Are you or a loved one heading for assisted living? If so, you have a lot of exciting opportunities ahead of you. Your grandparents didn’t have the options you do today. However, people can get intimidated by the landscape of senior living, especially by how expensive it can be. However, people often perceive the expenses to be higher than they actually are. They also fail to consider some of their options. This can make them feel like they don’t have the ability to invest in a good quality of life.
At The Heritage, we do everything we can to ensure that seniors and their families know exactly how many choices they have. In our last blog, we discussed paying for senior living with life insurance and understanding just how much assisted living can cost per month. In today’s blog, we want to look into a few other common questions that people have about financing their assisted living or the living of a loved one.
Common Questions About Paying for Assisted Living
Is a bridge loan a good option?
For many people, making the shift to assisted living means leaving their home behind. The logical option is to sell the home to finance assisted living. However, homes don’t always sell immediately, and it’s a good idea to get yourself settled in your new place before selling the house. A bridge loan is the solution. These are short-term loans that can help you pay for assisted living while waiting for the home to sell. We recommend you turn to a senior living relocation specialist in the meantime. This specialist will be able to help you sell your property more effectively than a run-of-the-mill realtor, because senior relocation specialists have special knowledge of the market to get your home sold faster.
Can we rent out the home?
Letting go of a home, especially if it has been in the family for a long time, can be a struggle for everyone. In cases like this, it can be a good idea to rent the house out and using the proceeds to pay for senior living. This makes the transition easier by eliminating the home-selling process. It also allows families to hold onto special properties.
Are there advantages for veterans?
Absolutely! If you are eligible to receive a VA pension, you might be able to receive benefits that can be used to pay for senior living. Contact the U.S. Department of Veterans Affairs to learn more about the Aid and Attendance Program for more information.
Can we use long-term care (LTC) insurance to pay for assisted living?
LTC insurance policies were created to cover people dealing with disabilities or chronic conditions that require them to get help with daily activities. Though there are different types of policies, they generally help cover assisted living, home care, or long-term care. If you’re considering LTC to pay for assisted living, here are some advantages and disadvantages to consider.
Advantages of LTC:
- LTC doesn’t usually cover the whole cost of care. However, they make it much easier to afford great care.
- You can use LTC in a wide variety of areas, including assisted living, long-term care centers, and in-home care.
Disadvantages of LTC:
- The premiums can increase
- Whether or not you can get coverage is determined by strict requirements of what an assisted living community is
- Policies are generally limited in how long and how much they will pay
- You can lose your investment if you lose the ability to pay the premiums
- These funds are generally only able to be used to reimburse seniors for care that helps with activities of daily livings (ADLs)
Turn to The Heritage in Hammonton
At The Heritage, we started doing what we do because we understand how important community, comfort, and independence are to seniors. While many seniors still mistakenly believe that assisted living impedes their ability to live independent lives, we actually give our community members the chance to pursue their passions and live life to the fullest. Our passion for creating the best living environment for our clients has made us Hammonton’s premier senior living apartments. When you turn to us for assisted living, you get the best services available. Learn more when you contact us today!