Your older loved one is ready for a sociable, active lifestyle. They do, however, require assistance with some everyday duties. Assisted living communities can provide assistance while encouraging your relative to keep independent and enjoy retirement. Many families are astonished and unhappy to hear that it is not covered by Medicare and that they may not have the necessary funds in the bank. Fortunately, there are various options for covering costs and saving money on your loved one’s care. Read on to learn about the options you can use to pay for assisted living.
Life Insurance Policy
Many individuals are unaware that a family member’s life insurance policy can be used to pay for assisted living. You can sell a policy for market value to a third party and use the funds to fund a long-term care benefit plan while keeping some death benefits. Another alternative is to “surrender” a life insurance policy for a monetary value to the life insurance provider. In this event, you relinquish ownership and will not be entitled to any benefits upon death.
Long-Term Care Insurance
Long-term care insurance normally kicks in when your older loved one is unable to conduct two activities of daily life. Your loved one would have had to sign up for and pay for an insurance before turning 80. It offers more advantages than conventional insurance, but at a higher cost over time.
Medicare only covers non-custodial short-term care, so you can’t use it to pay for assisted living. However, Medicare may cover part of the health care provided to your loved one at an assisted living complex. For example, if your relative requires assistance giving insulin, feeding, dressing, and showering, Medicare will not pay the cost of personal care, but you may be able to claim the injection expenses.
Sell or Rent Out Your House
You may either sell or rent out your house. Selling a house might free up assets that can be used to pay for assisted living or other forms of elder care. A spouse or relative, on the other hand, may remain to reside in the house or choose to retain the property in the family. Consider renting if the house is unoccupied but you aren’t ready to sell.
This option permits a spouse or adult children to live at home. Reverse mortgages use the borrower’s home equity to provide funds in the form of a lump amount or as needed to augment income.
This short-term loan is appropriate for emergency situations and can assist homeowners to quickly acquire cash flow. Bridge loans can be used to pay for assisted living while you liquidate assets or wait for your house to sell.
Our Retirement Community Provides Assisted Living Option
Searching for an assisted living community that provides excellent care? Our assisted living community combines superior care, amenities, and services, as well as carefully created senior lifestyle programs. Our assisted living option is excellent for older adults who live independently but might benefit from extra support with daily living activities. Contact our assisted living community today to find out more.