Many high school seniors apply for various college scholarships that cover part or all of their tuition and living expenses. However, when the same type of need occurs at the other end of the life spectrum, seniors may not know where to turn. Finding oneself aged 62 plus, living on a reduced income and having difficulty making ends meet can be very disconcerting after a lifetime of financial solvency.
To address this essential need, some senior living facilities offer financial assistance in the form of residence-based scholarships. Like the scholarships offered to teens for college, residence-based senior scholarships may fully cover the expense of assisted living or long-term care, or they may partially offset the cost of residential housing.
Much depends on both a resident’s income level and the facility’s resources. Some residence-based scholarships are made available through a facility’s own fundraising and/or endowment efforts. Since each residence, or their management or parent company, oversees these financial scholarships directly, seniors who are interested in applying for a residence-based scholarship first need to find out whether the facility they are planning to move to, or already reside in, offers such programs. If so, they can ask about the types of scholarships available, learn whether they quality, and begin the application process.
Because finances and health care are critical issues for seniors and their loved ones, it’s never too soon to start planning for senior living. You may wish to consult an elder care attorney before you might ever need assisted living or other long-term care, in order to protect your assets and plan for needs which are likely to change over time. Elder care financial advisors and geriatric care managers are two other types of consultants who can help you plan for future senior living needs.
To support you in making optimal senior living decisions, please review this comprehensive guide to paying for health care and senior living.
About the Author:
Amara Rose is a personal and business coach with a broad background in health and positive aging. She writes widely about senior housing, elder health and nutrition, lifelong learning and the spiritual dimension of aging. Contact her via firstname.lastname@example.org