The senior population in Peoria, IL, is growing rapidly. According to USAFacts, adults 65 and older were the fastest-growing age group between 2010 and 2022, increasing the demand for assisted living options. Many families are beginning to explore their choices and how to plan for the future.
Understanding assisted living costs early can help families feel confident in their decisions. With the right approach, financial planning for seniors can make quality living more accessible.
From personal savings to government programs, there are many ways to cover paying for assisted living without unnecessary stress. The key is knowing what options are available and how they work together.
At Heartis Peoria, we're committed to helping families navigate their options when considering our community. Take a minute to explore our guide as you plan!
The best assisted living communities provide a supportive environment where seniors can maintain independence while receiving needed care. Most residents want services that offer comfort, convenience, and social engagement. These often include:
Costs vary based on factors like care level, apartment size, and amenities. Some communities provide additional features, such as fitness centers and salon services. Heartis Peoria residents enjoy a wide range of thoughtfully designed amenities, including chef-prepared meals!
Many families start by using personal savings and retirement funds to help with paying for senior living. Social Security, pensions, and individual retirement accounts (IRAs) can all contribute to covering assisted living costs.
Other financial tools, such as annuities and investments, can also help with long-term care funding. Investment portfolios can provide additional income, especially if you manage withdrawals carefully.
To make the most of retirement savings:
A well-planned budget helps track affordability by outlining expenses and income sources. Strategic withdrawals from retirement accounts can prevent early penalties and keep funds available for the long term. Downsizing to a smaller home or reducing unnecessary costs can also help stretch retirement savings.
Following these tips can make covering assisted living costs more manageable. Working with a financial planner who specializes in helping seniors may also be a good idea.
Long-term care insurance may help cover assisted living costs. Many policies include benefits that support daily living and medical needs. Benefits may cover:
The best time to purchase coverage is in midlife when premiums are lower and eligibility is easier to secure. While this type of insurance can ease senior care expenses, it has challenges. Policies often include:
If you qualify, long-term care insurance is a valuable tool. Reviewing policy details early can help prevent surprises. If memory care is a priority, insurance may help cover specialized programs like Peoria Generations Memory Care at Heartis Peoria, which offers dedicated support for individuals with Alzheimer's and dementia.
Peoria, Illinois is the largest city on the Illinois River and has roughly 180,00 residents. People who live here have access to a robust healthcare system, including senior care.
The city is home to 8,131 veterans, according to the 2024 U.S. Census Bureau data. Many may qualify for VA Aid & Attendance, a benefit that provides financial assistance for paying for assisted living and other senior care expenses. Unlike some programs, it does not limit where a veteran can live, allowing flexibility in choosing a community.
Key benefits include:
With Peoria's large veteran population, this benefit can be a valuable resource for seniors. Eligibility depends on factors like service history, income, and medical needs. Veterans and their families can explore options through the VA or a veteran service organization like the Senior Veterans Service Alliance to see if they qualify.
A quick planning tip: Applying for VA Aid & Attendance involves gathering military service records, medical documentation, and financial details.
If you're like most seniors, your home is your biggest asset. Selling it can free up funds to cover your expenses, especially if you've outgrown the space or are ready to enjoy less home maintenance. Downsizing to a smaller residence before transitioning to assisted living can also help with budgeting.
Another option is using home equity through:
While home equity can be a valuable source of long-term care funding, it's important to understand the differences. A reverse mortgage converts equity into monthly income but you must repay it when you sell your home. A home equity loan provides a lump sum but requires monthly payments.
Speaking with a financial advisor can help determine which option best fits your situation.
Families often come together to support loved ones when they're planning for assisted living. Some divide costs among siblings, while others create a pooled fund to help cover assisted living costs. Pooling resources not only helps with affordability but also reassures seniors that their loved ones are invested in their well-being.
Some assisted living communities offer:
Discussing financial options early can prevent stress later. Whether through family contributions or structured payment plans, having a strategy in place ensures a more seamless transition. Open conversations about finances and expectations can also make this process smoother.
Paying for assisted living will be a concern for any senior, and financial planning is an important step, but the right community makes all the difference.
At Heartis Peoria, residents enjoy personalized care, engaging activities, and a warm, welcoming atmosphere. Private apartments, chef-prepared meals, and vibrant social opportunities create a community where independence meets peace of mind.
Explore our floor plans and contact us today to learn more or schedule a visit; we'd love to show you around!