Finding assisted living costs from a certified living facility is a viable option when you are unable to live in your own home. However, since Medicare does not cater for long-term care, you should not expect the cover to pay for your cost of assisted living. Keep on reading to learn the various ways to pay for your living costs.
Apply for a Bridge Loan
Assisted living varies from other typical housing options that people consider. One chooses it due to their inability to sustain their daily lives. They require assistance with bathing, cooking, health and finance management. If an individual urgently needs assisted living care, they can apply for a bridge loan before they sell their house. The credit is interest-based, and it compensates your selected assisted living facility.
A reverse mortgage is a wise choice where a couple tries to finance the assisted living care of one spouse while the other stays at home. It is available to citizens above 61 years. Also, it allows one to convert part of their home’s equity into cash. On average, an assisted living individual is about 86 or 87 years old. Also, they typically move in an assisted living facility while at 84 years and they remain there for about 28 months.
Long-term Care Insurance
Consider purchasing long-term care insurance if you are contemplating to get assisted living costs while in your thirties or forties. It is affordable to healthy and young persons. If you delay to buy it, you will lose your eligibility. However, if you are over 85 years and you are already in an assisted living facility you cannot get the long-term care cover.
Long-term care insurance has various benefits ranging from $50-$300 per day. In case you buy a partnership policy, and your care costs exceed your income or insurance, you eligible for Medicaid. The long-term Partnership Program administers the policies. It is a collaboration of private insurers, federal and state governments.
Under the policies, one can shield some assets from the government when they need to apply for Medicaid. It offers them extra long-term care services. The total assets that Medicaid disregards are equivalent to that you receive from your long-standing partnership policy.
However, income is not a considerable asset. Therefore, if you earn about $3,000 a month from your retirement plan, you will have to cater for your health care costs before Medicaid helps you. Most people tend to choose a partnership policy.
Sally’s Residential Care Home has a team of certified nurses with over ten years of nursing experience. We have three legitimate facilities that are linked together that offer affordable assisted living costs. Moreover, you can contact us at any time of the day.