One of the biggest concerns individuals have as they get older is the cost of assisted living. It may seem as though remaining in a home that is likely already paid off would be more cost effective in the long run, but this isn’t always the case. However, if you haven’t saved or otherwise prepared to pay for affordable assisted living, you may find you need to look for ways to pay for it when the time comes. The following methods can help make this option more affordable for you or a loved one.
Most people are familiar with various types of insurance, including medical, dental, homeowners, auto and others. However, few people have heard about long-term care insurance. This is a policy that provides coverage for when an individual requires care over an extended period of time, including assisted living. Even if the policy doesn’t cover the entire cost, it can help offset some of it to make the living situation more affordable.
If you or your spouse is a veteran, you may have access to benefits designed to make assisted living more affordable to those who once served the country. These benefits are typically available to an individual and their spouse as long as they served at least 90 days of active duty and at least one of those days was during an active time of war.
You don’t necessarily have to sell your old home in order to raise the funds for assisted living. Another alternative that allows your family to hold onto the home is to rent it out. There are individuals who would prefer to rent a home over an apartment, making it a viable source of income that can be used to cover the cost of assisted living.
You can make use of the money you’ve already put into buying your home by putting it to work for you. For instance, you may be able to take out a loan based on the amount of equity in your home to help pay for assisted living arrangements. For those who are over the age of 62, a reverse mortgage is a program that allows homeowners to draw out of their mortgage, rather than pay into it. Before you choose this option, be sure to talk to a financial advisor about the ramifications of this decision.
In situations where there are few options, pooling resources among family and friends may be a viable option. This may often be one of the most difficult ways to raise the necessary funds, but can be worth a try when other methods have failed.
If you want more information on moving your loved one into OKC’s first affordable assisted living center, contact us. We can help you determine how to best pay for these living arrangements.