“On the first day of every week each one of you is to put aside and save, as he may prosper, so that no collections be made when I come.”
– Corinthians 16:2

The Bible offers many parables about the importance of preparing for the future — and not just the salvation of our souls. We cannot burn through our savings as if we have no reason to worry because the Rapture may come next week. While we wait for Christ’s return, we must find it within ourselves to lay the groundwork for a long life so that tomorrow’s light does not dim in the shade of today’s overspending.

We need to not only save for our own long-term care but also be prepared to step up and help out if an aging parent’s personal savings, pensions, and income from stocks or annuities aren’t enough to cover the costs of living in an Assisted Living community like Regency Retirement Village in Huntsville.

How to Pay for Huntsville Assisted Living We detail alternatives for financial assistance on this website, but we also want to quickly cover them in this blog as a reminder to those who may be losing sleep at night worrying about the eventuality of long-term care costs.

ElderLife: Home Equity Solutions for Retirement Funding

This is essentially a line of credit allowing the senior to immediately move into our community while their home receives attention, making it easier and faster for realtors to show it to potential buyers. This can be a very attractive option when there’s an urgent need to make sure a resident is safe, cared for, and secure.

Companion Living

College students save money by getting a dorm roommate, and the same concept can apply to retirement living. Regular activities ensure that they have plenty of options to spend time together or apart.

Aid & Attendance Benefits from the VA

Veterans of wartime conflicts and their spouses should definitely check with the U.S. Department of Veterans Affairs and get enrolled for a pension that can help with rent costs. Visit https://www.va.gov/pension/how-to-apply/ or speak to our community consultant for assistance on applying for these benefits.

Government Programs

Relying on Social Security isn’t a great long-term plan, and options may be limited in Alabama, although some government funding can help to defer healthcare-related costs. Learn more about your options at https://www.nia.nih.gov/health/paying-care

Life Care Funding

Applying to see if you qualify to convert a Life Insurance Policy to pay for Long-Term Care is free and easy.

Gift Tax Exemption

If a family member is paying the senior’s living expenses, we definitely recommend consulting a tax professional to ask about the IRS gift tax exemption of up to $15,000 per individual per year.

Long-Term Care Insurance

This is another option, but timing can determine affordability.

Invest Savings in Something that Will Generate Income

A good financial advisor with the senior’s best interests in mind can recommend some conservative investments that will yield the best returns. If the stock market is too volatile to risk putting life savings into, real estate from which tenants will pay monthly rent can be one option.

Continue to Work While Retired

Most of us do not picture our golden years spent clocking in at a job after a lifetime of work, but for some who are physically able, it can be an option to generate income.

Consult the Experts Before Acting

We recommend speaking with an elder law attorney, and consultation with a tax professional is strongly advised before making financial decisions. You can learn more about Regency Retirement Village from our community consultants at (256) 852-0033.

Learn more at https://www.regencyhuntsville.com/huntsville-senior-care-resources/huntsville-assisted-living-financial-assistance/

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2004 Max Luther Dr NW, Huntsville, AL 35810