It is simple to feel confused about the pricing structure and cost if you have not looked for an assisted living community before. Families find themselves having a hard time knowing the true cost of senior housing since all senior living providers do things a lot differently.
While it might appear costly at first, the value of a senior living community becomes a lot obvious once you know what’s included in the monthly fee. Aside from the suite or apartment, monthly fees usually include utilities, life enrichment activities, maintenance, housekeeping, transportation, and meals.
Though most of the expenses related to assisted living are paid for from the private funds of the family or the senior itself, there are other methods. Today, we’re going to share with you some of the most common ways to finance assisted living Albuquerque.
Life Settlement Funding
One option worth thinking about is to sell the life insurance policy of the senior to a life settlement company. In exchange, the senior will obtain a lump sum payment. Though the reimbursement is not complete face value, it’s typically higher compared to the cash surrender value of the policy.
To connect with a reliable life settlement company, you should work with a professional estate planner or experienced elder care attorney. In addition to that, before you sign, you’ve got to ensure you have them check all contracts.
Long-Term Care Insurance
You should make time to do it if you have not checked the long-term care insurance policy of your senior loved one. A lot of individuals are surprised to know their policy covers more than just nursing home care. Also, a couple of them pay monthly or daily stipends to help finance in-home fees or care at a reliable assisted living community.
If you cannot figure out what is and is not covered, you should assess with the broker or agent who sold your family member the policy.
Short-Term Bridge Loan
For a lot of individuals, their home is the most important asset they’ve got. A lot of seniors require the proceeds from the sale of their house to finance their new place. However, it can make the process of moving a lot harder if they try to sell the home while the senior is still living there.
These short-term loans enable families to utilize the value of the house of the elder to finance assisted living costs. The senior member can move, and then the family can start the process of preparing the home for listing. In addition to that, families may find a bridge loan makes great financial sense when it’s important to hold on to assets.
Attendance Benefit and Veteran’s Aid
Veteran’s aid is one source for financing assisted living care that is often neglected. A lot of families of veterans are not even wary it is an option. The awards can be great if a veteran meets the criteria. For a lot of the veterans in the United States, this benefit can make the cost of assisted living care a lot more convenient.