Financial Planning for Your Senior Years: How to Afford a Home in Assisted Living

As much as growing old & grey is a blessing, it can be quite challenging as well. You can only enjoy your golden years if you have done all the work to stay in good health, from eating right and conducting regular health check-ups to exercising and timely screenings. Not just that, you also ensure to plan for emergencies and consider housing options.

Speaking of housing options, have you heard of senior living communities/assisted living? With increased life expectancy among older adults, there is a high demand for elderly homes in India. Assisted living homes have become very popular in the past few years because of the various amenities and features. For instance, Primus Senior Homes offers a wide range of best-in-class facilities such as excellent hospitality, nutritious meals, 24/7 healthcare facilities and empyrean concierge services, to name a few.

Elderly Homes in India

While the best-paid old age homes in India are increasing in demand because of the various benefits they have to offer, it is crucial you are financially secure in your golden years to afford a home in assisted living.

Here are a few ways you can do just that.

1. Savings:

This is one of the best options to date. Having savings can prove to be beneficial in so many ways. In this scenario, it helps to pay for your elderly homes in India upright, without any hassle. You could also continue to live in independent housing and use your current income to pay for senior housing. Either way, you will be able to buy a home in the best-paid old age homes in India.

2. Long-term care insurance:

More often than not, the elderly can’t rely on their kids for long-term finance. Long-term care insurance, as the name suggests, provides funding for long periods for individuals above 65 years of age. Some of the things that come under long-term insurance are home care nursing, adult and personal daycare services, assistance facilities required for living, in-home care and care management.

3. Renting:

This option is rapidly gaining popularity. If you are someone who doesn’t want to invest in real estate but wants to enjoy the benefits and facilities offered at elderly homes in India, renting is an excellent option. You get access to a wide range of amenities that will help you have a healthy lifestyle.

These are some of the top ways that are popular among seniors to afford a home in assisted living. Apart from being able to afford the best-paid old age homes in India, seniors should be financially and emotionally independent.

Strategies for Financial Planning in Your Senior Years

1. Invest wisely:

Investing in different assets is a great idea to grow your finances. However, it is crucial you invest in assets that will help build your portfolio and maximise your returns. Carefully research and invest wisely.

2. Buy health insurance:

As you age, your health needs more attention than before. There are higher chances for emergency situations. Hence, it is important to have health insurance in place.

3. Invest in a healthy lifestyle:

Exercise, eat right, sleep well and take care of your mental health. You can play a few board games that will help keep your mind sharp.

4. Surround yourself with like-minded people:

It is so important to have friends who understand you. Choosing elderly homes in India allows you to meet and spend quality time with people from the same age group.

Best-paid old age homes in India

Financial independence is crucial at any age, but more important in your golden years. This blog will help you decide how to stay financially independent and afford a home in assisted living. Speaking of assisted living, if you are looking for elderly homes in India, Primus Senior Homes is a great option. The homes are senior-friendly and well-designed. Not just that, you also have senior-friendly facilities such as gourmet meals, activities and a gym, to name a few. To know the cost of retirement homes in India at Primus Senior Homes, contact the team today!