Paying For Senior Care

Statistics from the Assistant Secretary for Planning and Evaluation (ASPE) show that most Americans will eventually need some form of long-term services and support (LTSS). As many as 70% of individuals aged 65 and older will have a significant need for LTSS up until their deaths. Senior care includes many different services, including skilled nursing, custodial care, assisted living, home health, adult day care, and more. Regardless of the type of senior care, however, these services are usually quite costly. The best way to manage those costs is to prepare in advance. Paying for senior care is something that most Americans should be considering even before they need these services. For more assistance with elder care and long-term planning in Florida or Minnesota, reach out to the Roulet Law Firm, P.A. by calling our Florida office at (941) 909-4644 or our Minnetonka, Minnesota office at (763) 420-5087 or fill out the contact form on this page and a member of our team will contact you to schedule a consultation.

How To Reduce Living Expenses as a Senior

As people get older and approach the ends of their careers, planning for post-retirement life becomes very important. Ideally, retirement planning should begin as early as possible – but an early start might not be viable for all individuals in all circumstances. Even with the most detailed plans in place, moreover, some expenses can fluctuate dramatically. Variables such as housing, transportation, and food, can all eat away at the fixed income of and limited budget of many Florida and Minnesota seniors. As a result, seniors should consider all living expenses to identify cost-saving opportunities while preserving their quality of life.

Housing Costs

The cost of housing can be one of the biggest expenses for all people, including seniors. Seniors may struggle to manage the upkeep and costs of a larger single-family home, so downsizing may be the right approach. Trading in a larger family home for a smaller residence can reduce cost. Shared living arrangements, whether multigenerational or among peers, can push down living expenses even further.

Senior living facilities may provide not only shelter, but also necessary services like housekeeping, meals, and medical support. Depending on the circumstances, government programs like Medicaid may help cover the costs of nursing homes or long-term care living facilities for some residents of Minnesota or Florida. Government-subsidized housing or rental assistance may also alleviate housing costs. Seniors in Minnesota can explore the Senior Linkage Line, while residents of Florida can use the United States Department of Housing and Urban Development’s Housing Resources for Seniors page as a starting point for assessing their options.

Healthcare Costs

As people age, the need for healthcare services usually becomes more critical. Healthcare services and interventions can be very expensive. Medicare represents one potential strategy to offset medical costs, and the United States Centers for Medicare and Medicaid Services explains that Medicare is a form of health insurance for people 65 and older. Since Medicare only covers certain healthcare costs, it may be beneficial to obtain supplemental coverage.

Taking time to compare the costs of various providers or to ask the pharmacy to fill prescriptions with generic alternatives to brand-name medications, where available, may save seniors considerable sums. Finally, seniors can reduce healthcare costs by engaging in healthy living and preventative care practices that reduce the chances of chronic and debilitating diseases.

Transportation

Seniors may struggle with limited transportation options, depending on where they live. Where available, public transportation may be a more cost-effective option compared to owning a private vehicle. Rideshare services may also prove effective in some instances.

In parts of the country where public transportation is minimal, there may be no choice but to own a vehicle. The important thing with vehicle ownership is proper vehicle maintenance. Not only will regular maintenance help to keep a vehicle safe for driving, but it can also help reduce the need for high-priced repairs. With the cost of gas rapidly fluctuating, choosing a fuel-efficient vehicle should also be a priority.

Food Costs

The cost of food can be a real burden for many seniors – especially those pursuing nutritious diets. Planning meals in advance not only streamlines the grocery shopping process, but it also helps identify deals, discounts, sales, and coupons. If possible, seniors should compare prices and consider online shopping to stay within their budgets and reduce additional transportation costs.

Entertainment

Many seniors can take advantage of local events that are free or low-cost to save on entertainment. Senior groups and community centers may provide rewarding social activities with other peers for little to no cost. While it might seem tempting to cut entertainment costs first when paying for senior care, social interactions are more important than many seniors realize. According to Harvard Medical School, seniors with more active social lives experience numerous health benefits and enjoy longer average lifespans.

A comprehensive estate plan can not only preserve wealth, but it can also help seniors qualify for governmental benefits that lower housing costs. For more information, reach out to an attorney at Roulet Law Firm, P.A.

Paying for Senior Care in Florida

Although federal programs can certainly help with paying for senior care, it is also important to consider State-specific resources. Florida offers three Medicare Savings Programs (MSPs) that can make paying for senior care even easier. These include:

Qualified Medicare Beneficiary Program: This program helps cover Medicare Part A and Part B premiums, deductibles, and coinsurance.
Specified Low-Income Medicare Beneficiary: This program specifically helps with Medicare Part B premiums.
Qualified Individual: Also known as “QI,” this program helps cover Medicare Part B and is reserved for those with particularly low incomes.

Paying for Senior Care in Minnesota

Seniors in Minnesota should take full advantage of the various State resources, as these economic supports can make paying for senior care much easier. The Department of Human Services outlines a wide range of economic resources that help with mental health, nutrition, income, and much more. Two programs that might be worth exploring include General Assistance (GA) and Minnesota Supplemental Aid (MSA).

Speak to an Elder Care and Estate Planning Attorney Today

Although the road ahead might seem challenging, paying for senior care could be easier to achieve than many Americans realize. With a solid estate plan, an effective budget, and a keen eye on living expenses, each senior can protect their hard-earned wealth without sacrificing their standard of living. An elder care and estate planning attorney in Florida or Minnesota can help seniors pursue this goal. For assistance with your estate planning needs, or to help protect your home and life savings from long-term care and nursing home costs, contact Roulet Law Firm, P.A. today at our Minnetonka, Minnesota office at (763) 420-5087 or our Florida office at (941) 909-4644, or fill out the form on this page and a member of our team will contact you to schedule a consultation.

And if you are not yet ready to schedule a consultation and would like additional information, here are two Free resources that reveal steps you can take now to protect your home and life savings from long-term care and nursing home costs.