If you have a loved one in need of assisted living services, one of the first questions you may have is about the cost of the facility, and what financial assistance options are available. While we would all want to do what is best for our loved ones, it’s understandable that cost is front of mind for most people. Luckily, there are several financial assistance options for senior assisted living.
Financial Aid for Assisted Living Options
Depending on your situation, where you live, and other factors, there are several different options available to you. The following list includes some of the most common options, however, if you do not see an option that applies to your loved one’s situation, we recommend you contact a senior care advisor to learn more about financial assistance for senior assisted living:
- Veteran’s Benefits: If your loved one is a veteran, there may be several options available regarding assisted living financial help. The Veteran’s Administration has several options available, and we recommend contacting them for more information.
- Life Insurance: While most people think of life insurance as something that helps after you pass, in some cases a life insurance policy can actually provide financial assistance now. Ultimately, this will depend on the type of policy your loved one has, but it is an option worth exploring.
- Selling Your Loved One’s Home: Many people consider selling their loved one’s home in order to pay for assisted living services. While obviously there is some emotional attachment to the home (for instance, if it is your parent’s home and you grew up in it), if the home is no longer needed, it is a worthwhile option.
- 401k, IRA, or Retirement Savings: If your loved one has some personal savings, such as retirement savings like a 401k, you may want to explore cashing out these investments in order to pay for assisted living.
Have More Questions About Financial Assistance for Assisted Living?
If you have additional questions regarding payment options for assisted living, contact a senior care advisor now. A senior care manager can provide information and advice 24/7/365, for no cost.
Call now to get started: 215-371-3400.