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As an aging senior citizen in Kentucky, both you and your adult children want to do everything possible to save on your long-term care. Do you know which steps are the most effective?

To help, The Senior List provides strategies for making assisted living more affordable. See how these tips help you and your children experience financial (and emotional) relief.

Look into Medicaid and veteran’s benefits

Both Medicaid and veteran’s benefits can ease the financial burden of assisted living. To maximize both resources, do some research into which living communities accept Medicaid and veteran’s benefits, as well as what specific services fall under program coverage.

Plan as early as possible

If you are not quite ready to start looking into nursing homes or assisted living communities, it is still a good idea to layout a foundation. It is not unusual for living communities to have a waiting list, so delaying your choice until you actually need assistance could backfire.

Check out insurance coverage options

Do you have a life insurance policy? If so, it could help absorb the cost of assisted living. Talk with your insurance provider to see if you can cash out a portion of your policy early. There is also long-term care insurance.

Work with a financial planner

Some financial planners specialize in assisting senior citizens. Seek one out so you have a better understanding of how to make your every dollar stretch as much as possible without sacrificing on overall comfort in your golden years.

Consider alternative living arrangements

Have you considered living with roommates, as you may have in college? Living in a facility with a few other senior citizens can help reduce the cost.

This information is only intended to educate and should not be interpreted as legal advice.