Financing Senior Care & Assisted Living
The Brant Senior Living - Omaha
For more information about the author, click to view their website: The Brant Senior Living
Jan 26, 2024
Nebraska - Eastern Region
PERSONAL FUNDS
Utilizing personal funds to pay for a move to a Senior
Living Community is an uncomplicated option for some people. Whether it be
through savings, liquidating certain assets, or drawing upon investment income,
this strategy provides seniors with a payment method that they have the most
direct control over.
Working with a financial advisor to plan for this is often
beneficial. In addition, many Senior Living Communities have special team
members who are experienced in financial matters and can offer assistance as
well.
SOCIAL SECURITY & MEDICARE
Social Security payments can be used to help pay for the
costs of living in a Senior Community. However, the amount it would cover will
depend on the recipient’s monthly benefit.
According to U.S. News and World Report, the current average benefit
paid is $1,657 each month.
It is important to understand that while Medicare does not
cover the actual costs of living in an Independent Living, Assisted Living or
Memory Care Community, it does help pay for other critical needs, such as
prescriptions, doctor visits, medical equipment and other health care related expenses.
LONG TERM CARE INSURANCE & LIFE INSURANCE
Long Term Care insurance (LTC) is a special type of policy that helps pay the expenses of home care or a Senior Living Community. The amount of benefit available from a LTC policy can vary by such factors as the amount of the monthly payment, as well as the duration of the benefit.
Some life insurance policies can be cashed in for a lump sum payment while the insured is still living under what is known as a Life Settlement arrangement. Policy holders should review their life insurance contracts to see if this feature is available to them.
VETERAN’S BENEFITS
If you or a loved one served in the military, the U.S. Department of Veterans Affairs (VA) has programs that can help pay for certain Senior Living services. While these don’t pay for direct housing expenses, the VA’s Aid and Attendance benefit is available to veterans that meet certain income requirements and also have difficulty performing activities of daily living (ADLs), such as dressing, eating, bathing, using the restroom, or moving about.
REAL ESTATE ASSETS
If the person thinking about moving into a Senior Community is a homeowner, their house can be a good revenue source. Selling the home, renting it out, or arranging for a Home Equity Line of Credit (HELOC) are all ways to help pay for living expenses at the new residence.
If you have any questions, call us today at 402-819-0669.
- To view the original version of this article visit frontiermgmt.com/blog/financing-senior-care-assisted-living/
- Seniors Blue Book was not involved in the creation of this content.
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The Brant Senior Living
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The Brant Senior Living
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The Brant Senior Living
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