Not Sure How To Finance Assisted Living Services? Consider These 4 Options
By Living Better on November 6, 2020
Making the decision to move from the family home to an assisted living community is not easy. But, if there are health issues, mobility issues, or even memory and cognitive issues that make living without help dangerous or difficult, decisions must be made. Not everyone has the savings, or retirement income to allow them to transition easily. They may need to finance assisted living services arrangements somehow. There are ways to help finance assisted living homes.
Forms of Assisted Living
There are several ways to get assisted living services including moving to an Assisted Living Community where the couple or single person chooses an apartment, room, or townhome and lives independently while receiving the assisted living services they need. The residents choose the level of assistance they receive and the cost of living reflects their choices.
There are different ways of receiving assistance with living, depending on the person’s income and needs. Assisted living services can be delivered to seniors who continue to live in their homes or an apartment of their choosing. In this case, home health workers can be hired to come to the home to assist the patient with housekeeping, personal care, and mobility needs.
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The person or couple may choose to move to a special assisted living community with housing designed for people who need different levels of medical or personal care, as well as home maintenance help. Assisted living communities often have different levels of care and living spaces available. A person can choose an apartment, a room, or shared quarters. All the living options are designed to give residents a home-like feeling and as much independence as possible.
Assisted living communities are available at many price levels. But for some seniors, it will be a challenge to finance any move to an assisted living community.
Decide What the Person’s Needs Are
It is important to consider what services are needed before searching for a community. Services may include providing meals each day, monitoring medication, personal care with bathing and dressing, housekeeping, emergency care, needed medical services, and social and recreational opportunities. The person, couple, or their families should decide why they need to change their home, what services they need, and how often they need help.
What Are 4 Options to Finance Assisted Living?
Moving to an assisted living community will often mean downsizing. The person or couple will need to reduce their belongings to fit into a smaller home. Reducing belongings can also be a way of raising money for the move. There are at least 4 ways to help finance the move to assisted living.
- If a person or couple owns their home, they can sell it and other belongings and bank the money for the move. If a couple wants or needs to move directly to an assisted living community before the home is sold, there are bridge loans to apply for. This type of loan provides money to finance assisted living while the home is being sold or investments are being liquidated.
- Veterans Aid and Attendance benefits may be available to those who have served in the military. Veterans or their spouses who meet certain requirements can receive money every month. This can be up to $1881 a month for a single veteran to $2230 a month for a married veteran.
- If a couple or person has a life insurance policy, it can be sold to a life settlement company for a lump sum payment.
- If the couple or person has a long-term care insurance policy, it may have provisions for in-home care services or assisted living costs. Contacting the insurance agent for information can provide that information.
The couple, person, or their families can explore different retirement and assisted living communities for ones that fit their budget. Many assisted living communities to have counselors to help prospective residents find ways to finance their move.
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