There comes a time when some of us can longer manage to live alone or with family members. Instead, round-the-clock attention and care from a professional might be required. Maybe you’ve already given some thought as to how you could afford assisted living costs. “I’ll just rely on Medicare for it,” you might say. However, most people don’t realize that Medicare isn’t designed to pay for long-term care. Rather than pay completely out of pocket and drain your savings, why not come up with a sensible alternative? Here are five ways to cover assisted living housing and care, according to Bankrate:
- Bridge loan – Your first thought may be to sell the house as a way to afford assisted living. Depending on the market, though, it could be a while before a serious buyer enters the picture. This is where a bridge loan comes into play. Basically, this is an interest-only loan that pays the senior living facility until the house sells. It’s certainly one idea to consider.
- Reverse mortgage – A reverse mortgage is a reasonable option for couples trying to afford assisted living help for one spouse while the other stays home. If you aren’t already familiar with it, a reverse mortgage is available to homeowners 62 and older. This allows you to convert some of your home’s equity into cash.
- Long-term care insurance – Perhaps your anticipated need for assisted living isn’t for another few decades. If that’s the case, it’s a good idea to look into long-term care insurance. It’s important to know that long-term care insurance is more affordable the younger and healthier you are at the time of purchase. That said, if you wait too long, you may be denied coverage. One other thing to note is that these benefits for assisted living vary from $50 to $300 per day.
- Medicaid – Be aware that the cost of assisted living housing is only partially covered by Medicaid. On top of that, not all assisted living homes accept Medicaid patients. Still, the program helps offset some of the costs.
- Veteran eligibility – Did you or your loved one serve at least 90 days on active duty and at least one day during wartime? Then either of you would be eligible for assisted living benefits through The Department of Veterans Affairs. The program pays, at most, $2,085 a month for married veterans, $1,759 for single veterans, and $1,130 for a surviving spouse.
Affordable Assisted Living
There is obviously a great deal of uncertainty when trying to figure out assisted living costs. At The Oaks of Old Winter Park, it’s our belief that money shouldn’t get in the way of quality care. We are more than happy to sit down with you and explore the most sensible financial solutions.
The Oaks of Winter Park has been one of the area’s premier assisted living facilities for more than 30 years. Our senior assisted living staff also specializes in Alzheimer’s, Parkinson’s, and dementia care.
Your loved one deserves the absolute best care. Contact us today to schedule a tour.