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What are Some Financial Options for Paying for a Retirement Community?

January 31, 2022

When you and your loved one decide it’s time for your next adventure to a senior living community it can become overwhelming where to begin the process. From planning to moving out of the house, change can be a wonderful adventure but come with a lot to consider. One aspect of that can be the process of figuring out finances to cover your new retirement lifestyle. Fortunately, there are many financial options and resources to aid your decision. As always, if you need any additional help The Hickman is here for you. See below for financial options to consider.

Long-Term Care Insurance

If you have a long-term care insurance policy, it can help cover the cost of care when needed. It is generally not covered by health insurance, Medicare, or Medicaid. While it can be possible to cover expenses at The Hickman, always read your policy carefully to ensure it is covering what you are looking for.

Veterans Benefits

If you are a veteran or a spouse of one, you can be eligible to receive a stipend each month to cover care in a community, whether personal care or non-reimbursed medical care. To find out if you qualify be sure to visit for more information.

Personal Savings, Investments and Income

The majority of people use savings as their main source of income when they are at a senior living community. Always review your available funds and any retirement savings, pension or social security benefits as part of your financial planning when considering senior living.

Real Estate

If you own a home and looking to sell it for when you move into a senior living community, the funding that comes from selling your home can be a source of expenses to pay for the senior living community you are staying at.

The Hickman is the premier senior living facility in West Chester, PA. With our affordable prices, all-inclusive amenities and caregiving staff to help provide for your needs with no hidden costs or fees, we’re here to make this process as easy on you as possible. Contact us today or give us a call at (484) 760-6300 if you have any questions about financing options that are available when considering a move into one of our communities. We look forward to hearing from you soon!