The PRB projected the number of Americans 65+ years old to increase by 24 million between 2022 and 2050. If you or your loved one falls into this age group, you know how important it is to plan for the future.

Planning for senior care isn’t something you can put off for later. It’s a growing reality many families in Biloxi are facing right now.

Navigating the financial side of senior care may feel overwhelming. But knowing your options can make the process easier.

Explore the different ways of paying for senior care in Biloxi, from financial assistance programs to smart budgeting strategies.

Understanding Senior Care Costs in Biloxi

Senior care costs in Biloxi can vary quite a bit depending on the type of care you or your loved one needs. On average, expect to pay 3,800 per month for assisted living care in the area.

However, costs can escalate quickly for specialized care, such as memory care. Here is a breakdown of the types of senior care available in Biloxi:

In-Home Care

This option provides help with daily tasks like:

Bathing
Dressing
Meal preparation

It allows your loved one to stay comfortable in familiar surroundings while receiving the support they need. Services can be tailored to fit their schedule, offering flexibility for both seniors and family members.

Assisted Living

If your loved one needs help with daily activities but still wants to maintain some independence, this could be a great option. Assisted living communities like SummerHouse Bay Cove offer support with tasks like:

Grooming
Medication
Meal management

The cost of care will vary depending on the amenities available and the level of care your loved one needs.

Memory Care

If your loved one has Alzheimer’s or dementia, memory care might be the right choice. It provides a safe and structured environment. Trained staff help with daily routines, medication, and memory-focused activities.

Costs are usually higher because of the specialized care. It’s a good idea to explore your options early.

Payment Options for Senior Care

Figuring out how to pay for senior care can be stressful, but you have several options. Check out these common ways to cover the costs:

Personal Savings and Retirement Funds

You may decide to use your savings or retirement accounts. For many families, this is the first option they turn to when care expenses arise. It’s ideal if you’ve been setting money aside over the years.

Long-Term Care Options

If your loved one has long-term care insurance, it could help cover costs like in-home care and assisted living. However, policies often have limitations, such as elimination periods. Review the policy details to understand what is included.

Life Insurance and Selling Assets
You may be able to tap into a life insurance policy for cash value. Selling property or other assets is another way to help pay for care.

However, this may have tax consequences. Talk to a financial advisor before making a decision.

Reverse Mortgage

If your loved one owns their home, a reverse mortgage could give you access to extra funds. It’s worth talking to a financial advisor about this option.

Family Contributions

Sometimes, family members come together and share the costs. It helps lighten the financial load.

Veteran Benefits

If you or your loved one is a veteran, you might qualify for extra financial help. Programs like the Aid and Attendance benefit can provide monthly payments to help cover senior care costs. Check with the Mississippi Veterans Affairs for local programs that support veterans and their families.

Budgeting and Financial Planning for Aging

Planning ahead gives you more control and helps you avoid financial surprises down the road. Consider the following strategies to help manage your senior care expenses more effectively:

Start Early with Financial Planning

Planning early for senior care costs gives you more control and flexibility. The sooner you start, the better prepared you’ll be when decisions need to be made.

Consult a Financial Advisor or Elder Care Planner

Talking to a professional can help you understand your options. They’ll guide you on the best strategies to protect your loved one’s finances.

Prioritize Expenses

Focus on essential costs like housing, utilities, and healthcare. Prioritizing assisted living expenses ensures your loved one’s care remains a top priority.

Track Income and Expenditures

Regularly monitor your budget to ensure you’re staying on track. Adjust your spending as needed to accommodate changes in healthcare needs or income.

Set Aside an Emergency Fund

Unexpected costs can pop up anytime. An emergency fund gives you a safety net when those moments arise.

Use Tax Credits and Deductions

You may qualify for tax credits or deductions if you’re paying for senior care. It’s worth checking to see what you can claim.

Exploring Affordable Senior Living Options in Biloxi

Finding affordable senior living in Biloxi doesn’t mean you have to sacrifice quality care. Consider the following options to balance cost and comfort:

Tips for Choosing the Right Community

Start by visiting a few communities in person to get a feel for the environment. Ask about the services included in the cost and check reviews. Take time to compare options and see what fits your budget and needs.

Negotiating Costs and Exploring Shared Living

Don’t hesitate to ask about discounts or payment plans. Shared rooms or apartments can also help lower expenses while still providing necessary care.

At SummerHouse Bay Cove, our resort-style senior living community offers a wide selection of senior apartment homes. This allows you to choose what fits your loved one’s needs and your budget.

Paying for Senior Care in Biloxi: Finding Quality Care Without Overpaying

Understanding available programs and savings options can ease the burden of paying for senior care. With the right approach, you can find quality care that fits your budget.

At SummerHouse Bay Cove, we make paying for senior care easier with affordable options and exceptional support. Led by Executive Director Elizabeth Pond since 2015, our experienced team delivers personalized assisted living and specialized memory care. Nestled in scenic Biloxi, our resort-style community offers modern apartments, engaging programs, and bay views designed for comfort and peace of mind.

Reach out today for quality senior care that fits your budget.