Smart Strategies to Finance Your Senior Living Journey

The journey to senior living, whether for yourself or a loved one, can be challenging at times, especially when it comes to finances. Knowing where to begin can be the hardest part. Our team at Emory Mills Senior Living understands what you may be going through, so we’ve curated a smart strategy to help make things easier for families.

How to prepare: paying for senior living

While every family’s circumstances are different, you should follow three general steps in budgeting for long-term care, including assisted living and memory care.

#1 Gather and organize financial documents

First, gather and organize financial documents for yourself or your loved one, such as:

Bank and brokerage account information
Deeds and mortgage papers
Insurance policies
Monthly or outstanding bills
Pension and other retirement benefits
Social Security payment information
Stock and bond certificates

#2 Put a financial plan in place with your family

Second, get the family together to discuss putting a financial plan in place. Talk about your wishes, needs, and goals as well as how to handle ongoing financial duties, like:

Paying bills
Managing benefit claims
Making investment decisions
Preparing tax returns

#3 Consult with a financial advisor or estate planning attorney

Third, consider consulting a financial advisor or estate planning attorney who specializes in elder care or long-term care planning to discuss:

Insurance options
Pension, retirement benefits, and personal property that may be potential income
Programs in which you are eligible
Potential tax deductions
Analyzing investment portfolio with your loved one’s long-term needs in mind

Find out what assisted living and memory care costs you can expect

Long-term care expenses, including assisted living and memory care, may vary due to several factors, including geographic location, care setting, level of care services, and more. Research communities in your desired area through their website, reviews, and a personalized visit.

During your tour, ask what costs you can expect, like what is and isn’t included in the monthly fee. You’ll also want to find out if there is an upfront cost of living in the community. Once you have a more accurate estimate of cost, you can be better prepared with your senior living financial plan.

When you’re ready to explore senior living care options, consider Emory Mills Senior Living. You’ll find customized assisted living and memory care in a quaint setting in Knoxville, Tennessee.

Find compassionate care and specialized support at Emory Mills

Offering a scenic view of the valley with the convenience of city living, family-owned Emory Mills provides assisted living and memory care to older adults. The comforting, secure, and homelike environment supports each individual with personalized care and the specialized and research-based I’m Still Here ® approach to meaningful and purposeful living, also known as The Hearthstone Difference.

Download our financial planning guide to learn everything you need to know about the costs of senior living.