Financing Assisted Living: 5 Common Questions Answered

December 26th, 2017 by John Wilson

Many seniors think they would prefer to age in place because they have already paid for their home and want to minimize their expenses. The thought of assisted living options in OKC can be intimidating, especially when you think about how much they may cost. Getting answers to your questions can help you determine how to best afford this type of living arrangement.

What Are My Options for Paying?

Most people think there are few options toward paying for the cost of assisted living. The good news is there are several choices you can make that will help fund this living situation. Some individuals choose to take out a bridge loan or rent out their current home in order to finance their time in an assisted living community. If you or your spouse is a veteran, there may be veteran’s benefits for which you are eligible to help you pay for assisted living. There are also other government programs designed to make this option more affordable.

Does Long-Term Care Insurance Cover It?

Some people choose to take out long-term care insurance in the hopes their senior living arrangements will be covered. The answer to this question will vary. If your loved one develops a condition that requires help with daily living tasks, long-term care insurance is there to help them get the assistance they require. These policies can often be used for in-home care, as well as affordable assisted living in Oklahoma City. However, they typically don’t pay for the entire cost.

Can I Use a Life Insurance Policy?

If there are no other ways to fund the cost of assisted living, some individuals may wonder if they can tap into their life insurance benefits ahead of time. A lot depends on the policy, but many insurance plans have options for life settlements. In these situations, there are typically no restrictions on use. Furthermore, you will no longer need to pay any premiums. There may also be tax deductions. However, it’s important to remember this will affect any death payout.

Learn more about finding affordable assisted living.

Affordable assisted living is possible.

Does Medicare Pay for Assisted Living?

Medicare is a health insurance policy, which means it is only able to cover costs associated with direct medical care. In most situations, assisted living isn’t a medical necessity and doesn’t constitute medical care. Therefore, Medicare won’t cover the cost of assisted living, leaving you to find other options for covering the costs.

How Much Does It Cost?

The overall costs will vary, depending on the facility you choose and the amount of care your loved one needs. The good news is Oklahoma is known as one of the lowest cost areas when it comes to affordable assisted living. It’s important to shop around and evaluate the costs versus the features of each facility to ensure you make the best decision. It’s also critical to consider what is included in the cost, such as utilities, meals and more.

If you’re looking for the most affordable assisted living in Oklahoma City, contact us. We can provide the level of care your loved one requires at a reasonable rate.

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