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.
Personal Income and Saving
One of the most common and simplest ways to afford care is using personal income and savings.
Renting the Home
Renting out your or your loved ones home will maintain ownership of the home ( especially if not ready to let go) while creating income that can be used to pay for assisted living.
Selling the Home
Equity gained from selling a 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 insurance in many cases it covers 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.
The Department of Veterans Affairs (VA) has assistance programs that can help to pay for care for older veterans and their spouses.