Tips To Finance Assisted Living

| Friday, May 15, 2015
By Tammie Caldwell

Senior living is an necessity for many people as they get older. Many times the families are given the responsibility of setting up these arrangements. There are a lot of different types of facilities for the older community, so it is important that people do their research. Furthermore, they should look into all of the ways to help finance assisted living.

While there are some people who have enough in their savings to fund living at these places, there are many more who are unable to pay out of pocket. Not everyone on Medicaid can afford this type of care. Therefore, there are a lot of people who face the dilemma of financing a stay at these facilities. They do not want to compromise on quality of care received, but still want to make sure that they can comfortably afford the high costs of assisted living in the modern day.

It is fundamental to plan ahead in these cases. People need to perform a lot of research when checking what is available in an area. They should compare costs, ratings, available services and other details. This is important because people need to get it right the first time around. In other words, moving their loved ones to different places is not ideal and can actually be more costly in the end. Visit the places in advance, consult with facility operators, and hire attorneys to look over service contracts.

Many times, the official price set for assisted-living facilities might by flexible. Ask about move-in incentives or other ways monthly prices can be negotiated. Cost of these facilities may vary by location. Therefore, people should consider the possibility of a place elsewhere. Outlying areas or suburbs might offer more affordable costs and are worth consideration.

Certain facilities provide a set up that is similar to a la carte in that people can pick and choose the services that make up their package. They can cut out unnecessary expenses this way and have family or volunteers help fill in these gaps. Sometimes it can be more affordable to purchase the all-inclusive plan. This is mostly true of places where the cost for living is higher.

Many senior facilities will make shared space available, which can be a cost-effective option because it is typically less expensive than a single room or apartment. Consider the price difference between shared and individual rooms. This may be one way to cut down total expenses. While it is important to cut down the costs that are spent on assisted living, people must also consider the ways in which they intend to pay for the final dues, even if they are reduced.

Some may be able to use veteran benefits, others can pay with a life-insurance policy. There is also the options of: long-term care insurance, annuity, reverse mortgage, renting out a home, social security income or Medicaid, combining family resources, and bridge loans. Consider each of these options with care. Do research to learn about the positives and negatives, and consider consulting with a professional for advice and further information.

The details of these assisted living arrangements will vary. It should be a priority for family to find a facility that is comfortable and affordable for their loved ones. There are plenty of ways expenses can be cut and many options to finance these stays.

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