Assisted living in Escondido can be an excellent option for a person who is generally in good health, but does have some mobility issues and needs a bit of help each day, handling the typical chores of life. This includes housekeeping, cooking, cleaning, grooming and perhaps a few other daily chores. With assisted living, all of this usually is included in the monthly fees, but those fees can be quite expensive.
Because people are living longer and longer, it just makes sense to consider planning for the costs of assisted living in Escondido. Obviously, many older adults will be able to live independently for their entire life, but preparing for any eventuality can be an excellent idea. As they say, “hope for the best but prepare for the worst.”
One of the best things that you can do is to create a trust or a will and have your affairs in order. It might seem morbid, but having your future planned actually provides your loved ones with great peace of mind. For instance, if you should suffer from a debilitating disease or perhaps develop dementia, stating your wishes makes it easier for family members to make medical and financial decisions for you if you reach a point where you cannot make them for yourself.
Obviously, planning for retirement and perhaps assisted living in Escondido probably should begin as early as possible, but if you haven’t begun setting aside money for retirement and are in your 50s or older, it might be wise to consider long-term care insurance. This is a type of insurance that will cover some or all of the costs of assisted living or skilled nursing care or memory care if you do need to seek these options. The upside, of course, is that you will have money to help you pay for assisted living care. The downside is that these policies can be quite expensive. It can be a good idea to sit down with a trusted financial adviser and spend some time planning out your future.
It is important to keep in mind that long-term care insurance generally comes with a deductible that does provide compensation until a person has spent more than 90 days in a facility. If the only long-term care you ever need is a two-month stay in a skilled nursing facility, then your long-term care insurance won’t be helpful. If, however, you move into assisted living in Escondido permanently, then long-term insurance can be worth the cost of the premiums.
Many people believe that Medicare and Medicaid will cover the costs of assisted living in Escondido. However, Medicare does not cover any of the costs of assisted living. This is a program meant to provide medical care only, not long-term housing and non-medical care. Medicaid can sometimes be used to cover the cost of assisted living or residence in a nursing home, but not all facilities accept Medicaid and having money set aside or long-term care insurance provides you with more control regarding the facility that you can select.
Keep in mind that you can use Social Security to pay for assisted living in Escondido, although the amount you receive each month may not be enough to cover all of the monthly fees. If you have retirement income and Social Security, you may have the funds you need. There are many facilities for assisted living in Escondido and the monthly costs range, so it is possible to find a place to suit just about any budget restrictions.
It is helpful to note that if you live in a private home, you incur monthly expenses such as food, utilities, household repairs, car insurance, car repairs and so on. When you live in a facility for assisted living, you will have few expenses beyond the monthly fees charged by the facility. If you calculate how much you currently spend each month, you may find that residence in an assisted living community is comparable to the cost of living in your private home.
It’s never too late to begin planning for your retirement and your future. However, if you or a loved one has reached a point in life where you need assisted living in Escondido or anywhere else in San Diego County, give Care Placement a call today. We can find a facility for assisted living or a board and care home that fits your budget. There are many options to consider throughout San Diego County, and we are sure to find several options that suit your needs.