Question: My father was hoping to have his house sold by now and enter an Assisted Living facility. Unfortunately, his house has not sold and, as we continue to face these uncertain economic times, our hopes of obtaining our requested selling price are diminishing, directly impacting his overall financial situation. While he is truly in need of an Assisted Living facility, we struggle with how we can afford this. We have investigated alternative options, such as an in-house nurse but are concerned that the long-term costs of care will be too much for us to handle. Is there any advice you can offer us? Answer: With the economy slowing and home sales declining, seniors and their families looking for a senior living community must explore alternatives to finance their healthcare needs. For example, not so long ago, a person in need of Assisted Living placed their house on the market and within a few months the house was sold and the proceeds, in addition to other savings, covered the costs of the new living arrangements. When consulting with potential residents and/or families, affordability is a major concern in our current economic climate. Try to identify a facility that can offer alternatives and advice to help people find a way to afford Assisted Living.

We recommend that once you select the Assisted Living facility where your father would like to live, begin a conversation with the facility regarding available payment options. It is important to be up front regarding your dad’s financial situation. Do not hesitate to attempt negotiations involving monthly rent, community fees, or yearly rent increases.

Once your father resides in the Assisted Living community certain expenses disappear. For example, utility bills and grocery costs are no longer relevant as these expenses are included in the monthly rent. This money can become part of his expendable income. Do not discontinue important items such as health insurance and pharmacy plans.

When evaluating affordability determine your father’s consistent monthly income. This income should include social security as well as any pensions that are received. Next assess the amount of additional funds necessary to cover the costs of Assisted Living. Until his home is sold it is not advisable to include potential profits from the sale of the house. It is best to work with what you have. Securing a successful realtor is essential. Question the Assisted Living staff regarding experienced real estate agencies that have a proven track record for quick and efficient sales. Other options exist such as taking a home equity loan or a “life settlement”. A life settlement is the sale of a life insurance policy, while the policy owner is still alive, for an amount much greater than the cash surrender value. In summary, do not hesitate to explore Assisted Living for your dad. It may very well be the most affordable solution when compared to nursing care provided in the hom Courtesy of Harlee Manor Nursing & Rehab Center/Springfield Senior Commons Assisted Living