When seniors start looking into assisted living in Peoria, seeing the cost can cause some anxiety. Before you give up on choosing assisted living in Peoria, there are a lot of financial solutions that you should look into and know about. There are quite a few programs here in Arizona that many assisted living communities accept.
Here at The Mission At Agua Fria, we accept several financial solutions that can help you pay for assisted living. Here are some of them for you to check out:
Arizona specific, the Arizona Long-Term Care System, known better as ALTCS, is the Medicaid assistance for seniors living in the state. This means that if you’re looking at assisted living in Peoria, Arizona, you should definitely look into ALTCS to see if you qualify. ALTCS can help cover the costs of both room and board for senior living communities like assisted living.
You must meet the criteria to benefit from ALTCS which includes residential, financial, and medical eligibility. You will also need to be pre-determined to need assistance such as living in an assisted living community.
If you are a veteran, or if you are the spouse or surviving spouse of a veteran, you may be able to qualify for Veteran’s Aid. This is offered through the Department of Veteran Affairs Aid And Pension benefit. Veteran’s Aid is a tax-free benefit that will give you a certain amount of money each month to help you cover the cost of assisted living. You may be eligible for this if you have the applicable wartime service, have a medical need, and need financial aid.
Please note that if you are the surviving spouse of a veteran, you need to have not remarried to qualify for this financial benefit.
A bridge loan is a loan option where you are given 12 months to complete the payment. This means that you are only borrowing the money that you need, not more than that. This is a great financial solution if you do not have the funds right now to pay for assisted living, but you know that you will have them in the future, such as if you are waiting on money from the sale of a house or other big asset. If you do get the funds before the 12 months is up, you can pay off the loan quicker, with no penalties. A popular bridge loan vendor that we work with is Elderlife Financial Services.
If the cost of assisted living in Peoria is causing you to hesitate, we hope that seeing the above financial solutions is a reassurance. If you are still worried about how to pay, please contact us. We would love to chat with you and discuss your financial solution options. We are confident that we can figure out some sort of solution, and hope you are considering The Mission At Agua Fria as your Peoria assisted living!