The cost of assisted living isn’t cheap. In fact, it is reported that the average cost each month is between $3500 and $5000. Finding the money to house your loved one in an assisted living community can be stressful if you don’t know where to look. Luckily, there are ways to pay for care for your family’s unique circumstance.Wondering how to pay for assisted living for your aging loved one? Here are six popular ways people pay for their loved one's much-needed care. Click To Tweet
Taking Care Assisted Living Costs
It can be scary trying to figure out where finances will come to help pay for your loved one’s assisted living. Luckily, there are numerous ways to help you afford nursing home care. Here are six popular ways some family members help their loved ones receive the care they need:
- Income and Savings
- Life Insurance
- VA Benefits
- Reverse Mortgage
- Long-term Care Insurance
1) Income and Savings
Some people plan ahead and use their income and savings to pay for senior living or memory care assistance. However, due to the cost of care, many seniors are not able to afford this option.
2) Life Insurance
Another option is to sell a life insurance policy to another person (or company). This is known as a life settlement. The person who purchases the policy will continue to pay the premiums and can collect the benefit after the person passes away.
3) VA Benefits
If you served in the armed forces, the Veterans Administration has assistance programs to help pay for senior care for those who have served during war times. These veteran benefits are also granted to the spouses of wartime vets.
4) Reverse Mortgage
If your loved one has a home they don’t plan to sell, a reverse mortgage might be a handy way to pay for assisted living care. A reverse mortgage allows you to borrow money against the home and is paid back when the house is sold. This works well if one spouse stays home while the other seeks care in assisted living.
Some seniors qualify for Medicaid to help pay the costs of senior living. If your loved one has no savings, retirement, or financial assets, it is a good idea to apply for Medicaid for medical and other costs associated with growing older. Some states will cover a portion of senior living expenses. Each program varies state to state, so be sure to check out what’s available in your area.
ProTip: When seeking financial assistance to help pay for your loved one’s assisted living costs, check with your state resources and see what programs are available
6) Long-term Care Insurance
Long-term care insurance can be extremely helpful when looking for ways of how to pay for assisted living. These insurance policies typically cover the cost of assisted living. Make sure to read through your policy information to see if it covers skilled nursing facilities, as well as activities of daily living. Long-term care insurance benefits vary, but many will help pay from $1500 to $9000 a month for care.
Top Ways to Pay for Assisted Living
If you are trying to figure out how to pay for assisted living, remember that every person has a different circumstance, so make sure to choose a way to finance it in a way that works best for your family.
Contact us to learn more ways to pay for assisted living.