Paying for Independent Living in Boise: Options and Insights

In the state of Idaho, approximately 17.4% of people are over the age of 65. These days, many of these seniors are choosing independent living communities instead of other living arrangements. 

If you've been considering independent living in Boise, Idaho's largest city, however, you may be stumped wondering about how you'll pay for it. Fortunately, there are more ways to come up with the funds for independent living than you may think.

Wondering how you can create a budget for senior living? Below, we'll go over the best options for paying for independent living in Boise, ID.

The Costs of Independent Living

Although independent living can improve your life in many ways by offering social opportunities, activities, increased security, improved health, and more, managing costs can be tricky. Senior living can seem expensive, but the value you get from it is significant.

Learning exactly what you'll be paying for and what your senior living expenses will be is a great first step to take as you begin to explore your financial options and determine how you'll pay for it.You get quite a lot from an independent living community, and it can be well worth it. However, you'll need to do some financial planning for aging if you want to pay for it successfully.

When you move into an independent living community, you'll of course, be paying for the rent for your apartment. However, this can vary based on the size of the apartment that you choose.

You'll also be paying for the included amenities, access to activities and social events, and any additional services that you decide to make use of. Additional services may include housekeeping and laundry services, among others. You'll also need to have money in your budget for meals or a meal plan as well. 

Ways to Pay for Independent Living in Boise, ID

So what are the top ways to pay for independent living in Boise, ID? Here are some of the best senior housing payment options to consider.

Personal Accounts

One of the top ways to pay for independent living is to simply use your own personal funds or the funds of a family member. This could include savings and investments. If you've planned well and tucked some savings away over the years, it may be worth using it to pay for independent living.

In addition to this, consider using retirement funding in Boise. Funds from a 401(k), IRA, or social security may be worth using. If you're a veteran, consider using VA aid, retirement pay or other funds you have available to pay for independent living instead.

Of course, not all of these types of financial savings and investments are available to everyone. If you don't have any of these funding options, you'll need to start looking elsewhere for the money you need to pay for independent living.

Life Insurance Policies

Beyond the personal funds mentioned above, another option to consider is paying for independent living with the help of a life insurance policy. There are a few ways to make use of life insurance to cover the cost of independent living.

Some life insurance companies will allow you to "cash in" and sell the policy for cash so that you can use it for certain needs, such as independent living. You may also be able to work with a settlement company that will buy your life insurance policy for a somewhat lower value. 

Be sure to consider the specifics of your life insurance policy and explore your options if you're looking for a solid way to pay for independent living needs in Boise, ID. 

Your House

If you're currently a homeowner, another way to pay for independent living is to use your existing home. There are a few ways to make use of your home for the goal of switching to an independent living community.

One of the simplest ways, of course, is to sell your home and to use the earnings from the sale to cover the independent living cost. If selling your home doesn't seem like the right move, you may also want to consider a "reverse mortgage" to borrow against the equity you have in your home.

Finally, another great option is to simply rent your home out to someone else after moving into an independent living community. This will allow you to receive a monthly income that you can then use to cover independent living expenses. 

Other Valuable Assets

Of course, you may have other property or assets other than your main home as well. If you have any of the following assets, then you may want to consider selling one or several of them to fund independent living:

• Second vehicle
• Boat
• RV
• Vacation Home
• Expensive Jewelry
• Stocks
• Bonds

You'll of course need to think carefully about the costs of independent living first and know exactly how much they're going to be. You'll then want to compare the cost to any assets that you have to see if you can make the numbers match up.

By selling a few assets or by using this strategy in combination with some others to create a budget, you may be able to get exactly what you need to cover the costs and make a move to independent living a reality.

Paying for Independent Living With These Strategies

Paying for independent living can seem challenging, but it can also be well worth the effort. If you're in need of a lifestyle change, consider using personal funds, a life insurance policy, or utilizing your various assets to make the transition. By considering your options and creating a budget, you can pay for senior living and make an impactful change in your life.

If you're ready to make the move to independent living in Idaho, consider Chateau de Boise. With amazing amenities, social opportunities, and services, we offer seniors the very best.

Interested in learning more about Chateau de Boise and what we have to offer seniors? Contact us today to learn more about our services and to find the ideal living arrangement for your needs.