If your loved one is unable to live on their own and you don’t have space or the time to commit to caring for them full-time, it is time to consider an assisted living facility. One thing that has likely crossed your mind is the cost of assisted living. Here are some ways that you can consider to afford the care.
Savings
It is important to talk to your loved ones about what their savings and retirement funds look like. If they have planned well, there is a good chance that they have enough money set aside to pay for assisted living. This can also come from other family members that have the means to help out. Have the conversation to see where they stand and what you can afford.
VA Benefits
If your loved one is a United States military veteran, they may be eligible to use their benefits for long-term care. Some of these benefits include all-day care and skilled nursing care. This is a great way to afford assisted living. To find out more, take the quick questionnaire on VeteranAide.org to see if your loved one qualifies!
Medicaid
Medicaid is a federal program designed to assist those with low income afford medical care. If your loved one is eligible for Medicaid, you can deter some of the financial responsibility. The first step is to contact your local Medicaid office and explain the living situation. They will review your loved one’s qualifications and give you a yes or no answer as to whether they are eligible for assistance.
Medicare
Medicare doesn’t typically pay for long-term stays, but it can help pay a portion of the cost. Certain conditions have to be met, but it is still a consideration for short-term stays and rehabilitation services.
Medicare.gov has more information on the types of benefits that are available to qualified applicants.
Life Insurance
Life insurance can help you afford assisted living in a variety of ways. Most commonly, policyholders can withdraw cash to help pay for long-term medical care. Policies can also be sold to pay for care in a “life settlement option.” This can produce more money than withdrawing cash amounts from your life insurance policy. The settlement option is usually income-tax-free as well.
LifeHappens.org lists the different ways to use life insurance in this way and how you can add a long-term care rider to your policy.
We know it can be difficult to talk to your loved ones about living in assisted living. It can also be hard to pay for the services your loved one needs. Talk to them about their financial status and look into these different ways to help pay the bills! If you are ready for a customized consultation, contact us today!
