Where to Begin

Financial Planning

We believe you should have access to quality care, top-notch amenities and opportunities to thrive—and money shouldn’t be the thing that holds you back. That’s why we provide a wide range of senior living options so you can find the community and price that’s right for you.

Financing senior living can be a daunting process: from budgeting to medicare coverage, there are lots of decisions to make. You should feel informed and empowered to make those choices. Below are some answers to some critical questions you might have about financing your senior living journey.

What Are the Ways to Pay for Senior Living?

You’re ready to enjoy the benefits of senior living, with one big question: How do I pay for it?

The good news is that there are several ways to help cover the cost. Whether you’re planning ahead or responding to a recent change, there are options that can help you feel more confident and supported. You can explore different resources and choose the combination that best supports your goals and lifestyle.

Let’s take a look at the most common ways people pay for senior living.

Paying out of pocket
Selling your home
Bridge Loans
Long-Term Care Insurance
Life Insurance conversion
Veterans benefits
Medicare

What Are the Ways to Pay for Senior Living?

You’re ready to enjoy the benefits of senior living, with one big question: How do I pay for it?

Let’s take a look at the most common ways people pay for senior living.

Paying out of pocket
Selling your home
Bridge Loans
Long-Term Care Insurance
Life Insurance conversion
Veterans benefits
Medicare

How Can I Afford Senior Care?

Senior living offers care, comfort and daily connection. Still, cost is an important factor to consider.

The good news? There are many ways to pay for senior living—often using resources you already have. From home equity and life insurance to veterans benefits and short-term loans, exploring your options with the right guidance can help you feel confident about your next step.

When you compare what’s included in senior living to what you already spend, you may find the transition is more within reach than you expected.

Where do I start when planning for senior living costs?

Many families begin by looking at resources they already have, such as retirement savings or long-term care insurance. Others start by planning around home equity or small manageable payments.

You can take the planning process one step at a time, exploring each option at a pace that feels right for you. Brookdale is here to help you understand your choices and shape a plan that matches your life and timeline.

What are my payment options?

Paying for senior living can be flexible, with many ways to tailor it to your situation. Many families combine different resources to create a plan that works for them.

Paying out of pocket
Long-Term Care Insurance (LTCI)
Life insurance conversion
Veterans benefits
Medicare

Can I combine options?

Yes. Many families blend several funding sources to meet their needs. You might use a bridge loan while waiting for benefits, pair a life insurance conversion with savings or combine home equity and retirement funds.

Your plan can be as individual as the person it supports, and Brookdale advisors can help you explore combinations that work for you.

How Can I Afford Senior Care?

Senior living offers care, comfort and daily connection. Still, cost is an important factor to consider.

When you compare what’s included in senior living to what you already spend, you may find the transition is more within reach than you expected.

Where do I start when planning for senior living costs?

Many families begin by looking at resources they already have, such as retirement savings or long-term care insurance. Others start by planning around home equity or small manageable payments.

What are my payment options?

Paying for senior living can be flexible, with many ways to tailor it to your situation. Many families combine different resources to create a plan that works for them.

Paying out of pocket
Long-Term Care Insurance (LTCI)
Life insurance conversion
Veterans benefits
Medicare

Can I combine options?

Your plan can be as individual as the person it supports, and Brookdale advisors can help you explore combinations that work for you.

We have really strong partnerships with Brookdale, and we feel they are one of the best communities in the area. I even moved one of my private home patients into a Brookdale community. It was going to cost less for this patient to move into 24-hour care and have all of the community coverage than she was paying at home for disjointed care. I would encourage people to look at the Brookdale communities in their area.

Dr. Thomas Lally, Primary Care Physician

Does Brookdale Have A Down Payment or Buy-In Fee?

Most Brookdale rental communities (independent living, assisted living and memory care) work on a simple service rate plan plus a one-time community fee that varies by location.

A handful of Brookdale Continuing Care Retirement Communities (CCRCs) use an entrance fee that varies by location, floor plan and refund option.

Does Brookdale Have A Down Payment or Buy-In Fee?

Most Brookdale rental communities (independent living, assisted living and memory care) work on a simple service rate plan plus a one-time community fee that varies by location.

A handful of Brookdale Continuing Care Retirement Communities (CCRCs) use an entrance fee that varies by location, floor plan and refund option.

How Do Families Usually Cover an Entrance Fee?

Here are three ways families might fund an entrance fee:

Home sale proceeds: Use built-up equity and trade house chores for maintenance-free living
Investment or retirement accounts: Shift assets into a lifestyle that already bundles many daily costs
Bridge loans or real-estate programs: Utilize short-term financing while your house lists and closes.

Cost Comparison at a Glance

Living at Home

Living at Brookdale

Separate bills for mortgage or rent, taxes, insurance, utilities, lawn care, repairs, maintenance, groceries, transportation, entertainment and gym membership.

One monthly statement that includes most living costs plus chef-prepared meals, housekeeping, scheduled transportation, full calendar of events and 24/7 on-campus team presence.

You coordinate every service.

Brookdale handles daily details so you stay focused on the life you enjoy.

How Do Families Usually Cover an Entrance Fee?

Here are three ways families might fund an entrance fee:

Home sale proceeds: Use built-up equity and trade house chores for maintenance-free living
Investment or retirement accounts: Shift assets into a lifestyle that already bundles many daily costs
Bridge loans or real-estate programs: Utilize short-term financing while your house lists and closes.

Cost Comparison at a Glance

Living at Home

Living at Brookdale

Separate bills for mortgage or rent, taxes, insurance, utilities, lawn care, repairs, maintenance, groceries, transportation, entertainment and gym membership.

One monthly statement that includes most living costs plus chef-prepared meals, housekeeping, scheduled transportation, full calendar of events and 24/7 on-campus team presence.

You coordinate every service.

Brookdale handles daily details so you stay focused on the life you enjoy.

How Can I Make Senior Living More Affordable?

There are several ways families may manage costs when considering senior living. Options include:

Companion suites—sharing an apartment can reduce monthly costs
Comparing nearby communities—costs can vary across towns and cities
Tailored services—pay for the support you need now, adjust if that changes later
Financial resources—explore VA benefits, long-term care insurance or possible tax deductions

With guidance and planning, you may find an option that fits both your lifestyle and your budget. Our senior living advisors are here to walk you through your options and help you make informed decisions every step of the way.

How Can I Make Senior Living More Affordable?

There are several ways families may manage costs when considering senior living. Options include:

Companion suites—sharing an apartment can reduce monthly costs
Comparing nearby communities—costs can vary across towns and cities
Tailored services—pay for the support you need now, adjust if that changes later
Financial resources—explore VA benefits, long-term care insurance or possible tax deductions

Having the Conversation

If you’re done exploring the financial planning section, you might be ready to move forward with the idea of moving into a senior living community. If so, you might be interested in reading up on how to talk to your family about your decision.

Having the Conversation

_{* Information on this page is for general purposes only and is not intended to be a substitute for financial, legal, tax, accounting or other professional advice. Call Brookdale for more specific information.}

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