We know that “home instead” is the first choice for senior living in most cases. Numerous studies conducted by the American Association of Retired People and other organizations have confirmed this. Most seniors would prefer to “age in place” in the familiar surroundings of their long-time home.
We also know that this sometimes becomes impossible or at least unwise. Even if you have no immediate plans to enter an adult community or an adult assisted living facility, it is wise to be aware of the possible alternative if the need arises. The details of financing assisted living may be confusing for older adults and for their loved ones. Most of these expenses are paid from the family’s private funds, but there are additional programs and funding solutions that you should investigate.
Doing this ahead of time may save a lot of anxiety in the future, so find out about these possible options.
- Veterans Aid & Attendance Benefit. This is probably the first place a qualified veteran or veteran’s spouse should turn to help pay for senior assisted living. Veterans and spouses who meet the requirements may receive significant benefits from this program. Currently, this could mean a benefit of $2,230 per month for married veterans, $1881 for single vets and $1209 for a surviving spouse. For details, consult a VA Office and read our past article, “Are There Any VETERANS BENEFITS That Pay for an Assisted Living Facility?” Also see our reference to Senior Placement Advisors
- Long-term care insurance. Many people assume that a long-term insurance policy will cover only nursing home or skilled facility care. Seniors should check their policies; some also pay a daily rate to help a policyholder pay for a move to an assisted living community. Check the policy or call their agent to determine what is and isn’t covered.
- Short-term bridge loans. Some seniors might prefer to move to an assisted living facility before selling their house. In many cases, there is significant equity in a residence, but selling the home while still living in it can be stressful. If the senior prefers to move to an assisted living community before they put their house on the market, a short-term bridge loan can aid in paying for care until the house is sold. Short-term bridge loans may also be helpful if the senior needs time to sell other assets or wants to wait for a more opportune time to sell.
- Life settlement companies. Life insurance policies have cash value. If the senior has a qualifying policy, cashing it in can also help finance assisted living. This is done by working with a life settlement company who sells the policy to a third party. In return, the senior receives a lump sum payment. If you are considering this, it is wise to get expert advice from an experienced elder care attorney. Links to several such qualified attorneys can be found in the Senior Transition Pro Team section of our website.
The OurSeniors.net Senior Transition Pro Team and Approved Vendor program both have links to professionals who can be of assistance with finding adult assisted living. Please check the OurSeniors.net webpage for Shiela McKay-Vaughan and Newport Senior Link. After a long and varied business career, Shiela has formed a team that serves the needs of seniors within Flagler and Volusia counties. You can find out more by visiting the Senior Placement Advisors section of OurSeniors.net on the web.