Cost calculator for senior living in St. Catharines, ON

There are many ways families pay for senior living in St. Catharines, ON, but the most common method is to use private funds, such as savings and retirement accounts.

Consider:

• Canada Pension Plan (CPP)
• Old Age Security (OAS) and Guaranteed Income Supplement (GIS)
• Sale of car, excess furniture and other valuables

Veterans Affairs Canada (VAC) offers several programs that can help eligible Veterans and their families pay for senior living, long‑term care, or support services.

For help navigating benefits, the Royal Canadian Legion provides free assistance to Veterans, spouses, and dependents.

Please contact Veterans Affairs Canada or your local Veterans Affairs office near St. Catharines, ON for more information.

When you don’t have immediate access to all the funding you need for moving to a senior living community, there are financing options that can help.

Consider:

• Tapping into your home’s equity as a possible resource for additional income
• A home equity line of credit, which is similar to a home equity loan, however you can borrow from an available pool of money as needed and only pay interest on the money borrowed
• Reverse mortgages, which work in some situations, but require at least one homeowner to continue living in the house
• Personal loans, which may be a good short-term option, although interest rates are higher and they are generally not tax-deductible

There are several ways you can use your existing life insurance policy to free up cash that may help fund your living needs. Options depend on your policy type (typically whole life or universal life, as term policies do not build cash value).

Consider:

• Taking a loan from your current life insurance policy, with the understanding that it will reduce your policy benefits accordingly
• Surrendering a life insurance policy and receiving a cash payout
• Learning if your policy features an accelerated death benefit rider, which may give you access to a portion of the death benefit if you become terminally ill
• Taking a life settlement, where you can sell your existing life insurance policy to a third-party company that typically pays more than the surrender value
• Determine if your policy includes a long‑term care/chronic‑illness rider.

Long‑term care insurance helps cover the cost of services such as assisted living, nursing home care, and in‑home support when you can no longer perform everyday activities independently. Depending on the policy, benefits may be paid as a weekly or monthly income that can be used toward the cost of care.

If you do not have long‑term care insurance, you may still be able to access funds from an existing permanent life insurance policy to support care needs or you can purchase a stand‑alone long‑term care insurance or hybrid life‑and‑care insurance products where available.

For help reviewing your options, contact a licensed Canadian insurance advisor.

While listing and selling one’s home through a real estate agent is a good option, many families capitalize on real estate investments without giving up their homes.

Consider:

• Selling the home to a family member who inherits it or otherwise keeps the home in the family
• Renting the home to a family member until everyone is ready to make a long-term decision

The options listed are intended to be a starting point for you and your family. To determine what works best for your unique situation, consult a professional to explore all your senior living options. Atria Retirement offers helpful resources on many aspects of retirement in St. Catharines, ON, so get in touch today for more information on estate planning services, veteran benefits and other government benefits and programs.