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  • Writer's pictureAlex Strein, MBA

Paragon Periodical



Choosing to explore senior living options can be daunting. Not only do you have to find a community that best suits your needs and lifestyle, but also one that meets your budget. It takes a lot of planning to ensure that all of your benefits and assets will be able to provide for the care you need later in life. Assisted Living is private pay, meaning that state or federal benefits do not apply towards the cost. To make an informed decision, it important to weigh all options.

Consider your monthly expenses. Mortgage or rent, utilities, groceries, etc. There may be costs with living at home you had not considered. For example, paying in-home caregivers an hourly rate. When moving into an assisted living community like The Paragon, everything becomes more streamlined. Your rent includes your apartment space, three meals each day, 24-hour security, weekly housekeeping and even basic cable. Consider using a spreadsheet like this one to calculate your expenses. A downloadable version of this spreadsheet is also available here.


Living at Home

Assisted Living

Mortgage/Rent

Utilities (water, electric, etc)

INCLUDED

Basic Cable & WiFi

INCLUDED

Meals/Groceries

INCLUDED

Social Activities

INCLUDED

Caregivers

INCLUDED

24/7 Security

INCLUDED

Weekly Housekeeping

INCLUDED

OTHER EXPENSES

INCLUDED

TOTAL

There are, however, some ways to help offset your costs and stretch your budget.

Veterans Benefits

If you or your spouse served during an active war time, you may be eligible for Aid and Attendance Benefits through Veterans Affairs. These benefits can reimburse a portion of your care in assisted living if you are eligible. There are certain income and clinical requirements. To learn more, you can visit the websites below, or contact a reputable elder law attorney in your area.

Long Term Care Insurance

Many individuals interested in assisted living have previously taken out long term care insurance, sometimes referred to as nursing home insurance. This is a specific elective policy purchased to receive care benefits at a later date. Each providing company is unique. Most have an elimination period of 60-90 days. To cover assisted living, the policy will need to indicate options for alternate care. If your policy is not clear, you may want to call your provider to discuss options. If you are eligible, your policy will reimburse you a predetermined amount for your care each month.


Making smart choices about your finances can help you make good choices about assisted living and senior care. Carefully evaluate all options available and take into consideration the lifestyle you would like to lead. While this list is not all inclusive, it will serve as a great place to start.

Ready to take the next step? Schedule your tour.



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