Assisted Living Funding Options
How to Pay for Assisted Living
It's not uncommon for many people who are in need of assisted living care to put off getting this much needed service because they are fearful of the cost. At Affectionate Care, we offer all-inclusive pricing. As a resident's level of care changes, comprehensive assessments will be conducted and shared with the resident and family members. Together we will discuss all the options and solutions available to best meet your needs. There are several ways to pay for assisted living.
You can receive help to pay for assisted living services using Veteran's benefits. This benefit can help with the cost of service-related injuries, disabilities, aid and attendance to any disabled veteran (including spouse). Please visit https://www.va.gov/GERIATRICS/pages/Assisted_Living.asp for more information.
Personal Income and Saving
One of the most common and simplest ways to afford assisted living care is using personal income and savings.
Renting Your Home
Renting out your or your loved ones home will allow you to maintain ownership of the home while creating income that can be used to pay for assisted living.
Selling Your Home
Equity gained from selling your home. Many seniors exercise this option to pay for care.
Home Equity Loan
If the need for assisted living is immediate and the home cannot be sold right away, this may be an option to consider.
Long-Term Care Insurance
If your loved one has invested into long-term care insurance, many policies cover assisted living. If your loved one is covered this can be a tremendous asset.
Pooling Family Support
If your loved one cannot afford assisted living, the support of family members is helpful in reducing out-of-pocket expenses.
Selling your Life Insurance Policy
This involves selling your Life Insurance Policy to someone who will pay the premiums and get the benefits when you die. This may also be known as life settlement. Although some people are hesitant to use this option it is still option to be aware of.
This options allows you to borrow money from the equity on your home.