People spend their entire lives working hard for retirement, so it’s important that these years are spent in comfort and with care. Assisted living helps with this transition so that retirement can be enjoyed with all the help that is needed, such as physical therapy, beauty salon services, and a friendly community. To be able to appreciate these benefits, planning is essential.
But how do you finance assisted living costs?
Why Do You Need Assisted Living?
Assisted living for the elderly is beneficial for many reasons. For example, life slows down during retirement so it’s important to surround yourself with a community and to stay busy.
An assisted living environment helps to avoid loneliness and decreases the chance of depression. In addition, assisted living helps with medical needs and activities that may not be as easy to complete as we get older.
Ways To Finance Assisted Living
There are different ways to finance assisted living and care.
Insurance Policy Including Long-Term Care
Many plans and investments are made in our younger years, and it’s not uncommon for elderly people to forget what is included in their policies. When considering assisted living, remember to investigate your elderly loved one’s insurance policy. They may have long-term care insurance that covers the costs.
Short-Term Bridge Loan
In many instances, the sale of a home provides the finances needed to move into an assisted living community. What many people don’t account for is the stress of trying to sell a home in time for the move, especially when the resident is an elderly person.
A short-term bridge loan offers an easy solution. It provides the funds to make the move to assisted (or independent) living while the house is still on the market. Another instance when a short-term bridge loan is useful is when the property market is not prime for selling. This solution allows for the move to be made without selling assets for less than they are worth.
Veteran’s Aid (VA)
Veteran’s Aid and Attendance, or Housebound benefits, allow for monthly payments to be included on top of a monthly VA pension.
If a veteran meets certain criteria, they may qualify for veteran’s aid or an attendance benefit. Depending on the qualification, a veteran and their family can be eligible for upwards of $2,000 per month. This makes moving into an assisted living community significantly more manageable.
There are certain requirements that need to be met to take advantage of this benefit. These are explained in detail by the US Department of Veteran’s Affairs.
Life Settlement From Life Insurance
Did you know that you can sell a senior’s life insurance policy to a life settlement company? This can provide the finances to move your elderly loved one into an established community that will meet all their needs.
The life settlement option provides a lump sum of cash that can be used as needed. Most times the value is less than the full worth, but it is very useful.
Exceptional Senior Living At Eastside Active Living
At Eastside Active Living, we offer a range of options that allow for the natural progression of aging, without any stress or concern. We offer the call button pendant which is very reassuring to our residents and their families. Our villas and independent senior living apartments are in an ideal location, with several amenities and quality care for the elderly.
We accept Medicaid Long Term Care Program – contact us at 954-923-5057 to discuss the perfect solution for your loved one.