Financing Senior Living
Whether you’ve just retired or have been retired for a few years, it’s hard to resist the carefree lifestyle and inviting social opportunities of independent living. But how do you pay for it?
At first glance, senior living financing can seem intimidating. However, covering the cost of independent living is a lot easier than you think, especially with communities like Summit Vista.
Read 6 ways you can pay for senior living and find out how our community financing options can help you achieve an extraordinary retirement.
1. Sale of a home
This is one of the most common ways people pay for independent living. And because 2023 is still set to be a strong, but calm, seller’s market, right now is the best time to sell. You can use the profit from the sale of your home to finance senior living and leave the hassles of homeownership behind in favor of a maintenance-free residence and a community filled with resort-style amenities.
2. Social Security
The Social Security Retirement benefit is monthly income that replaces part of your lost wages when you decrease the hours you work or retire altogether. While it’s a resource to finance senior living and will probably cover a portion of the costs, it most likely won’t be enough to completely pay for senior living. This benefit is available to adults age 62 and over. You can check your eligibility on the official website for the Social Security Administration.
3. Retirement accounts
Funds in retirement accounts, like a pension, a 401(k), or a traditional or Roth IRA, can cover a portion of senior living. Some people may have stocks or bonds, which can be sold to increase your funds. The only way to know for sure if your accounts will cover the cost of senior living is by scheduling an appointment with a financial advisor who specializes in retirement planning.
4. Encore job
Even though you retired from your career, that doesn’t mean you need to retire from work. Finding an enjoyable part-time job, or encore job, during retirement is a wonderful way to cover the cost of senior living, and studies have shown working during retirement can lead to increased social connections, better self-esteem, and feeling more youthful. Plus, you can still receive Social Security benefits.
5. Life insurance
Many people buy life insurance to continue financially providing for their families after they pass away. As your children or other family members grow older, they might not need to rely on this extra form of financial support. You might be able to sell or surrender your policy for cash value or set up a living benefit program, which allows you to use some of your insurance funds to finance senior living while saving the rest for your family.
6. Long-term care insurance
Long-term care insurance, sometimes called senior care insurance, varies between specific policies and providers. Generally, these policies are best to cover a portion of the costs of assisted living, memory care and skilled nursing and can’t be used to pay for independent living.
A great way to get the most out of any senior living experience is to move into a community when you’re healthy. At Life Plan Communities like Summit Vista, you can maximize your time indulging in amenities and services designed for young seniors, while gaining peace of mind knowing a full-continuum of care is available should you ever need it.
Discover Senior Living Financing Options that Work with Almost Any Budget
Summit Vista believes everyone deserves an exceptional retirement, which is why we offer two pricing options that meet your financial needs:
Refundable Entrance Deposit Option
This one-time entrance deposit secures a residence for as long as you live in our Life Plan Community. Deposits range from about $200,000 to $500,000, depending on the size of your floor plan. And if you decide to move, 90% of your entrance deposit will be refunded to you or your estate.
With the Refundable Entrance Deposit option, monthly service plans also depend on the size of your residence and range from $1,800 to $3,000. Residents who choose this option also receive monthly meal credits to use at our incredible selection of on-campus restaurants.
Senior Rental Option
This senior living financing option allows you to lease one of our beautifully appointed apartment homes at a set fee for 12 months at a time. Rental fees range from $3,800 to $5,600 per month, depending on your floor plan and the number of occupants.
At the end of your lease, you can choose to renew your rental. You can switch to our refundable entrance fee option If at any point you decide it would be better for your budget or would like to become a permanent resident at Summit Vista.
No matter which senior living financing option you choose, you’ll have full access to community spaces, amenities and lifestyle.
Here are just a few ways residents at Summit Vista enjoy retirement:
- Tending the community garden
- Golfing on our private putting green
- Swimming in our heated swimming pool and hot tub
- Learning something new in an Osher Lifelong Learning course or class
- Unleashing their creativity in our woodworking shop or creative arts studio
- Getting to know their neighbors at community events and resident-driven activities
- Working out in the fitness center or improving their routine with a personal trainer
To learn more about our financing options or schedule a personal tour of our vibrant senior living community in Taylorsville, UT, call us at 801-758-3138 or contact our team online. We’d love to connect with you!