If your loved one is in need of assisted living support, you may be preparing them for that transition. Unfortunately, you might also wonder how you are going to pay for that care. If you are looking for options to finance assisted living care, you should explore every possibility available to you. Here are some of the things you can consider and discuss with your family member's assisted living facility:
Long-Term Care Insurance
If your loved one had the foresight to invest in long-term care insurance, and he or she has been placed in assisted living due to a chronic condition that needs specialized care, you may be able to have the assisted living costs covered by the long-term care policy. You'll need to check the policy language to see what qualifies and to identify any exclusions, but a long-term care policy is often an ideal solution for covering these costs.
In some situations, veteran's benefits will also cover the cost of assisted living. Some people who are eligible for veteran's pensions can receive benefits for this type of care, but it must be arranged through the office of Veteran's Affairs. You can contact their VA representative for information and to see if they qualify based on their service history and their benefits package.
While most people think of life insurance as solely for end-of-life expenses, the truth is that you can also use these policies to help cover the costs of assisted living if the policy is one that builds cash value. You can borrow against the cash value of the policy to pay for the assisted living care.
If your loved one owns their own home, you may be able to sell the home to cover the costs of assisted living. This is typically an ideal option when the individual will spend the rest of their life in assisted living and the home won't be needed anymore. You can even secure a bridge loan in some instances to cover the costs until the home sale is finalized.
Instead of selling your loved one's home, you might be able to rent their home for a monthly income and use that money to pay for the assisted living costs. This will allow you the possibility to have the on-going income to help you cover the monthly expenses for the assisted living facility for as long as is necessary instead of facing a limitation of just the sale price or the cash value of a life insurance policy.
For more information, contact companies like Rosewood Villa.