For many families, one of the biggest hurdles to assisted living is whether or not they can even afford it. Even with discounts, the cost of long-term senior care adds up quickly. Fortunately, families have a few good choices when it comes to paying for assisted living and ensuring their loved ones get the best care possible.
Some families receive monetary assistance to help care for senior loved ones, while others have to get creative. Whichever way you choose to finance your elderly family members’ long-term care, you can be confident they’re in good hands.
The Department of Veterans Affairs offers monetary assistance to senior veterans for healthcare and assisted living, depending on their needs. These benefits are also available to a veteran’s husband or wife. If your senior loved one or their spouse is a veteran, you may be able to cover a good part of the assisted living fees through VA benefits.
If your elderly loved one has little to no retirement or healthcare savings, see if they’re eligible for Medicaid coverage. They may qualify for significant benefits under your state’s law. However, before you bank on this being the case, make sure to check in detail. Medicaid varies from state to state.
Pro Tip: Assisted living isn’t cheap. Before you invest too much of your own or your senior loved one’s money, see if either of you qualify for government assistance for assisted living expenses.
Long-Term Care Insurance
A detailed insurance plan is always an excellent choice for special care. Long-term care insurance is designed to help with situations in which a loved one needs specialized care for the foreseeable future, especially in regards to a senior family member entering an assisted living community. While exact monthly amounts vary between policies, most will cover a significant portion of the expenses.
A reverse mortgage is essentially money borrowed against a house, which you pay back when the house eventually sells. This is a good short-term solution to acquire a significant lump sum of money for an immediate need. This option is especially good if one spouse continues living at home while the other moves to an assisted living facility.
Financing Your Loved One’s Long-Term Care
Making the decision to transition your senior loved one to long-term care is already scary enough. Worrying about paying for assisted living on top of that can feel overwhelming. Just know that whatever you pick, your loved one will enjoy the best care possible in a trustworthy senior community.
Join the conversation for more ideas on paying for assisted living and making your elderly loved one comfortable.