Creating And Protecting Your Legacy

Methods of paying for assisted living

On Behalf of | Mar 23, 2023 | Elder Law and Medicaid Planning |

With advancing years comes infirmity. Eventually, putting your parents into an assisted living community may be the wisest. These residences are havens for those in need of continual care.

Enrolling in such centers, though, can be expensive. There might be uncertainty over how you will pay for such a change. Fortunately, you have quite a few workable options at your fingertips.

Dipping into savings

Perhaps your loved one has significant financial resources. Use an online calculator to estimate the total cost of care. Such resources help determine whether available monies will be enough.

Selling the house

Since a move is happening, you might suddenly have an empty home to put on the market. Consider a bridge loan if the transition needs to happen fast and you are still awaiting an offer.

Using long-term care insurance

The sole purpose of this type of coverage is to pay for care that becomes crucial with age. Of course, you must buy a long-term care policy before the need arises. Premiums can be costly. Certain factors determine their amounts, including age, health and location of the applicant.

Accessing veterans benefits

Those with a history of serving in the armed forces receive a selection of welfare services. For some, dollars to apply toward assisted living may be available. Navigating government bureaucracies often presents a challenge. Think about having a professional by your side to offer guidance.

Contemplate in advance how you will shoulder the cost of assisted living. Crafting a plan before the moment of change is a good way of reducing stress during an emotional period.