Paying for an Assisted Living Residence/ Community
Cynthia & Ken Knudsen, CSA
When you have a loved one in need of Assisted Living, or if this is something you need for yourself, the decisions you have to make can be intimidating and overwhelming. Changing your living situation involves numerous changes and decisions, but before you even consider these changes, most people want to know how they can afford this change in lifestyle. There are several options available to pay for assisted living for seniors.
Some people have purchased long-term care insurance. If you or your loved one has this insurance, it may pay for most or all of the care that is needed. If you do not have long-term care insurance, and do not have an immediate need for long-term care, it may be something you want to look into purchasing. CarePatrol has information available about long-term care insurance, and we can help you figure out what your policy covers.
Another great potential to help pay for care is the Veterans Aid and Attendance Program. If you or your spouse served in the armed forces during wartime you may qualify for this benefit. There are other requirements that need to be met to get this benefit, and CarePatrol has experts who can determine if you qualify, and then help you get your benefits as quickly as possible.
Many people who need to move into an Assisted Living residence will pay from their own budget. We can help you plan a budget to determine what you can afford. One of the things that can be an option is for family members to help their loved one with the increased cost of their care. There are also a variety of Assisted Living communities that have a range of costs. There are other money saving alternatives.
There are other options to pay for care, including a reverse mortgage, cash value of life insurance, or even Medicaid, among others. What is important to remember is that there are options for Assisted Living in many budget ranges, and there are ways to pay that you may not be aware of. Let us help you figure out which of these ways would work best for you. To find out what all your options are, please call your CarePatrol senior advisor or complete online form and one will call you shortly.