Are you wondering how to pay for assisted living? It would be nice if there were a simple solution, but every situation is different, and there’s no one-size-fits-all option for every senior. However, you may be surprised by how many resources are available once you look for them!
How to Pay for Assisted Living
Whether you’re a senior looking for a change of pace or some help with your day-to-day life, there’s a lot to love about moving into an assisted living community. However, you might be wondering how to pay for assisted living. Let’s explore.
How Much Will It Cost?
Senior Services of America advises people to budget for two to three years of care when moving into assisted living. Before you know how much your assisted living experience will cost, you must be clear on what you’re looking for. Every assisted living community is different, and the amount you’ll need to budget for one depends on a few factors:
- The kind of community you’re moving into
- The care you require, and the fees associated with it
- The type of housing you’ll be living in (shared housing, a single room, or another arrangement)
Once you can answer these questions, you’ll know the costs you must cover.
How Will You Pay for It?
Once you know how much your assisted living experience will cost, it’s time to identify the funds you’ll use to cover it. Every senior has a different financial situation, and it’s typical to draw on several resources to make assisted living feasible. If you do your homework, you may find assisted living much more affordable than living alone!
- Personal savings and investment income are a common source of funding. Some seniors can also leverage financial tools like annuities to stretch money farther, but be careful and ensure you work with a reputable financial institution.
- Insurance is also a popular resource to cover assisted living. You probably already know that long-term care insurance can help, but did you know that some life insurance policies can also be converted into assets to pay for assisted living? Consult your insurance company for details.
- If you own your home or other property, you might consider selling it or turning it into an income stream by borrowing against the property’s equity or renting it out. Some banks also offer creative financing for seniors that can make a huge difference. If you aren’t sure what the best option is, consult a financial advisor.
- Public funding is available to help some seniors afford assisted living services. For example, the Department of Veterans Affairs will provide assisted living benefits to certain seniors. There are also public funding programs available at the state and local level you may qualify for. Consult your local Area Agency on Aging for more information.
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Determining how to pay for assisted living may seem complex, but if you take your time to plan it out and do your research, you’ll find the resources you’re looking for.
Are you looking for a community that provides a positive, healthy atmosphere where you can live out your golden years? The Shores of Lake Phalen is an assisted living and memory care community in a quiet, peaceful environment in Maplewood, Minnesota. Surrounded by a gorgeous wooded setting between two lakes, our residence offers the accessibility of apartment-style housing with the atmosphere and elegance of a resort. We offer numerous health and safety amenities, fun events and activities, a friendly and accommodating staff, and so much more. Schedule a tour of the community to explore our spacious apartments, elegant dining room, and more. We look forward to hearing from you!