A Guide on Funding Assisted Living for Senior Care

The lifestyle change needed for the senior mom and dad can be overwhelming. The costs and facilities differ from each community. The varieties can leave the adult children feel helpless. To help alleviate the stress and confusion, we put together a few things to remember when financing senior care and the options for assistance.

The variety of amenities and services offered by each Assisted Living Community impacts upfront costs and monthly charges. Below are general considerations when fishing a suitable home for your senior at a sustainable budget.

Infrastructure and physical set-up

It can be an apartment building with an individual room and bathroom. Or a shared room within a big house with a common living room and bathroom. The type of housing facility dictates the monthly rates for Assisted Living Communities.

Larger apartments can be pricey most especially if located within nearby shops and stores. Other factors can influence price like in the case of a spacious room overlooking scenic spots across the countryside. Another price difference can be seen between rooms on the upper floor far from the elevator being less expensive than the one near the elevator.

Level of Care

Each Assisted Living community offers basic to special care to its residents. It is important to inquire ahead of what services are included in the monthly fees and what is not. Anticipate possible changes in the level of care when the need arises. The facility should be amenable to add on services or a level upon the type of care for existing residents without big add on costs. They should be able to grant upgrades on existing policies and be competent on other medical services. Michelle, A spokeswoman for Heartwood Seniors, says levels of assisted living care vary by what is needed day today and that is what drives change of monthly rate.

Quality Life Related Services

A community that provides in house services and amenities to promote both comfort and quality of life often presents an array of options for incoming residents. Simple services like transportation, parking space or housekeeping can either be inclusive on base fees or optional amenities that can be availed only when called for. Having full knowledge of existing services and its inclusion on monthly fees can help you adjust your budget on the total cost or prepare upcoming expenses for additional services.

In-house Utilities

It is essential to be familiar with existing privileges on facilities a resident can avail at the duration of stay. The monthly fees can cover basic provisions like electricity, air conditioning or telephone services. Knowing which is included in the package can save you on possible add on cost for unnecessary services It is better to be clarified on this matter before choosing which assisted living facility.

Alternative Funding Source

It is essential to be familiar with existing privileges on facilities a resident can avail at the duration of stay. The monthly fees can cover basic provisions like electricity, air conditioning or telephone services. Knowing which is included in the package can save you on possible add on cost for unnecessary services It is better to be clarified on this matter before choosing which assisted living facility.

When an estimate on the expenses covering a type of housing facility, the level of care needed and basic services for quality of life is done, the next step is to establish the source of funds.

As most assisted living expenses are covered by private funding, it is to an advantage to know other sources of financial assistance to have a sustainable budget for senior care.

Here are a few Assisted Living Benefits to choose from:

Veteran Assistance: This is available for war veterans or surviving spouses with a monthly benefit of almost $1,154 and $2,127 if both are still living. Widely known as the Aid and Attendance Benefit, it bridges the gap on increasing medical expenses for veterans needing a sustainable quality of life in housing facilities.

Redundant Life Insurance: Most seniors purchased in their earlier lives insurance policies that may now seem unnecessary for their existing condition. An option to sell it to a trustworthy life settlement company may prove to be at an advantage for funding the existing choice of home facility. A lump sum is paid that range between 50-80% of face value from the existing insurance policy.

Property Liquidation: When moving to a housing facility is the best option for senior care, the existing house can be put up as collateral for a loan to fund the transfer to an assisted living facility. Family members can enlist the property for sale or prepare for liquidation later on without the need for the senior to wait before transferring to the new home.

Senior Care Insurance: Several policies cover nursing care facilities but long term senior care is also available for some in assisted living communities. It is essential to note the type of senior care services your existing long-term care insurance can cover to help defray the monthly costs and upcoming expenses. Clarity on policies and inclusions or amendments must be done prior to contract signing. This will be to your advantage as costs are expected to increase when the level of care changes in the future.

Final Thoughts

In summary, there are several ways to decrease monthly senior care expenses in assisted living. Updating existing policies on insurance and benefits before each contract termination will help you prepare for upcoming expenses or eliminate unnecessary add on costs. Going through different facilities and comparing the monthly costs and services will help you choose the most suitable type of facility for your loved one.

On top of that ensuring a sustainable budget for the monthly cost will give you peace of mind all throughout the stay. The physical set-up and services offered must aim to pursue a quality of life for residents even if sharing is considered to defray the cost. Lastly, be vigilant on the assistance given by the government to maximize benefits and avail rightfully due aid.

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