Alternative Ways to Pay for Assisted Living

August 18th, 2015 by John Wilson

The cost of assisted living can be reduced with veteran benefits.

Veteran benefits can offset the cost of assisted living.

There are many factors to consider when choosing living arrangements for your elderly loved ones. One of the primary considerations is the cost. The good news is the cost of assisted living in OKC can be affordable, especially when weighed against other types of settings, such as nursing homes or in-home care. Once you realize affordable assisted living facilities are available for your loved one, you may begin to think about just how you are going to pay for the services. There are many ways to pay for assisted living, many of which you may not be aware of.

Veterans Benefits 

For loved ones who served in the military, veterans’ benefits may be a resource to help pay for assisted living. Aid and Attendance is a benefit available to veterans or their surviving spouse if the veteran is disabled or their income is under a designated limit. If your loved one qualifies for these benefits, the Veterans Administration can help, and assisted living communities often have a financial concierge who can aid in the process.

A Reverse Mortgage 

In some cases, your loved one may either own their home or have a small mortgage left on it. In these situations, reverse mortgages might remedy the situation. A reverse mortgage gives the owner the value of the equity built up in the home. This can be transferred in one lump sum or it can be made in a series of payments over a set period of time. The reverse mortgage was originally created to offer assistance to widows and can be useful when one parent requires assisted living, but the other can remain in their home.

Renting Out Your Home

If just one parent is alive or if both of your parents are in need of assisted living, their home can become a resource. The family home can be sold, but many families are not ready for this option. In some situations, the family property can be rented out and help provide the income needed to pay for the parent’s assisted living.

Your life insurance may help with affordable assisted living.

Affordable assisted living is made possible with life insurance.

Government Assistance 

For parents who have limited income and few financial assets, government assistance may be available to help. Medicaid is provided by the state and federal government working together. Eligibility can vary depending on where you live. If your parents have less than $2000 in financial assets, they may qualify for this type of government assistance for assisted living.

Family Resources 

Chances are if you’re worried about your parents and them living alone, it is likely the rest of your family is concerned as well. As you all come together to consider options and develop a solution, you may all be able to help out a little with costs of assisted living. If everyone pools their resources, the expenses associated with assisted living can often be covered.

When you are ready to explore the available options for paying for assisted living in OKC, contact us. We can help you work through the process of providing for your loved one.

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