What Are My Financial Options?
There are times when your Social Security income and savings are not enough to cover senior care facility expenses. Most seniors pay for senior care options through home-sale proceeds or long-term insurance benefits. If someone is lucky to have willing and able relatives, aging individuals can also move into assisted living facilities with some financial help.
In addition to that, there are several ways to pay for a reliable and trusted assisted living community. Thanks to government and non-government funded programs, seniors can benefit from financial aid to pay for the best community.
Here are a few popular options for you to choose the best option for you or a your loved one:
- Loan programs: Some loan programs offer loans to finance monthly rent at a senior living community. One such example of these programs is ElderLife.
- The Veterans Aid & Attendance Pension: This program is widely popular among veterans and their spouses to receive care at reduced fees.
- Life insurance policies: Another convenient way to pay for your desired senior care facility is to convert your life insurance into immediate life care benefit plan.
- BenefitsCheckUp: This is a free service of the National Council of Aging and offers a wide array of benefits. BenefitsCheckUp spans over 2000 private, state, and federal programs to help you manage your payment cycles more conveniently.
Since choosing the best option to pay for a senior care community can be difficult, you must analyze each program to weigh its pros and cons. Once you critically examine your financial restraints and the nature of senior care that you’re choosing, you can select the best program.
Transitioning you or a loved one into senior living should not be a surprise. It is always good to plan ahead every aspect including finances so there are no surprises down the road that aren’t accounted for.
At Stone Ledge Manor, we take pride in making the transition as easy as possible for you and your family. We will assist in guiding you through all costs associated with assisted living as well as help you weigh payment options.