7 Ways to Pay for Independent Living

May 9th, 2019 by John Wilson

Once you make the decision to move a senior loved one to independent living in Oklahoma, you’ll have to explore the cost of independent living. The good news is there are many ways to help make this type of living arrangement more affordable for seniors and their families. The following options are ways to fund this move.

Personal Funds

Affordable independent living in OKC can sometimes be financed solely with personal funds, especially for those who saved well for their retirement. Some of these types of funds can include savings accounts, retirement funds, investments and more.

Social Security Payouts

If you qualify for Social Security payouts or have a pension through an old job, these funds can often be used to pay for accommodations in independent living facilities. However, it’s important to remember that these payouts are often relatively low and will likely require additional funding in order to fully pay for these living arrangements.

Supplemental Security Income

While also a part of the Social Security program, SSI is designed to assist low-income seniors with their housing and other basic needs. This means these funds can often be used to help pay for independent living in Oklahoma to help alleviate some of the cost. This assistance is available for seniors age 65 and older.

Section 202 Housing

For those who are low income, the Section 202 housing program can also be used as a way to help pay for independent living communities. Individuals must first apply to the program in order to use these funds. Once approved, they will receive a designated amount of money each month to pay for their living expenses.

The cost of independent living can be affordable.

Understand how to cover the cost of independent living.

Long-Term Care Insurance

Many people think insurance is only meant to take care of your medical expenses and the cost of independent living doesn’t qualify. While this is true for the most part, many seniors opt to purchase long-term care insurance. This is a specialized type of insurance that can pay for long-term care solutions, such as independent living and assisted living communities.

Annuities

Annuities are a specific type of insurance that is often included as part of an overall retirement plan. Once you reach retirement age, these funds are allocated as designated, often on a monthly or yearly basis. This makes them ideal for paying for independent living once an individual can no longer live in their own homes alone.

A Converted Life Insurance Policy

Finally, some life insurance policies can be converted into funds you can use for independent living in Oklahoma and other costs associated with aging. This requires a discussion with a financial expert who may be able to transition a life insurance policy into a long-term care policy, providing the necessary funds for senior living.

If you’re looking for affordable independent living in OKC, contact us. We can help you find the best ways to fund these living arrangements.

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