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Financial Considerations Before You Make the Move

financial considerations moving

As you age, it becomes increasingly important that you consider your financial plans for your future. Will it include long-term care services? Will you remain in your home? Will you move in with a family member? Move to an independent living community?

You’ve been considering it for a while now. You’ve been a little reluctant but you know you should start to research early—it’s less stressful that way. Especially if you’re planning on making the move to an independent living community, it’s time to start preparing. You may want to look into a few considerations before making that move.

There are many considerations to look into before making your decision, one of the most important being your finances, and how they will fit into all of your options.

Payment Options

You might be wondering, “Are there options for me if I don’t have the resources for the community I’d like to move to?” There are many services that can help fund independent living, such as Long Term Care Insurance, an HSA account, Medicaid, a personal savings account, and many more. Going into your decision-making process, you’ll need to know what’s in your savings and what’s available to you through government programs. These numbers will tell you:

  • What you can afford
  • How long you can afford it

If you need help, consult a professional to figure out how to make your future plans work out the way you want them to.

Cost Comparing

At this point, you probably still have several options (a house, independent living or assisted?), so you may have to conduct a cost comparison. In a cost comparison, you’ll want to lay out all of your monthly expenses (rent or mortgage, utility expenses, entertainment, cable/internet, food, etc.) that you currently have and weigh them against those included in a monthly bill in a community of your choosing. This will make it easy for you to see which option is the best for you financially, or at least which ones are in your range. But, you don’t want to limit your view to just the pricing. You’ll also want to look at:

  • The benefits you gain from the extra services provided
  • The activities and social activities provided in the setting
  • The location and how it serves you, and which one is best for your situation
  • How well you fit into the community

Then you can choose between these options which are the best fit for you. When it’s all broken down this way, into plain sight and understanding, it becomes a much easier pill to swallow, so to speak.

Jane Reitz is the Vice President of Finance at The Esquiline. Jane sees and understands these difficult decisions in her work every day. She commented, “As a person ages, many are faced with the prospect of revising their living arrangements. If you are feeling overwhelmed by home upkeep, monthly utility costs, property taxes, vehicle costs, and house insurance costs, The Esquiline would be a good option for you. The community has many amenities included in the monthly care charge which would give you freedom from all these individual costs.”

Are you thinking that an independent living community would be the right place for you? The Esquiline may be a perfect candidate for what you are looking for in your future as you age. Call us today at 618-394-6400 or 800-533-6279 to learn more information about the warm, vibrant spirit that lies within our 200 acres.

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