care you will need and the types of personal services and amenities you want. A full-service senior living community like Baptist Retirement Community has a full range of senior care programs:
- Independent and assisted living programs
- Memory care services
- Short and long-term rehabilitation
- Skilled nursing care
- Respite care
- Medication management
- Physical, speech, and occupational therapy
Baptist Retirement Community welcomes Texas seniors who are looking for a fulfilling retirement. Our senior long-term care programs include quality medical care, multiple dining options, an on-site beauty salon, health and wellness programs, recreational and educational programs, and much more.
5 Tips for Long-Term Financial Planning for Seniors
One of the biggest concerns for seniors when thinking about long-term care is the overall cost. You will need to consider the length of time necessary, the types of medical and therapeutic services you need, and what kind of personal services and amenities you want.
If you or a loved one needs long-term senior care, check out these tips for financial planning:
1. Determine Your Long-Term Care Needs
You first want to determine the type of care you need and the length of stay. When you talk with a long-term care center, they will discuss your medical needs and treatment options.
2. Research Various Communities
These days senior living centers focus on fostering independence in their residents, each center offering various services and amenities to maintain their residents’ quality of life. Do your research and visit several communities before you make a decision. Be sure to ask for the yearly cost to compare it to other long-term care programs.
3. Review Your Finances
Write down all of your expenses along with all sources of income to see how much you can afford to pay. Remember that many places include housekeeping, laundry services, meal programs, and other amenities in the overall price.
4. Verify Insurance Policy Coverage
Check with your insurance provider to find out which senior long-term care programs they cover and any out-of-pocket costs. Most insurance plans can cover medical and therapeutic expenses and senior living costs.
5. Selling Property or Assets
If you don’t plan on keeping a family home, you can use that money to pay for your retirement and get the quality care and service you want. This is also a great time to consider selling other items, like jewelry, art pieces, luxury cars, or other assets that you can use to fund your retirement.
These are just a few tips on senior financial planning. If you have difficulty understanding or managing the financial aspects of your decision, consider consulting with a financial planner to review your finances and help you develop a plan to cover the cost of long-term senior care.
Visit Baptist Retirement Community Today to Discuss Financial Planning for Senior Long-Term Care
At Baptist Retirement Community, we welcome older adults who are looking for a long-term care community to live out their senior years. Our care programs are tailored to the individual and will include quality medical and therapeutic care. You will also have access to various daily activities, weekly outings, a fully equipped gym, and other personal amenities to enhance your stay.
Find out what life is like at Baptist Retirement Community by submitting our online contact form or by calling 325.313.7931 today to schedule a tour and discuss the cost of long-term senior care.
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