Financial Planning Advice for Senior Living in West Chester, PA
The Hickman Senior Living Community in West Chester is a wonderful choice for yourself or for a loved one. Of course, consideration of the cost of living and navigating the journey of aging will be a big part of your decision, and there are many financial options that could help. Here is a brief summary of funding resources you might consider. As always, if you need any additional help, feel free to contact us.
Personal Savings, Income, and Investments
For most people, personal income and savings are the first funding source considered in financial planning for senior living. You’ll want to review your available funds, including any income you receive from pension payments or Social Security benefits, as well as funds you may have in savings and retirement accounts.
If you own a home, it can be a source of funding. If you and/or your spouse plan to move to The Hickman and would no longer need the house, you might consider selling it and using the funds for your living expenses. If a spouse, co-borrower, or other family member plans to continue living in the home, a home equity loan might be an option.
If you own your home or have only a small mortgage, you might consider a reverse mortgage as a funding option. A reverse mortgage allows you to convert the equity in your home into a monthly cash payment. The amount is based on the home’s appraised value. This is only an option if a spouse or co-borrower on the loan still resides in the home and can maintain it according to the loan agreement. A federally insured Home Equity Conversion Mortgage (HECM) is the most common reverse mortgage.
Long-Term Care Insurance
If you or your loved one has a long-term care insurance policy, it may be possible to convert it or sell it to help pay expenses at The Hickman. Be sure to review your policy carefully, as benefits for assisted living often vary.
Veterans Aid and Attendance Benefit
There is a significant benefit available to veterans who served during wartime. Also available to surviving spouses or wartime veterans, the Veterans Aid and Attendance program pays a monthly stipend to help with the cost of personal care or other non-reimbursed medical care. The funds are paid directly to the care provider or to an authorized representative payee. To be eligible, the veteran or spouse must require assistance with activities of daily living and meet asset and income guidelines. More information can be found here:
Aid and Attendance Benefits And Housebound Allowance | VA.gov
Download Our Financial Planning Worksheet
Our best financial planning advice for senior living is to perform a realistic and detailed assessment of your expected expenses and your funding sources. In doing so, you may find that senior living at The Hickman in West Chester is very affordable. To help you with your planning, we’ve created a Financial Planning Worksheet that makes it easy to compare the cost of maintaining a home versus care-free living at the Hickman.
To schedule a tour or for additional information about The Hickman, please call: (484) 760-6300.