If you want your elderly loved one to have the highest level of care, you may want to consider an assisted living facility. Specially developed to provide the ideal living environment for seniors, an assisted living facility has a wide range of amenities and professional staff to make your loved one feel comfortable, safe, healthy, and happy. It also promotes mental and emotional health by offering excellent social opportunities.
However, staying at an assisted living community can be quite expensive. According to a survey conducted by Genworth, the average cost of assisted living across the country was $3,628 per month in 2016. While some families use their salaries, pensions, and savings to pay for assisted living, there are a number of other options that can significantly reduce your financial burden.
Assisted Living Payment Options
- Long-Term Care Insurance
Long-term care insurance is one of the methods that are commonly used to pay for assisted living. The cost of this type of insurance can vary greatly depending on a number of factors, including your loved one’s age and health, the amount of coverage, and the insurer you choose. However, it is more difficult for people with existing conditions to qualify for long-term care insurance.
Depending on which state you are from, you may be able to use Medicaid to pay assisted living costs. The number of states where Medicaid covers assisted living costs is increasing, and some states offer community and home-based services to delay seniors’ placement in long-term care facilities.
- Veterans Aid and Attendance Benefit
The Aid and Attendance benefit offered by the Veterans Administration is an extension of the regular pension received by a veteran. The cost of living in an assisted care facility is covered by this benefit.
- Investment-Based Options
Investment-based methods of paying for assisted living are not as safe as the above-mentioned methods, because they are actually financial transactions, not government money. You should only consider using them after all the other options are exhausted. Some examples of investment-based methods include reverse mortgages, life settlements, annuities, and bridge loan.
Payments for independent living service do not necessarily have to come from a single source. Other than the options above, you can also do some research to find other payment methods. If you are in doubt, you may want to speak to a Medicaid or insurance expert, or a financial advisor before you make a decision. You can also visit sites like heritagewoodsseniorliving.com and see what payment methods they offer.