Are you interested in the benefits assisted living facilities offer for your loved one, but worried about the cost? You aren’t alone. The cost of assisted living can be quite intimidating, but there are ways to reduce the cost burden for your family. Below, we discuss several tips to help finance assisted living for a senior loved one.
Comparing Assisted Living and Staying at Home
Most of the time, assisted living is more cost effective than paying for round-the-clock care for your loved one. Additionally, having a long-term at-home caregiver, can carry the burden of having to arrange for or manage the caregivers. This can become difficult if a caregiver doesn’t show up for their shift, or leaves unexpectedly, leaving you with no help. With assisted living, you can leave the staff management to someone else, and most often at a reduced cost to you.
How to Finance Assisted Living for Senior Loved Ones
- Apply for a Bridge Loan: There are several banks that offer bridge loans to assist with assisted living expenses while family members wait for benefits to kick in or even the sale of a home.
- Establish a Reverse Mortgage: Are your parents 62 years old or older and looking into assisted living for one, while the other resides at home? A reverse mortgage may be the answer. It will convert some equity into cash.
- Convert a Policy: If your parents have been paying premiums on life insurance for over ten years, then they may be able to leverage their policies. It can be used to provide financial support when they need it.
- Look into VA Assistance: Was your loved one in active military duty? Veterans Affairs has many benefits for veterans needing help with assisted living. Go to www.va.gov for more information.
- Research the Location: As with varying types of housing, location can influence the cost of assisted living facilities. The nearest facility might not fit your budget. In that case, look for assisted living communities in a different location that may fit within your budget.
At The Cottages, we offer the care your loved one may need and an all-inclusive price with no hidden fees. For more information about the cost of assisted living at our center or the support your loved one can anticipate, contact us today!
The Cottages have been operating in Texas since 1997 and are family-owned and operated by The Cottages Senior Living. The Cottages are state-of-the-art certified assisted living residences for people living with Alzheimer’s and other memory disorders.