Many people are looking for ways to save money these days, especially for senior living and care. Many seniors live on a fixed income that may not cover all their expenses at home or assisted living facilities. This article will provide you with some helpful tips to help you save money while also giving your loved one the best possible care.
Stay Informed about the Costs of Senior Living and Care
By staying informed, you can help to save money. For example, if your loved one is considering a care facility or an assisted living community, be sure that they have researched costs. If possible, try to get as many competing bids as possible before deciding where your loved one will live. This way, you will find the best care and living situation at a price that fits your budget.
Keep Track of All Essential Expenses Related to Senior Living and Care
A critical element of saving money is keeping track of all expenses related to senior housing services, such as meals, hygiene products, or other needs. For example, it might be helpful to create an excel spreadsheet with columns where essential items can be tracked so that there are no surprises when bills come in each month. Include sections for medicine since many seniors need prescriptions regularly. They may also have high costs attached depending on what medications your loved one requires for their health.
Do Not Overlook Small Necessities that are Often Forgotten about When Budgeting for Senior Care Expenses
Often, there might be small things like a magazine subscription or basic cable television service. Most seniors will not consider including them when budgeting their monthly expenses because they do not see them as necessary. However, these costs can add up over time, and you want your loved ones to have everything they need at an affordable price.
Supplement with Home-Delivered Meals and Other Services that can Help to Save Money on Senior Living Costs
Consider home-delivered meals or help with daily activities like bathing, cooking, and cleaning. These types of services might be too expensive for you. But if your loved one already has these items included in their monthly expenses, or they will pay extra. You can help them save money by having a local service come to the house instead of taking your loved one out for food each day. This way, they will not have additional transportation costs attached, which could cut into their budget. If possible, try looking around locally since it may cost less than other options depending on where you live geographically.
Find Additional Savings Opportunities by Volunteering at a Local Senior Living Facility
One way to save money is to find ways where you can help for free. One option might be to volunteer at local senior living facilities each week or month in exchange for helping the staff complete their daily tasks, such as cleaning rooms, organizing supplies in storage closets, or assisting with administrative work like filing paperwork. Thus, they may allow you access to amenities that would need an additional fee if paying customers were using them. This could include swimming pools, hot tubs, or other entertainment options that residents enjoy during some of their downtimes.
Ask About Additional Senior Living and Care Options to Save Money on Expenses
Another way of finding additional savings opportunities is to ask about senior living options beyond what your loved one currently has in their current budget. For example, if they are paying for meals but do not need them. Why? Because they have friends or family that come over every day that provide food, you could inquire with the staff at the facility about moving into a private room instead. Thus, your loved one can save money by having more space without needing another person sharing it with them all the time. Alternatively, if an assisted living environment is too expensive, your loved one needs help because of chronic pain or difficulty moving around. Then you could ask about having a private nurse come by to assist them instead of hiring someone on staff at the facility.
Make Sure Your Loved One is Receiving All Senior Care Benefits Which Are Available to Them
Even if they have already moved into senior living services. For instance, you can consult with an estate planning law firm in Los Angeles for assistance. Additional benefits may include property tax exemptions, energy assistance programs, and financial planning services available through local government agencies. This could help your loved ones save money on their monthly expenses, even if it’s not something that they need at the moment. You may take advantage of these benefits for them by helping with paperwork or verifying eligibility requirements before filing a claim form so that there are no delays in receiving assistance when needed later down the road.
Final Thought
One of the best ways to save money as a caregiver is by being proactive and continuing to look around. Whether asking new questions about their senior living options, check with local government agencies for additional financial relief programs. There are always more opportunities out there waiting to be discovered to allow them to live comfortably without breaking the bank.
