How do families cover the rising cost of senior care without draining their savings? In New York, the average cost of assisted living is over $5,000 a month, according to Genworth's 2023 Cost of Care Survey. That figure can be even higher in areas like Newburgh, a historic city on the Hudson River known for its 19th-century architecture, revitalization efforts, and views of the scenic Hudson Highlands.
Paying for assisted living can feel overwhelming, but there are ways to manage it with the right planning and support. Today we're taking a closer look into what assisted living costs in Newburgh, where to find financial help for older adults, and how to plan ahead with confidence.
Planning ahead can help families avoid surprises when it comes to paying for assisted living. There are three core parts to focus on when building a solid care budget:
Start by looking at all regular income sources. This could include Social Security payments, pensions, retirement income, or help from family members.
Add up these amounts to get a clear idea of what's available each month. Compare that total to the average assisted living costs in Newburgh to see if there's a gap.
Next, review any savings or long-term accounts that can help cover senior care expenses. Some families use IRAs or 401(k)s to help pay monthly bills. Others may have a life insurance policy with a cash value. These can all be part of a long-term care planning strategy.
Care needs often change. Some people may need more support after a fall or illness.
It's helpful to set aside a small amount each month to prepare for higher expenses later. Some senior living communities raise fees annually, so it's smart to include a cushion in the budget for that, too.
Many families in Newburgh wonder where to turn when senior care expenses become too much. There are three main types of support that may help older adults cover costs:
Most older adults receive monthly Social Security income. While it rarely covers the full cost of assisted living, it can help offset part of the monthly bill.
Some people may also qualify for Supplemental Security Income or SSI. This is meant for those with limited income and few resources. It can be helpful for covering basic personal needs.
Veterans and surviving spouses may qualify for financial help through the VA. One program, Aid and Attendance, adds money to a veteran's monthly pension if they need help with daily activities. This benefit is not automatic, so families need to apply and show medical and financial need.
New York offers some support programs for older adults who need help with housing or care. These may include help with meals, caregiver support, or other needs tied to daily living.
Eligibility depends on income, health, and age. Families can contact their local office for aging services to learn more.
Long-term care insurance can help cover some of the costs tied to assisted living. These policies are designed for people who need help with everyday tasks like bathing, dressing, or eating.
Not every plan is the same, so it's important to understand how benefits are paid and what's included. Families should review the fine print before counting on the coverage.
Most policies require the person to need help with at least two daily activities before they start paying out. Some plans have a waiting period. This means the person has to pay out of pocket for a set time before the insurance kicks in.
It could be 30, 60, or even 90 days. Others may set a daily limit on how much the insurance will pay toward senior care expenses.
Some families in Newburgh rely on personal resources to help cover assisted living costs. There are three common ways people use personal wealth to help with senior care expenses:
Many older adults no longer need a full-size home once they move into assisted living. Selling the house can create a large pool of funds.
It can be used to pay for several years of care without taking on new debt. Some families choose to rent out the home instead, creating regular monthly income.
If the person is still living in their home and needs money for care, a reverse mortgage could be an option. This lets homeowners borrow against their home's value while still living in it.
Payments are not due until the home is sold or the person leaves it for good. It can help bridge the gap when care costs go up.
Savings, IRAs, or 401(k) accounts are often used to help with paying for assisted living. These funds were set aside for this stage of life.
Taking regular withdrawals can help cover monthly costs without taking out loans. Families should check with a financial advisor to make sure the plan matches their long-term care planning goals.
Paying for assisted living in Newburgh can feel like a challenge, but there are ways to manage the cost.
At Bell Oaks Place Assisted Living, our community members are like family. Each resident has a care plan that fits their needs and enjoys daily activities like bingo, exercise, worship, and live music. They can also go outside for gardening, shopping trips, and meals with friends.
Get in touch today to find out how we can help with your loved one's retirement years.