Validus Resources

Home care, also called “aging in place,” relies on caregivers coming to someone’s home regularly – often daily – to provide in-home care, including help with ADLs and IADLs. This allows seniors to stay in their own home instead of moving into a senior living community. But it’s also more expensive, and it’s not the best choice for people with certain health or cognitive issues or levels of need.

Senior living communities are purpose-built care centers, staffed by different types of caregivers and professionally managed to offer many types of support for residents. Types of senior living communities include CCRCs, Independent Living, Assisted Living, Memory Care, nursing homes, and short-term respite care facilities.

These senior living communities are designed to include the full range of care and lifestyles in a single campus or property. That means residents can remain at a single community as they continue to age, moving from Independent Living to Assisted Living to Memory Care and other specialized forms of care, as needed.

Independent Living communities offer apartment or condo-style housing for residents and offer them the independence of living on their own and coming and going as they please. They also get the benefit of living in a social community with shared amenities and regular activities. Should it be needed, some or most levels of health care services are often available onsite.

Assisted Living communities combine the independence of apartment-style housing with full-service, onsite care for residents who need help with activities of daily living (ADLs) and instrumental activities of daily living (IADLs) each day. Assisted Living communities provide organized social activities, community dining, and a full range of engaging activities and programs both on and offsite.

Memory Care communities are designed and operated to serve the unique needs of residents suffering from various types of dementia, including Alzheimer’s disease. These residents often require extensive daily assistance from highly trained, certified caregivers as well as other health care services.

Also known as “respite care” or “adult day care,” these programs offer temporary housing in a short-term community. Residents will generally stay between a week and a month, depending on their needs. These programs are provided for seniors who are recovering from an illness or injury, to offer a full-time caregiver time to recharge, or to give residents a chance to explore a new senior living community before committing.

Also known as “skilled nursing facilities” or “convalescent care,” long-term care communities serve residents who need full-time, 24-hour care from a skilled nursing staff. This usually involves residents who have complex medical conditions or high levels of care needs. These communities meet accreditation standards set by the federal government to qualify for Medicare and Medicaid reimbursement.

When planning your budget, your monthly living costs are an important consideration. Understanding how your current income pays for your expenses will give you an idea of your cost of living. Things like rent, food, entertainment, maintenance, utilities, care needs, and other expenses are important to know when comparing your current costs to senior living costs.

Family supplementation is when a loved one helps pay for the costs of senior living such as room and board fees. This consideration is unique to each family, state, and monthly income but is a common budget component when planning for a senior living budget.

Considering additional assets that are available to you can also help budget the costs of senior living. There are many examples but a few to consider are:

• Savings
• Certificates of Deposit (CDs)
• Stocks

Does your life insurance policy have a cash value? This is another source of funds that you may want to investigate. You can receive money from your current life insurance policy or even cash out the value of your policy. Talk with your family and your financial provider to determine if this is a good option for you.

If you own your current home, you may want to consider selling it. If an immediate sale or final sale does not make sense for you, your home can be utilized for cash with these two commonly used options:

• Reverse Mortgage – Having lenders pay out the current worth of your home each month
• Bridge Loan – Using your current home to buy an additional home

There are a number of benefits that can help you budget and minimize the cost of senior living. Inspired Living is a private pay community, meaning residents must pay out of pocket. However, we do accept two types of benefits that can help reduce the costs of senior living:

You can learn more about the benefits we accept and if you qualify for further compensation.

• Long-Term Care Insurance – Insurance that is provided by many private insurance companies and covers a portion of Assisted Living
• Veterans Benefits – Caregiver assistance with daily living benefits given to veterans or if their spouse was a veteran

Downsizing is made far more difficult the more you put it off. You don’t have to think of it as a single huge project! Start today, and start with something as simple as cleaning out one drawer in your kitchen or bathroom. Have more towels or bedding than you can use? Set your extras aside for donation or disposal.

Another excellent tip, especially if you’re relocating very soon, is to start by packing items you’re certain to need rather than starting with all the stuff you won’t bring along. Starting with your “keepers” will make the process feel more positive, manageable, and productive.

If you’re moving into a smaller condo, apartment, or senior living community, you’ll probably have fewer rooms and less storage space. Keep this in mind as you make your downsizing plan.

A great strategy is to begin with rooms you won’t have at your new residence. Places like your garage, basement, attic, backyard shed, or spare bedroom are good examples. Make it a weekend project to clear out one area at a time. Remember to start small and start early! If a garage or attic is simply too big to handle in one day or weekend, invite friends or family over to help, or give yourself more time. Segmenting your downsizing by room will help keep an overwhelming task far more manageable.

A great way to cut down on clutter is to get rid of duplicate items, like kitchen utensils, tools, linens, and household mainstays. This is a process you can start today and keep doing every day, as you come across clutter around your home. How many coffee mugs do you really need? Think about the most you could ever actually use at one time and discard from there.

Another issue people can come across when downsizing is deciding what to do with cherished collections and items that hold memories and emotional value. One possible solution for dealing with old photos, albums, or slides is to have them digitized and store them in a digital photo frame, tablet, or computer. Knickknacks or other collectibles you know you won’t have space to display in your new home can be photographed in high resolution and added to an easy-to-display coffee-table album you can enjoy for years to come.

Be sure to be honest with yourself about what items are genuinely important and which you can comfortably part with. It’s important to understand that there likely won’t be room for everything you own, so you will need to be realistic about what items you want to bring along.

While a consignment shop or yard sale can be quick and fairly effective, there are many ways to sell your unneeded items online, potentially making you a lot more money. Look into sites like eBay, Craigslist, and others, and get help from younger friends and relatives. You never know how much your items might be worth to the right buyers.

There are also many charities, such as Goodwill, the Salvation Army, and others, who will be glad to take your items for a tax-deductible donation. Your unneeded stuff might be just the thing a struggling family truly needs.

Also, if you really can’t stand the idea of losing certain cherished items, turn them into legacy gifts and heirlooms. Think about younger family members who might really enjoy these things and use them regularly. It’s never too early to pass along important family heirlooms. Plus, you’ll still get to see and enjoy these items whenever you visit.

If you plan your downsizing right and break it up into manageable pieces, it can be a fun activity for the whole family. Invite over your younger friends and relatives for a day of memories and bonding. Send the grandkids on a treasure hunt in the attic. Share your stories as you look at your belongings, and make new memories everyone will cherish for a lifetime.

Embrace the process, and it will become a fun, confidence-inspiring task that simplifies your life and makes your relocation far easier.