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How to Manage the Cost of Assisted Living

How to Manage the Cost of Assisted Living

Being in an assisted living community can give peace of mind to both you and your family. You can maintain your independence while receiving the care you need in a controlled environment. But coming up with the finances to cover the cost of assisted living can feel difficult and overwhelming, stopping many potential residents at the front door. But did you know you have options for how to manage the cost?

Learning how to manage the cost of assisted living can ensure that you can join the right community for you when the time comes. You want to feel comfortable in the community that you choose, and part of that comfort comes with knowing you can afford to live where you’d like to be. Assisted living communities like ours at Mission at Agua Fria know that coming up with the right amount of money can be a burden, which is why we offer options to make it easier. Here are a few ways that you can manage the cost of assisted living.

Long-Term Care Insurance

Long-term care insurance is a great way to plan ahead for your senior years so that you can better manage the cost of assisted living later on. With long-term care insurance, you typically purchase the policy years before you are in need of assisted living. During the years before you enter a community like Mission at Agua Fria, you pay a monthly premium toward your insurance.

When the time comes, long-term care insurance can pay for a few years of your time at an assisted living community or even the entirety of your time there. If you’re interested in long-term care insurance as a way to manage the cost of senior living, the American Association of Long-Term Care Insurance can answer any questions you may have.

Elder Life Solutions

When you don’t have enough money to pay for assisted living out-of-pocket, a loan may be a good option. There isn’t always a lot of preparation time before someone has to join an assisted living community and coming up with a lot of money can be difficult if you’re not expecting it. With options like Elder Life Solutions, seniors or people needing assisted living can apply for a loan that acts as a line of credit. Elder Life Financial Solutions can help you to bridge the gap with your finances and allow you time to pay off the balance little by little.

Benefits

Many people who are in need of assisted living are eligible for different types of benefits, but they don’t know it. For instance, if you’re a veteran in need of assisted living, there’s a program created specifically to help you manage the costs. Veteran’s benefits are a great option to help veterans pay assisted living expenses. This type of benefit can even be redeemed by the surviving spouse of a veteran. This program, made possible by the Department of Veteran Affairs, Aid, and Attendance Pension Policy, can be a great way to help you manage the cost of assisted living, should you qualify.

Look into different government programs like this to see if you qualify for the benefits that can make communities like ours available to you.