Did you know you can sell all or a portion of a life insurance policy, even term insurance?
(3 Minute Read)
For aging individuals in need of continuous care, retirement communities provide a more comfortable alternative to a hospital setting. These senior living units are built to promote independence and make sure the retiree feels comfortable living their best life. However, a recent study found that there are nearly 19,000 of these retirement communities across the country. Deciding on which one to move into takes some careful background checking. If you’re considering a transition in your living situation, the following questions are important to ask when sitting down with a retirement community manager.
What is the retirement community cost breakdown?
Most continued care communities charge a monthly rate for their residents. Beyond room and board, this fee is used to pay for the care offered in the homes, like utilities or dining. However, there may be hidden fees for additional services, so it’s important to ask for specific pricing information. Also, be sure to check what amounts are covered by insurance, and how much you will ultimately pay out-of-pocket.
How will I retain my independence?
While seniors may need additional care, they certainly want to retain their sense of freedom. According to a recent study, the most common fear for seniors is a loss of independence. This concern ranked higher than death or loss of family and friends. Retirement communities should be providing residents with an ability to remain independent and comfortable. Ask about how dining works, or whether there are onsite shopping options, fitness center, or entertainment options like movies or ballrooms. You can also take a look around the grounds to see how other seniors are living.
What emergency response services do you have onsite?
Retirement communities that specialize in continuous care offer residents important medical treatments to seniors in need. Though they may not have hospital-level care on the grounds, there should always be a nurse available, as well as comprehensive health monitoring systems. In the private residences, you’ll want to confirm that there is a way to alert the staff should you experience an emergency. In addition, 24-hour security is paramount in making sure seniors feel safe in the community.
What are other residents saying about their retirement home experience?
No one is a better source of information on the retirement home experience than the individuals who live in it. These retirement communities often conduct surveys of the residents to ensure their standards and needs are being met. You should ask the community managers for recent survey data. It may also be helpful to ask for the two most recent surveys in order to compare the results. If there’s been a dip in overall quality of care, it may be best to consider other options. Additionally, check to see if you can join the residents for a dinner or social activity. A first-hand experience can be a great insight into the quality of life and care.
A retirement community is a wonderful way for seniors to retain independence while still maintaining their ongoing healthcare needs. It also helps seniors to socialize with other residents and build those bonds of friendship. However, the costs of retirement communities may require additional financial resources.
Did you know you can sell all or a portion of a life insurance policy, even term insurance? Selling an unwanted life insurance policy is no different than selling your car, home or any other valuable asset that will create immediate cash. Contact us today to learn more.
Life Settlement Advisors