The cost of assisted living may seem steep, and many people worry about how to pay for assisted living near Jacksonville, NC. Fortunately, there are a variety of ways to fund assisted living services with private funds. In this guide, we will discuss the different financing options available so that you can decide which approach best fits you or your loved one’s needs.
Understanding Your Financial Resources
The first step in learning how to pay for assisted living is understanding your or your loved one’s financial resources. Make a list of all the income sources, such as pensions and Social Security, that are available to use for assisted living services.
Additionally, take into account any savings or investments you or your loved ones have that could be used in retirement. Once you have a better understanding of your or your loved one’s financial resources, you can start looking into assisted living financing options.
Exploring Assisted Living Funding Options
The most common assisted living funding options are private funds. This includes other sources, such as pensions and Social Security benefits, that are not part of long-term care insurance policies or other assisted living coverage. Private funds can be used to cover assisted living costs and may even include assisted living communities that offer discounts or other payment plans.
Long-Term Care Insurance
Another option for financing assisted living is long-term care insurance. Long-term care insurance policies typically cover a wide range of services, including medical care, assisted living services, and even home health care. These policies may include discounts on assisted living costs, making it easier to afford the assistance you or your loved one need.
Reverse Mortgages
Reverse mortgages are another option for financing assisted living that can enable older adults to stay in their homes and receive needed services. Reverse mortgages allow you to borrow money against the equity in your home and use it for assisted living services. It is important to note, however, that taking out a reverse mortgage can significantly reduce your estate’s value and require repayment of the loan upon death.
Veteran’s Benefits
At times, veterans may be eligible for assisted living benefits. If a service member or veteran served in active duty and has since been discharged, he or she may be eligible for assisted living benefits through the Department of Veterans Affairs (VA). These benefits can help you pay for assisted living services for yourself or your loved one.
Medicaid
Finally, Medicaid is an option to consider when trying to pay for assisted living services. Medicaid is a government program that provides healthcare coverage, including assisted living and long-term care services. To qualify for Medicaid coverage, you must meet certain income and asset requirements.
Is Assisted Living Near Jacksonville, NC Worth It?
Now that you know about the different ways to pay for assisted living near Jacksonville, NC, it is time to start exploring what options are available and decide whether it is really worth it for you or your loved ones.
Assisted living can provide a safe, secure environment while also helping you or your loved ones remain independent and enjoy life. With the right financing options, assisted living is generally a more affordable alternative to expensive long-term care services. For instance, one of the best assisted living communities is TerraBella Southport. They offer a variety of services and amenities, including meals, housekeeping, medication management, a jacuzzi spa, and more. Plus, their amenities are close to medical care and other services that you or your loved ones may need.
