There are a lot of considerations for people who opt for senior care and housing. But whether you’re planning it for yourself or an aged loved one, costs are always high up that list.
According to Genworth’s latest Cost of Care Survey, monthly fees for assisted living across the United States now average at $4000/month. Specific figures will be higher or lower depending on where you live and what sort of care is needed, but it’s clear that this is something you have to prepare for financially.
On that note, let’s take a look at the different ways you can fund a stay at a senior housing community.
Quick buy programs
Seniors who don’t want to go through all the hassle of selling property can partner with companies that have a quick buy program. This provides a stress-free way to sell a home in as little as 30 days. These companies assist seniors with the challenges of moving and offers a comfortable transition while you or your loved ones settle into a new lifestyle.
Renting out the home
Aren’t you willing to let go of the big house yet? Rent it out instead. Those monthly payments can cover the cost of a senior living facility and ensure that the property remains in the family for years to come.
These are short-term loans that can help pay for the cost of an assisted living facility.
Former military personnel or war veterans who are eligible to receive a VA pension may also get benefits that can help them pay for senior housing.
The U.S. Department of Veterans Affairs offers eligible war veterans and their spouses nearly $2,000 per month to help defray the cost of assisted living or other non-reimbursed medical care through the Aid and Attendance Program.
For more information about financing senior care through veterans’ benefits, contact the Veterans Regional Office nearest you.
Long-Term Care Insurance (LTC)
LTC insurance policies may help pay for care in an assisted living community.
There are pros and cons to consider when using LTC to finance senior living. The benefits may be used in a home setting, assisted living or a long-term care center, making care more affordable. On the other hand, most policies have limits on how long and how much they’ll pay. Premiums can also increase and you could lose your investment if you are unable to pay. Coverage is based on strict requirements for the assisted living community.
The International Revenue Service offers tax deductions on some senior care related costs that can potentially benefit both the resident and the family. Reach out to your tax adviser or accountant for guidance on how to apply for these tax deductions.
These are just some of the options you can have when it comes to paying for senior housing. It would be wise to do your research and compare with each one first before making a decision. That way you can ensure that you or your senior family member can relocate to a wonderful senior care community at costs that you can afford.
Fallbrook Assisted Living is proud to offer its services to Fremont, NE and surrounding areas and cities: Arlington, Cedar Bluffs, Ames Nickerson, Fontanelle, Arlington, Leshara, Colon, and Hooper