Jun 07, 2011 at 10:44 AM
Senior living options abound, but there are several considerations that must go into choosing the one that is right for you. There are senior independent living solutions and skilled nursing care available. If you are in good health and active, a retirement community may be a terrific option. In a retirement community you get:
A retirement community is a great senior living option for those with controllable or non-existent medical issues. If you are not able to do for yourself on a consistent basis, then assisted living facilities might be a more sensible option. At assisted living facilities, you are provided with the help you need to perform daily activities like getting dressed, taking a bath, or cooking a meal. The costs of assisted living facilities can be a bit intimidating, but there are ways to minimize out of pocket expenses.
Assisted living facilities in Rhode Island start at $1,157 per month. This fee covers the space rental and utility costs. Additional services are available on a contract basis. Many assisted living facilities charge on a points based system. There are a range of points assigned to each service, and when your services total more than a certain number of points the cost increases to the next tier. Many seniors are not able to afford the costs of assisted living, which makes them look to Medicare or Medicaid for assistance. Neither of these programs is able to pay for any basic living costs. Medicare only offers coverage for short term care, and Medicaid does not pay out unless the service provided is related to health care. However, there are long term care insurance policies that can help you cover the cost of assisted living.
There are many different options for senior living, but ultimately price and preference will determine where you choose. Many facilities have long waiting lists for spaces, so it is crucial for you to begin retirement planning as soon as possible.