One of the biggest concerns about finding a living arrangement for an aging loved one is the cost of assisted living. While this option can certainly be affordable when handled correctly, there are plenty of misconceptions and a lack of understanding that can make it difficult for individuals to make the best possible choices. The following are answers to some of the most common financing questions when it comes to Oklahoma assisted living.
For the most part, individuals make the move to affordable assisted living for seniors in OKC for medical reasons. They may not need round-the-clock care that would necessitate a stay in a traditional nursing home, but they may have needs that require someone to be easily accessible in certain situations. This would lead many to believe Medicare would cover at least some of the costs. Unfortunately, this isn’t the case. While it may cover some of the associated medical care expenses, it won’t cover assisted living.
The government has many programs in place to help veterans who have served the country get help with their expenses after they retire. The same holds true for Oklahoma assisted living. There are some programs in place designed to help veterans cover the costs of assisted living so they can live comfortably in their later years. It’s essential to talk to the Veteran’s Administration to find out what programs you may qualify for.
Many seniors already have medical insurance of some type and even a life insurance policy. However, there are also long-term care insurance policies that can be used to cover expenses related to care during one’s senior years. This type of insurance will often cover assisted living, nursing homes and in-home care, allowing the elderly to get the care they need at a more affordable cost.
Most people understand their life insurance policy to be a benefit paid to your survivors after you pass away. There are some situations that allow you to tap into these financial resources earlier, depending on the type of policy you own. In some situations, you can apply for a life settlement, which provides you with a lump sum of money you can then use for certain expenses like assisted living. Your insurance company can provide information on this solution.
While there are some government aid programs available to help individuals get affordable assisted living for seniors in OKC, most individuals who reside in these facilities pay for it via private means. The above are a few of the ways individuals finance this time in their lives, but there are other options as well. Some of the solutions you may want to explore include reverse mortgages, bridge loans, renting out your existing home, tapping into retirement funds and more. A financial advisor can be an excellent resource to help you find all of the available revenue streams to pay for your assisted living.
If you’re looking for affordable assisted living in Oklahoma City, contact us. We can help you explore financing opportunities.