Costs of Assisted living and how to pay for them?

assisted living apartments in india

Assisted living is a senior housing service that offers assistance for seniors for medical and personal care. Seniors in India have an option to purchase a home in an assisted living community or rental out the same. In the current scenario, the costs of purchasing a unit range between Rs 30 to 75 lakhs and the rentals start from Rs 45,000. The services include food, nursing, caregiving, housekeeping, and furnished accommodation. While these averages may vary depending on the city in which you choose to live and the extent of services you opt for.

One of the most significant factors that will affect your costs is location. Communities in ritzier neighbourhoods and metro cities are definitely costlier in comparison to the ones in lesser popular areas. The next factor that will affect the cost is the size of the apartment. There are options of residences ranging from private, semi-private, shared rooms and commune living. Next the number and types of services one opts for will determine the final cost. A few places offer a la carte options of services but most only have single cost packages, so its always better to ask for split costs before deciding on the assisted living housing you want to move into.

In order to meet these expenses of senior living you can consider the following options:

  • Private Funds

Pooling in family incomes to fund the stay is the easiest way to pay for assisted living. This will help reduce the pressure on a single person or your savings and it also considers that costs may rise year on year.

  • Insurance

You can take a settlement on your life insurance policy and use the proceeds of the same to fund your assisted living expenses.

  • Loans against assets

The home you have bought during your service years can be mortgaged and the same money can be used to fund your assisted living expenses. The final sale of the home can settle the loans liability. Many seniors also go for sale of their homes and invest the money into their retirement homes.

  • Savings

Over your service years you would have made investments for your retirement and into stocks and mutual funds. These can be withdrawn and used as per requirement. Medical insurance does not cover the costs of assisted living hence while its essential for medical care needs, you cannot depend on it for monthly expenses. You need to take into consideration that costs will rise in the future and your loved ones might need more spending on daily assistance and medical care in the future.

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