Financial Planning
Navigating the financial aspects of senior living is an essential step in finding the right care for your loved one. Understanding the costs and available resources can help you make an informed decision. At Parkview Assisted Living, we believe in transparent pricing and providing guidance to help families plan for the future.
Average Cost of Senior Living in Kentucky
*Senior living costs vary based on care type, location, and services provided. Below are the estimated, average monthly costs in Kentucky
Independent Living: $2,000 – $3,500
Assisted Living: $3,500 – $5,500 (Parkview falls within this range with all inclusive pricing transparent pricing and no a la-carte surprises each month)
Dementia Care: $7,000 – $9,000
Skilled Nursing Facilities: $9,000 – $12,000
In-Home Care: $4,500 – $6,500 (varies based on hours of care needed)
Parkview Assisted Living provides a cost-effective option for those who need assistance with daily living while maintaining independence in a home-like environment.
*These prices are for illustrative purposes only.
Helpful Resources Available to You
Understanding How to Pay for Senior Living
There are multiple ways to fund senior living, and families often use a combination of these options:
Private Pay
The most common method, private pay, involves using personal savings, retirement income, or family contributions to cover the cost of assisted living.
Long-Term Care Insurance
Long-term care insurance policies may cover a portion of assisted living expenses. It’s essential to review your policy’s coverage and benefits.
Medicaid Waivers
While Medicaid does not pay for assisted living, some families may qualify for Medicaid waiver programs that assist with home- and community-based care.
Life Settlements
Seniors with life insurance policies may be able to convert them into funds for assisted living through a life settlement.
Bridge Loans & Home Equity
For families in transition, bridge loans can provide short-term funding until a home is sold or other financial arrangements are made. Homeowners may also use home equity to finance senior living expenses.
Veterans Benefits
The VA Aid & Attendance Benefit is available to eligible veterans and their spouses to help cover the cost of assisted living. This benefit provides monthly financial assistance for those who require help with daily activities such as bathing, dressing, and medication management.
We can guide families in finding the right resources to apply for these benefits.
Why Parkview?
At Parkview Assisted Living, we understand that financial planning is a key factor in choosing the right community. We provide transparent pricing with no hidden fees and help families explore all available funding options. Our home-like environment and personalized car make Parkview a valuable and cost-effective choice for assisted living in Kentucky.
If you have questions about financial planning for senior living, we’re here to help guide you through the process.
Understanding your Options
Financial Planning
Having "The Conversation"
Financial Planning
Navigating the financial aspects of senior living is an essential step in finding the right care for your loved one. Understanding the costs and available resources can help you make an informed decision. At Parkview Assisted Living, we believe in transparent pricing and providing guidance to help families plan for the future.
Understanding Your Options
Choosing the right senior living option in Kentucky can be challenging. At Parkview Assisted Living, we provide a warm, home-like environment focused on comfort, care, and community to help your loved one thrive.
Having "The Conversation"
Talking to a loved one about moving to a senior living community can be one of the most emotional and difficult conversations a family faces. At Parkview Assisted Living, we understand the concerns and feelings involved in this transition. Our goal is to provide support, reassurance, and practical steps to help make this conversation as smooth and productive as possible.
Making the Move
Moving to a senior living community is a big step, but it’s also the beginning of anew chapter filled with comfort, support, and opportunities to connect. At Parkview Assisted Living, we understand that this transition can bring a mix of emotions. Our goal is to make the process as smooth and reassuring as possible, ensuring that residents and their families feel at home from day one.
Average Cost of Senior Living in Kentucky
Independent Living
$2,000 - $3,500
Assisted Living
$3,500 - $5,500 (Parkview falls within this range with transparent pricing and no hidden fees)
Memory Care
$5,000 - $7,500
Skilled Nursing Facilities (Nursing Homes)
$7,500 - $10,000
In-Home Care
$4,500 - $6,500 (varies based on hours of care needed)
Helpful Resources Available to You
While government programs like Medicaid do not cover assisted living, there are private resources that can help families plan for senior living expenses.
Silver Lexington, a Senior Living Placement Service, is FREE for seniors and their families. Serving Lexington and surrounding communities, Silver Lexington is dedicated to assisting families as a local resource for seniors. The transition to senior living can be overwhelming, and their mission is to provide guidance during the downsizing and moving process.
With extensive knowledge and experience, Silver Lexington works closely with families to find the most appropriate senior living community. Being a local service, they offer personalized, one-onone support and connect families with communities that best match their needs, making the transition as smooth as possible.
Understanding How to Pay for Senior Living
When evaluating senior living options, consider these factors:
Private Pay
The most common method, private pay, involves using personal savings, retirement income, or family contributions to cover the cost of assisted living.
Long-Term Care Insurance
Long-term care insurance policies may cover a portion of assisted living expenses. It's essential to review your policy's coverage and benefits.
Medicaid Waivers
While Medicaid does not pay for assisted living at Parkview, some families may qualify for Medicaid waiver programs that assist with home- and community-based care.
Life Settlements
Seniors with life insurance policies may be able to convert them into funds for assisted living through a life settlement.
Bridge Loans & Home Equity
For families in transition, bridge loans can provide short-term funding until a home is sold or other financial arrangements are made. Homeowners may also use home equity to finance senior living expenses.
Veterans Benefits
The VA Aid & Attendance Benefit is available to eligible veterans and their spouses to help cover the cost of assisted living. This benefit provides monthly financial assistance for those who require help with daily activities such as bathing, dressing, and medication management.
To qualify, veterans must have served at least 90 days of active duty with a least one day during wartime. While Parkview does not process applications, we can guide families in finding the right resources to apply for these benefits.
Why Parkview?
At Parkview Assisted Living, we understand that financial planning is a key factor in choosing the right community. We provide transparent pricing with no hidden fees and help families explore all available funding options. Our home-like environment and personalized car make Parkview a valuable and cost-effective choice for assisted living in Kentucky.
If you have questions about financial planning for senior living, we’re here to help guide you through the process.