If you are worried about how to pay for the increasing cost of an assisted living facility for yourself or a loved one, PeachTree Place Assisted Living in the Ogden and West Haven areas of Utah can help set your mind at ease. Paying for assisted living can be financially devastating for you or your family, but there are steps you can take to reduce the burden.
- Planning Ahead As Much As Possible
- Long Term Care Insurance
- Life Insurance
- Veterans Benefits
- Various Loans (Private, Mortgage, Bridge)
Financial Planning Resources
While it can be difficult to predict what your needs will be, a long term financial plan for assisted living can provide the comfort and security you desire while minimizing the impact on your family’s assets and resources. It can be a complicated process. Fortunately, there are resources available to help you develop the right plan for your individual circumstance. Public benefits counselors, geriatric care managers, eldercare resource planners, and elder law attorneys can offer you assistance in financial planning.
Long-term Care Insurance
While long-term care insurance is an excellent option if you started early enough, the expense could be prohibitive if purchased later in life. Even though it may be too late for a loved one who needs financial assistance now, you might consider signing up yourself to protect your family’s assets in the future.
Using Your Life Insurance
You may be able to cash out your existing life insurance policy so check with your insurance company to see if they offer “accelerated” or “living” benefits. They may also offer a life insurance conversion program to convert benefits directly into long-term care payments. If not, your family might be able to sell your policy to a third-party company for a lump sum “life settlement” or “senior settlement”.
If you or your spouse is a veteran, there are several programs available through the Veterans Administration, including aid and assistance for lower-income disabled veterans or their surviving spouses.
Financing Assisted Living
If you own a home, you may be able to obtain a reverse mortgage allowing you to access your home equity to pay for assisted living, but only if your spouse continues to live in the home.
For those who have limited cash on hand, a short term unsecured bridge loan may be available to finance the first few months of assisted living expenses while you sell your home, obtain veterans benefits, or liquidate assets. Your real estate can help secure another type of bridge loan as well. These loans can be obtained by either yourself or your adult child.
Explore Your Options
At PeachTree Place Assisted Living we are happy to discuss all the options out there for assisted living financial help and can guide you in finding available resources. We also participate in financial assistance programs for qualifying Utah residents, so call us today and let us help prepare you for a comfortable future.