Learning about Assisted Living Financial Resources

The decision to move into an assisted living home should depend on an individual’s needs, not on their finances, but the reality is different. Many people assume that such help is beyond their budget without checking and researching the options. There are various assisted living financial resources and strategies that can enable seniors to get the support they need without worry. Before you conclude that it is beyond your means to pay for yourself or a loved one, take the time to review the assisted living financial resources available and talk to us at Bayview Villa. Chances are, it will be a lot easier to manage than expected.

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?

An experienced financial advisor familiar with your individual circumstances can give advice about which options qualify for and are best for you, but here are some of the possibilities for assisted living financial resources:
  • 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.
Whatever the details of your situation are, the main thing is to talk to a trusted, professional financial advisor to learn more about assisted living financial resources and long term financial planning. The administrators’ at Bayview Villa are happy to discuss available care plans and payment options for you or a loved one. Don’t hesitate to call us with your questions and concerns.