What Happens if I Run Out of Money While My Parent Is In a Retirement Home?

Man worried about expense for his parents retirement homeAre you considering moving mom or dad into a retirement home? It’s a great idea. They will enjoy the comfort, safety and companionship that an established senior living facility provides. Since there are many different types of retirement communities, take the time to explore your options carefully. Also think about how you are going to pay for the cost of a retirement home. It is not uncommon for money to run out, and you don’t want this to happen to you.

Average Cost of a Retirement Home

The best way to ensure you have enough money to pay for the cost of a retirement home is to determine your budget and plan accordingly.

Here’s what the average rate for long-term care in the United States was in 2010, according to The US Department of Health and Human Services:

  • $205 per day or $6,235 per month for a semi-private room in a nursing home
  • $229 per day or $6,965 per month or a private room in a nursing home
  • $3,293 per month for care in an assisted living facility (for a one-bedroom unit)

While these costs are a good indication, they have increased since then, so don’t base your calculations on these numbers. It is also important to ask what amenities are included and which services have an additional charge. Some senior living facilities charge extra for services like room cleaning, laundry and assistance with personal care. Remember to budget for your loved one’s changing needs.

How to Afford a Retirement Residence

Man showing his pockets are empty and has no money to pay for his parent's retirement home expenseIt is a good idea to have a financial plan in place. This will help avoid missing payments and the stress of how you are going to come up with the money. Payment options for retirement homes also differ. Some will allow you to pay in installments and this can make it easier. Don’t forget to ask these questions and clarify any doubts before you sign on the dotted line. Also check if your parent is eligible for any local, state or federal aid.

It is not difficult to find a retirement residence that will fit your budget. Not all good retirement communities are expensive.

The Holiday Retirement is a family-owned business with different types of senior living facilities. We serve individuals with varying needs and our rates are among the most affordable. Every member of our staff treats residents with respect and the highest level of care. We truly make your parent feel like they are on a vacation.

Looking for an affordable retirement residence?

Call us at  860-233-8208 today to learn about our retirement communities in West Hartford.

You can count on our dedicated family to look after your family.

 

  • It’s so important to go in knowing all the facts. It can be overwhelming, so thanks for posting this article.

  • I guess it never crossed my mind about the aspect of running out of money in the middle of care, so thank you for posting this timely article to give some perspective and ideas.

  • Thanks so much for sharing all this info. Making these decisions are difficult.