Learning about Assisted Living Financial Resources
Discussions about assisted living, financial resources and planning for one’s senior years and end of life naturally involve a lot of stress for both the individual and his or her loved ones. Trying to make these decisions without understanding all the facts and choices available makes it that much more difficult. You can make the discussions and decisions easier by exploring assisted living financial resources and learning about the options available to you and your family. A good financial planner can not only gather the information you’ll need but also explain it clearly so you can make a truly informed decision.
What Assisted Living Financial Resources Are Available?
- Medicare – May cover some assisted living costs at Medicare approved assisted living communities.
- Elder Life Financial Services Loan – This company can provide funds needed now while you wait for a house or other large asset to sell and funds to become available.
- Long Term Care Insurance – It is possible to convert the death benefit of a current life insurance policy to a long term care benefit to pay for assisted living.
- Veteran’s Benefits – Veterans and their surviving spouses may qualify for the Federal Aid and Attendance Benefit through the Veterans’ Association
- Respite Care Grants – Grants are awarded by local chapters of the Alzheimer’s Foundation of America (AFA) and Alzheimer’s Association (AA) to provide resources for families who cannot afford the cost of care for a loved one suffering from Alzheimer’s disease or related memory loss disorder such as vascular dementia, Lewy Body, Pick’s, Multi-Infarct, Parkinson’s disease, Huntington’s disease or Creutzfeldt-Jakob disease.