If your loved ones are struggling to do basic tasks in their daily life, you may want to place them in an assisted living community. However, entering an assisted living community is a big decision and may cost a lot. If you are wondering how to pay for your loved one to help your loved one to enter an assisted living community, fret not! Here are eight tips for you to pay for assisted living.
What May Contribute to Increased Costs When Your Loved Ones Enter Assisted Living
Here are some factors that may contribute to the cost of your loved one’s assisted living community fees.
- Costs related to assistance with eating
Your loved one might only incur a small cost when he or she enters an assisted living community if they need some eating assistance. However, if your loved one requires more care, and a caregiver has to be available all the time, then it will lead to higher costs for them when they move to an assisted living community.
- Costs related to the size of rooms
The square footage of your loved one’s potential room and the proximity to various amenities will also be factored into the price.
Nine Tips to Pay for Assisted Living Costs
- Veteran’s Benefits
If your loved one has been a soldier and has service-related disabilities or injuries, their veteran benefits can help to reduce the cost of assisted living.
- Life Insurance
If you are wondering how you can pay for your loved ones entering into an assisted living community, fret not! You may be able to use your loved one’s life insurance to help pay for their assisted living fees.
- Pooling Family Resources
You may also want to pool your family’s assets and resources to pay for your loved one’s fees in their assisted living community.
- Long-Term Care Insurance
You can also use your loved one’s long-term care insurance to help pay for their fees.
- Renting your home
If both of your parents require assistance with their daily needs, you may want to rent your family house. Then, you may want to use the rent to pay for your loved one’s assisted living community fees.
If your loved ones purchased an annuity, the regular payments they receive can help them to pay for their assisted living community fees. Do note that they are various types of annuities. You may want to find one that will financially benefit you and your loved ones.
- A Reverse Mortgage
If your loved one owns a home, you may want to apply for a reverse mortgage to pay for their assisted living community fees.
With these eight tips, you can pay your loved one’s assisted living community fees easily. If you want to have affordable care for your loved one, you can try sending your loved one to TerraBella Southport. Contact us for more information!