Planning for Retirement in Senior Housing

How Much Money Do My Parents Need to Enter Senior Housing?

That is a question that is often on the minds of seniors as well as adult children who are trying to help them find housing when they need additional help. Some facilities in the St. Louis area have indicated that they like to see at least $200,000 in their accounts before they come into a facility. In other cases, it could be more.  Senior HousingPartially, it depends on how many services the elder will utilize and what kind of accommodation they select as well as what area they live in.

Most senior facilities are for profit and they will turn a senior out when they run out of money.  If you feel that your loved one will qualify for Medicaid at some point, be sure to determine if a Medicaid bed will be available for them when the time comes and stay in touch with the social worker to enhance a smooth transition.

When you are bent on selecting a senior housing situation, consider a continuum of care facility.  That means when your loved one has a setback, they will not have to relocate but can receive increasing care in the same complex. That way they will be familiar with staff and residents and have the support they have learned to expect.

In some areas, there are group housing units that take care of a smaller number of residents in a more homelike setting. This would not be suitable for a person with a lot of disability.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s