Wondering how to finance assisted living for a senior loved one? These tips will be of interest.
It’s a somewhat common myth that assisted living communities are expensive and out of financial reach for middle-class Americans. The truth is that the more you understand how many services and amenities are included in the monthly fee, the easier it becomes to see the value—and the affordability.
Fortunately, there are steps you can take to make assisted living more affordable. In addition, some programs (many of which aren’t well known) can help you finance assisted living if you qualify.
Making Assisted Living More Affordable
- Consider the space: Seniors moving from a private residence might have a tough time accepting the idea that they need to downsize. If you are trying to cut costs, opting for a studio apartment or a one-bedroom might be the most economical solution. Also consider the location of the apartment within the community. Some communities charge additional fees for apartments that are on certain floors or otherwise conveniently located, or for those with a view.
- Shared suite: Another option to consider is sharing an apartment or suite with a friend. It’s often less expensive to share the expenses of a two- or three-bedroom instead of having a private studio or one-bedroom. Single seniors may find this beneficial on many levels, including the opportunity for companionship.
Programs to Help Finance Assisted Living
While the majority of assisted living expenses are paid using a senior’s or their family’s private funds, a variety of programs are available to those who qualify:
- Aid and Attendance Benefit: This is for qualifying veterans and their surviving spouses. Through the Aid and Attendance program, a married veteran might qualify for as much as $2,266 a month. You can read more at VA Aid and Attendance Benefits and Housebound Allowance.
- Life settlement companies: These companies purchase life insurance policies from seniors for more than the cash surrender value. That’s helpful for older adults whose children are grown and living independently, so may no longer need a life insurance policy.
- Bridge loans: For many older adults, their house is their most valuable asset. When it is time to move to an assisted living community, the proceeds from the sale of the home may be needed to finance the transition. Obtaining a bridge loan allows you to wait for the best offer on the house or the most opportune time to liquidate other assets.
- Long-term care insurance: One final tip is to not assume a long-term care insurance policy pays only for nursing homes. If you or a parent purchased one, check to see what types of senior care are covered. Many also include in-home care and assisted living.
Assisted Living in Saratoga Springs
If you are looking for an affordable assisted living community with a reputation for quality care, we invite you to consider The Wesley Community. We offer the perfect blend of independence and support. Call (518) 587-3600 today to schedule your private tour!