Assisted living is supposed to make life easier for the resident and their family. But as assisted living costs are high, a financial burden may arise. This is something we want to help all of our residents with. We don’t want you to have to break the bank on assisted living costs. We want you to have peace of mind that your loved one is aging in a place that will fully take care of their needs, and we don’t want you to have to worry about anything else. This is why we think it’s important to know what happens when you can’t afford assisted living costs.
There are options out there to help you with these costs. Here are some possibilities you should investigate before choosing an assisted living community.
Long-Term Care Insurance
If you or your loved one aren’t quite ready for assisted living but know it will be something needed in the future, you can invest in a long-term care insurance plan now. If you’re ready for an assisted living now, be sure to check if you already have one. These policies allow you to pay a monthly premium toward your insurance. The insurance can then be used to pay the assisted living costs. Depending on how much you have put into the policy, it can pay for a few years living in an assisted living community or even for the entire stay.
Taking out a loan to help pay for assisted living is another option if you don’t have the out-of-pocket money needed right away. One loan option is a bridge loan through Elderlife Financial Services. Seniors and those who need to live in an assisted living community can receive a loan or line of credit that will allow them to pay for care services until another type of financing comes through, such as funds from a home sale or VA benefits. This helps to ease the immediate financial burden residents might face.
If you need assisted living and are a veteran or the spouse of a veteran, you can apply for veteran’s benefits. The amount you’re eligible for depends on whether you’re a veteran and a spouse applying together, a single veteran, or a qualifying surviving spouse. Amounts are paid monthly and are tax-free. You must make sure that the assisted living community you are looking at accepts VA benefits. We do at the Mission at Agua Fria.
There may be other benefits available to you if you aren’t eligible for those listed above, which is why it’s important to research government programs you may qualify for instead. Ask the staff at the assisted living community you’re looking into about additional resources and financial options they accept.
Don’t worry if you realize that you can’t afford assisted living costs. There are options out there to help you make sure you can afford the services you need. Give us a call, and we can chat more with you about what financial options there are if you choose the Mission at Agua Fria.