Ways to Pay for Assisted Living and Senior Living
Finance is a big factor when it comes to assisted living for seniors because although the prices of living communities vary a lot depending on the facilities and infrastructure, one must be ready to shell out anything between $2,000 and $5,000 per month. Sometimes, this can become a big obstacle for many. Many seniors would find this amount too high and unaffordable but to help those interested in opting for a living facility, many financial assistance programs are available. Knowing about the financial resources available to aid community living for seniors should help you to achieve the goal. Even if you have no money, you can get into assisted by tapping the right resources to unlock funds. Here are your options.
Veteran’s benefits
Senior veterans can receive financial assistance under the programs offered by the Department of Veterans Affairs to pay for assisted senior living or some memory care near you. Spouses of wartime veterans also qualify for assistance. Moreover, there are some assisted living communities specifically focused on looking after senior veterans and their families.
Assisted Long term care insurance
Seniors covered by long term insurance are most likely to enjoy its coverage for assisted living provided the policy has provisions for it. However, you must have the farsightedness to take the policy quite early in life with a suitable provision for funding for assisted living. Or else you could be among those 97% of Americans who despite knowing about the benefit do not take up any long-term insurance policy.
Assisted in Selling a life insurance policy
The method involves selling your life insurance policy to another person or company so that you get instant money, but the accruals and benefits of the policy go to the buyer who pays for the premium since acquiring it. Although this method of a life settlement is an option to garner funds, it might not be acceptable to many who want to protect the financial future of their heirs and family.
Home Equity
Putting up your house for sale to fund assisted living is one of the ways to arrange for finances required for assisted living. If it is not possible to sell the home immediately, but you need to move to an assisted living facility right at that time, you can look for some communities that accept rent deferments that you pay up when you sell the house.
Reverse mortgage
To defer selling the home, you can opt for a reverse mortgage that allows you to borrow money against the home equity that you pay pack after selling the house. The arrangement works well for couples when one spouse is healthy while assisted living is necessary for the other. To fulfill the condition of the reverse mortgage, the healthy spouse stays at home while the spouse who needs assistance can join a community.
Renting the home
Moving out to an assisted facility by renting out the house is another option for funding community living. It is like having the best of both worlds as you retain the ownership while fulfilling your needs for assisted living.