Transitioning to assisted living often brings many emotions for individuals and their families. It marks the beginning of a new chapter that, while offering a supportive living environment, also calls for significant adjustments. Preparation in terms of finances and practical aspects is crucial to make this transition smoother and more comfortable.
The first step is understanding the nature of assisted living facilities, what they offer and the kind of lifestyle changes they entail. With this understanding, one can better plan for the upcoming changes, from personal belongings to financial commitments.
Tackling the practical side of things
There are several practical matters to address. Start by downsizing belongings, as assisted living spaces are typically more compact than traditional homes. Donate, sell or pass on items that won’t be necessary in the new living arrangement. It’s also a good idea to visit the facility multiple times familiarizing oneself with the environment and staff. This can help alleviate anxiety and ease the transition.
Diving deep into financial considerations
One of the primary concerns for many families is the financial aspect of assisted living. Begin by reviewing existing insurance policies, such as long-term care insurance, to determine what coverage is available.
You also need to ensure that you have other personal matters taken care of. One of the most important is naming a financial power of attorney and a medical power of attorney who can make decisions for you if you become incapacitated. This enables you to lay your trust in someone you know instead of having someone unfamiliar with you make these important decisions.
Additionally, consider consulting with a professional who can guide you on optimizing assets, understanding Medicaid benefits and planning for potential expenses. Determining this ahead of time gives you a deeper understanding of what will happen during and after this transition.
