With rising costs in senior housing, finding affordable assisted living can present a challenge. Monthly payments can cost your loved ones from as low as $2,000 to as much as $5,000. When you explore all your choices, here are some payment options you may want to consider.
If your loved one or your loved one’s spouse served in the military during wartime, they may qualify for one of the support programs offered by the Veterans Administration (VA). These programs can help pay the cost of assisted living in Oklahoma. Contact your local VA office to find out if your loved one qualifies for these benefits.
If your senior has the available resources in their checking and savings accounts, including cashing in bonds, this option would present the easiest way to pay for their affordable assisted living arrangements. Or you may consider a short-term loan or line of credit, sometimes called a bridge loan, designed to take care of supplying the initial funds needed to help get your senior living in Oklahoma City into an assisted living facility while assets are being sold or while you are applying for other benefits that will take care of these costs.
You may consider liquidating your assets as a payment option, which includes selling your home. However, if your family would like to hang on to the property to keep it in the family, you may want to think about renting it out. Renting can provide a steady income used to help take care of the assisted living expenses. If one spouse will need to live at home and the other spouse will be in assisted living, a reverse mortgage may be your best bet.
If you carry long-term care insurance, this may be your most beneficial option for covering the price of your senior’s affordable assisted living, depending on the specifics of the policy. If you hold a life insurance policy, it might be a good idea to check with your insurance company to find out how much you would gain by cashing it in. Selling it to a third-party for a life settlement may be a possibility as well; however, you may only receive a portion of your policy’s worth using this method.
If you fall within a lower income bracket, you may want to explore Medicaid. To get more information on benefits, check with your state’s department of human services or aging services to get the requirements. You’ll also want to reach out to your assisted living center of choice to find out if Medicaid is accepted there.
If your elderly parents aren’t able to afford assisted living using any other means, you may need to get together with other family members to see if you can combine your resources to help make up the costs needed. This may present a temporary solution until assets like the house can be liquidated.
If you are looking for affordable assisted living, contact us and we will be happy to assist you. At the Village at Oakwood in Oklahoma City, we offer compassion and care in a safe, comfortable environment.