Per last year’s Genworth Cost of Care Survey, each month, it was roughly estimated that assisted living’s national median cost was approximately $4500. Again, that is a very rough estimate (from a year ago) and can vary greatly depending on amenities, room/apartment type, services, location, and more. Regardless of socioeconomic status, some adults may find it difficult to manage the annual cost of residing in an assisted living community. Some communities can run as high as $100,000 per year.
Are you considering a move to an assisted living community, either for yourself or for a loved one? Are you wondering how to pay for assisted living? Let’s explore what could prove to be some options for certain individuals.
Private Pay May Be an Option
Using a combination of retirement accounts, pension payments, Social Security benefits, and savings, private funds are frequently used to cover assisted living expenses. There are, however, some financial tools and government programs that can be of assistance. Let’s explore some of those.
Annuity Income
Designed to meet long range financial and retirement goals, an agreement/contract between an insurance company and individual may be referred to as an annuity. There are several types, each with its own cons, pros, and different features.
Reverse Mortgage
Reverse mortgages come in different types but the most common are federally insured HECM’s (Home Equity Conversion Mortgages).
Life Insurance Settlement
Here, an existing life insurance policy is converted in a life insurance settlement into money that can go toward assisted living/care services payment.
VA Benefits
To some eligible veterans, pension funds are offered by the VA (US Department Of Veterans Affairs) if they have limited assets or low income. What many families and veterans do not know about, however, is an “increased” monthly pension referred to as the A&A benefit (Aid and Attendance). If, to perform ADLs (activities of daily living), a person needs assistance, this amount could be awarded to surviving spouses and/or eligible veterans.
Long-Term Care Insurance
To cover care costs such as assisted living, through a private insurance company, people sometimes purchase a policy referred to as LTCI (long-term care insurance). Depending on a number of factors, premiums vary greatly, much as with health insurance policies. Between 40 and 50 years of age is the best time to buy a policy such as this.
Medicaid And Medicare
Including long-term care, healthcare costs may be covered for people with limited assets and low income through a state and federal program referred to as Medicaid. Regarding services and eligibility, guidelines are set up per state though federal requirements must be met.
For some people with certain disabilities and/or over 65 years of age, the federal health insurance program known as Medicare exists. However, it does not typically cover assisted living costs.
The Perfect Opportunity For the Best Assisted Living in Burleson Texas
In our retirement community, each and every resident can enjoy stylish, exclusive CarePlus Assisted Living. With friendly residents, caring team members, plenty of desirable on-site amenities, and numerous opportunities for socialization, your loved one can enjoy living each and every day to its utmost.
For sales and leasing inquiries, please phone us at 817-438-0643. Other inquiries can be phoned in to 817-447-4477. If you prefer, you can use our convenient online form to open the lines of communication.
Best of all, you may, at your convenience, schedule a tour to see for yourself all we have to offer.
