How To Pay For Assisted Living - Ventana Winds Retirement

Let’s take a look at the 10 best payment options for assisted living care.

How Much Will Assisted Living Cost?

The average for a private, one-bedroom apartment in these communities will run about $3100 per month or around $36,000 per year. These prices are around the cost of living in various areas.

The price will change based on the room sizes; for instance a shared apartment is going to be less expensive and a larger apartment or two-bedroom apartment is going to be much more expensive.

How To Pay For Assisted Living Expenses

Cost is always one of the biggest factors when it comes to choosing the right assisted living community for your loved one. Prices for assisted living care will depend on floorplans, services, amenities, accommodations, and location. As you carefully select the type of care you’d prefer, you must know how the expenses will be covered if Medicare helps with any of the costs.

Assisted living is paid using private funds but there are some exceptions. There may be insurance policies that will cover assisted living. Check the insurance policy to see if it will be covered.

If the resident is a military veteran or is the veteran’s spouse, they may qualify for veteran’s benefits which will pay for the community. In some states, Medicaid waivers and funds can be used to help cover assisted living.

Medicare

Typically, Medicare will not extend coverage for long-term or assisted living care. There are certain situations where Medicare covers qualified healthcare costs at these communities.

Medicare is generally used to cover the costs of home healthcare that’s provided by skilled nursing facilities.

Medicaid

In the state of Arizona, the Arizona Long Term Care System pays for care-related services for state residents living in assisted living communities. The System, however, will not pay for room and board.

Assisted living residents will be responsible for different basic living costs depending on their coverage and location.

Savings

Seniors often dip into their personal savings to handle assisted living costs. Retirement funds and/or social security pay may be accessed, at this time.

Some residents will use their business investments to cover these expenses. Careful financial planning is essential prior to moving into a senior care community.

Assisted Living Loans

Some organizations will offer loans that are designed to help seniors handle these costs.

If your income is low, this loan can be a great option to look into.

Long-Term Care Insurance

It is possible for long-term care insurance to provide support for seniors trying to cover assisted living costs.

All policies will vary, so always review the terms before transitioning to this living situation.

Reverse Mortgages

A reverse mortgage could be considered as a means for seniors to access equity for these expenses.

It is crucial to understand the terms and implications of reverse mortgages, however.

Life Insurance

Some life insurance policies come with a cash value that may be accessed to help pay for assisted living services.

Other options, such as accelerated death benefits or life settlements, could also help.

Bridge Loans

Bridge loans are strictly a temporary form of financial assistance. Typically, these loans will be taken out while a property sale awaits.

These loans can cover costs until a permanent solution is found.

Veteran’s Aid And Attendance Pension

In some cases, the Veteran’s Aid and Attendance Pension can be used to help cover costs.

Individuals who qualify must have under $80,000 in assets.

Family Assistance

Family members can also contribute funds to make assisted living more affordable.

Some seniors will use multiple sources to pay for care, including help from family members, personal savings, and loans.

Other Financing Options For Assisted Living

There are some assisted living communities in Arizona that offer private funding options for residents. If an individual happens to have long-term care insurance, this will cover a portion of the costs associated with assisted living.

In most cases, assisted living residents pay for care out-of-pocket. They fund these services by selling assets like homes or other valuable properties.

About Ventana Winds

Ventana Winds Retirement Community is a member of SLS Communities and offers Assisted Living and Memory Care services In Youngtown, Arizona.

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