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The Renewed Life Blog

Senior Living Financing: Your Guide to Care, Costs and More

Planning for the Future | 05/28/19


Choosing where to live during your retirement years is a multifaceted financial decision. If electing to “age in place,” modifications may be necessary to make sure our life-long homes stay safe, a cost that AARP finds can be overwhelming and burdensome. Not only is the cost of property maintenance and upgrades something to consider, but healthcare needs may change, and you’ll want a cost-effective plan in place should this happen.

That’s where Monroe Village comes in. As a continuing care retirement community (CCRC), we offer a maintenance-free lifestyle and security in knowing your needs will be taken care of.

Funding Your Future

Deciding on a CCRC means enjoying an engaging, dynamic lifestyle with comfort in knowing a plan is in place for your future. Free from the worry of owning a home, your time can be spent enjoying activities that help you achieve a happier, healthier life. Not only will your predictable monthly payment make financial planning that much easier, you’ll also enjoy access to a multitude of amenities, a delicious dining experience and maintenance-free apartment living. You may even find that the cost of living here compares favorably to what you’re paying now, with all of the above conveniences and more.

Keeping in mind that healthcare needs may change over time, an optional financial benefit offered by Monroe Village is Lifecare. This contract ensures a seamless transition into the care you need to stay as independent as possible, for as long as you need, with rates similar to what you pay in independent living. Lifecare offers security for your future.

So the real question is: how do I afford this? Thankfully, there are many options when it comes to financing your move to a senior living community. Some common ways include personal income and savings, insurance policies or proceeds from the sale of a home. It’s best to discuss your options with your financial advisor or one of our trained sales counselors to find the best fit for you.

Learn More About Your Retirement Costs with Monroe Village

As you start the process of deciding on your move to a senior living community, it helps to have resources that can guide your decision. Check out our free Retire Your Way Guide, which explores more retirement options and introduces you to the highly regarded CCRC model. Topics include Myths About Staying in Your Home, What to Look for When Selecting a Community and Financial Features of a CCRC.

Still have questions? Contact us today – the financial experts at Monroe Village are here and happy to help.