When It’s Time for Assisted Living: Options for Payment and Ways to Reduce Costs

November 19th, 2015 by John Wilson

Make affordable assisted living possible with a reverse mortgage.

A reverse mortgage can make affordable assisted living possible.

For many of us, living alone in our own home or living with loved ones may eventually become too challenging to comfortably manage. When the time comes you need or want the amenities of an assisted living apartment, you may wonder how you’ll pay for it.

A fortunate handful of people have built up vast savings that enable them to pay out of pocket for the duration of their care. Others have amassed enough to self-pay, but only for a limited time. Still others assume they’ll rely on Medicare, until they learn Medicare isn’t set up to fund long-term care. The harsh reality is most people must fund their assisted living by self-paying, relying on Medicaid waivers or finding creative financing options. Read on for three effective ways to lower assisted-living expenses.

If You Own a Home, You’ve Got Options

Are You a Military Veteran?

If you or your spouse is a veteran who has served 90 days or more of active duty, and at least one day in wartime, you qualify for help from the Department of Veterans Affairs. Qualifying applicants who are married can receive nearly $2,100 per month, single vets as much as $1,759 per month and surviving spouses just over $1,120 per month.

Turn to the military for help with the cost of assisted living.

The military can help absorb the cost of assisted living.

Are You Willing and Able to Move Out of State?

A 2014 study conducted by a financial research firm in Virginia concluded nationwide, the average monthly cost to rent a one-bedroom apartment in an assisted living facility was about $3,500. That number is only rising (more than 4 percent each year since 2009). Other studies conclude monthly assisted living costs vary significantly from state to state and city to city. If you’re mobile, keep in mind the cost of assisted living in OKC is one of the lowest in the country. You can find high-quality, compassionate and affordable assisted living in Oklahoma City and other affordable states like Montana, South Dakota and Idaho. If you’re willing to move from pricier states, you can get far more bang for your buck.

Village at Oakwood is one of the most highly regarded affordable assisted living facilities in the Oklahoma City area. Our amenities, personnel, facilities and fees are second to none. Contact us for a tour or more information.

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