One of the biggest hurdles individuals have when they think about affordable assisted living for seniors is how much it’s going to cost. Most individuals think it’s cheaper to simply age in place rather than spending the money on assisted living. Unfortunately, there are many myths surrounding the cost of assisted living in Oklahoma City. Once you realize the truth behind these myths, you will feel more comfortable with making the right decision for your aging loved one.
The truth remains that if a senior chooses to age in place there’s a good chance they will require in-home care at some point to help keep them safe in their own homes. However, the cost of hiring an in-home nurse, especially if your loved one ends up requiring round-the-clock care, can be quite high, often a lot higher than how much it would cost to live in an assisted living facility where they will have the same level of care as well as their own living space.
Many people mistakenly think Medicare or other types of standard medical insurance will cover some or all of the cost of assisted living. Sadly, this isn’t the case. While there is long-term care insurance that can make more affordable assisted living in OKC, your standard medical policies won’t. The good news is there are a lot of ways individuals can pay for assisted living, including reverse mortgages, home equity loans, veterans benefits and more. A financial advisor can help you find the best ways to pay for this service if you do need it.
Everyone knows certain medical expenses are tax-deductible, which can help alleviate some of the pressure of paying for them. The good news is the cost of assisted living is the same as many other medical expenses. As long as the expenses are greater than 10 percent of an individual’s gross annual income, it can be deducted from taxes as a medical expense. However, there are other guidelines that need to be met, including being designated as chronically ill by a doctor. This means they require assistance to do at least two daily activities or they have a cognitive impairment such as dementia.
It can be difficult to navigate through what assistance veterans qualify for and under which conditions. Talking to the Veterans Administration about payment for assisted living is a must, but the truth is it isn’t just for veterans who have been injured in the line of duty. While it may not pay the entire bill, all veterans who have served at least 90 days of active duty, one day of which must be during active wartime, are eligible for up to $2000 per month in benefits for assisted living.
If you’re looking for affordable assisted living for seniors in Oklahoma, contact us. We offer the affordable living experience your aging loved one deserves.