Do I have enough to pay for assisted living?
There are times when your Social Security income and savings are not enough to cover assisted living costs. Most seniors pay for assisted living through home-sale proceeds or long-term insurance benefits. If someone is lucky to have willing and able family members, aging individuals can also move into assisted living facilities with some financial help.
In addition to that, there are several ways to pay for a reliable and trusted assisted living community. Thanks to government and non-government funded programs, seniors can benefit from financial aid to pay for the best facility.
Here are a few popular options for you to choose the best assisted living community for you or a loved one:
Loan programs: Some loan programs offer loans to finance monthly rent at a senior living community. One such example of these programs is ElderLife.
The Veterans Aid & Attendance Pension: This program is widely popular among veterans and their spouses to receive care at reduced fees.
Life insurance policies: Another convenient way to pay for your desired senior care facility is to convert your life insurance into immediate life care benefit plan.
BenefitsCheckUp: This is a free service of the National Council of Aging and offers a wide array of benefits. BenefitsCheckUp spans over 2000 private, state, and federal programs to help you manage your payment cycles more conveniently.
Since choosing the best option to pay for an assisted living community can be tough, you must analyze each program to weigh its pros and cons. Once you critically examine your financial restraints and the type of care you or a loved one may need, you can select the best program.
Transitioning into assisted living should not be a surprise. It is always good to plan ahead financially so that you and your loved ones don’t have to deal with the stresses of the financial burden.
If you would like to learn more about assisted living at Prairie View and our amenities, please contact us today. You can reach our team by calling us directly or filling out our online request form.