Dementia Care

Ways To Afford Senior Living

December 15, 2021 Category:
Assisted Living

Assisted Living

Many elderly adults are concerned that they will outlive their savings, and many others are worried that the costs of healthcare will increase in the coming years. Many others have low or moderate incomes and live on fixed Social Security payments and meager savings. With people living longer than ever and wishing to have more adventurous and meaningful retirements, these figures can be a really serious problem.

Many seniors wonder what would happen to the residents of assisted living and other senior living communities when they are broke. It can depend on many factors like the type of senior living, the extra resources available, the health issues that the person suffers from, etc. If you are worried about affording senior living, the resources shared below might be helpful.

Finding Available Government Assistance 

Many state-run Medicaid programs offer financial help to seniors for assisted living. In addition, veterans also have access to benefits from the governments’ end for supporting the residents of assisted living via the Department of Veterans Affairs (VA). The department might not pay for rent, but it offers financial support for additional care services at assisted living facilities.

Not having an idea about the various governmental assistance plans for senior living is one of the mistakes that many elderly adults make. Understanding the benefits and what they cover is very important, but the best scheme is to have long-term plans to make sure that your money does not run out.

Additional Funding Sources For Senior Living 

Long-term care insurance is a very good way to fund all or part of the expenses of senior living. It is a good idea to invest early in long-term care, as it will be more affordable. Some other schemes that can help you afford senior living are:

  • Life insurance policies: There are life insurance policies that render buyback programs thereby letting you have a huge amount of money, especially if you have paid into the policy over time.
  • Selling your house: If you own a home, you can sell it and invest the profits. This can offer you a large sum of cash that can help cover your senior care needs.
  • A second job: Having a part-time job in retirement will allow you to have extra money that you can use to fund senior living. However, before finding a part-time job for you, discuss with a financial planner the effects of having a job on your ability to draw your retirement savings or your Social Security ability.
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