Overcoming 3 Big Obstacles When Moving to Assisted Living

 March 2016

Overcoming 3 Big Obstacles When Moving to Assisted Living

By Nan Hayes for Caring Transitions®

There are three common obstacles many of our clients face as they search for and find their ideal assisted living community.

Home Sale: Often, older adult clients have lived in their current homes for a substantial amount of time, yet as the real estate market begins to stabilize, more of these individuals are considering a home sale this spring.  When selling an older home, it is best to understand the state of the market, including competitive pricing and current listings in your market area.  You may be able to find an overview of this information at Realtor.com, but there is no better resource than your local, licensed real estate agent. You may also choose to contact a local Senior Real Estate Specialist, who is well versed in older home sales and fully equipped to help support older adult clients and their families.  If your “care needs” require immediate attention and there is no time to complete a home sale, a bridge loan may also be an option.  Elderlife Financial, offers a unique line of credit designed to provide temporary financial assistance for assisted living and skilled nursing.

Find out more about the 2016 real estate market in our February newsletter.

Paying for Senior Care: Equity in a home can certainly help offset long term care expenses. According to the Genworth 2015 Cost of Care Survey, the average annual cost of a one bedroom apartment in an assisted living community is $43,200 per year.   This is almost a 3% increase over last year.  A private room in a nursing home averages more than $88,000 per year.  Paying for care requires understanding options through research and careful planning.  Care financing options include VA benefits or local public and private programs. You can find out more about these benefits at the National Council on Aging’s benefitscheckup.org. Social security benefits are a long term care staple which may be optimized through deferred retirement credits. Long term care advisors can help you navigate benefits of various long term care insurance policies. Agents can help you understand options when it comes to funding care from traditional life insurance policies, including cash surrender, death benefit loans, accelerated death benefits and life settlements.

Moving, Downsizing and Decluttering:  Once housing or care choices have been made and financial issues are resolved, many adults are still faced with the daunting task of downsizing, sorting, packing and moving the family home.  This “to do” list can be overwhelming, especially for older adults in poor health or for family members, who are often busy supporting jobs and families of their own.  With the aging of America, an increasing number of folks are on the move and there is a tremendous need for a professional, efficient and reliable resource to provide solutions to manage the downsizing, relocation and liquidation of household possessions. Caring Transitions® has consistently met that need since 2006 and remains the nation’s largest and most trusted service provider.  Caring Transitions® provides a complete set of relocation support services  including, estate sale, online auction, organizing and move management. 

Whether you have items to be sorted and packed, or items to auction or sell, call today for your free in-home estimate. 

©2016 Caring Transitions® No reprint permitted in part or entirety without express written permission.