At a certain point, you may start to consider transitioning to an assisted living community. Whether you recognize that you need an extra level of care and support or are simply looking for a maintenance-free lifestyle, making the decision to move to a senior living community can provide you with the solutions that you need.
As you begin the process of finding the right community, it is understandable that you may also start to question how you will pay for this new type of care. No matter your socioeconomic status, you will want to take advantage of all the means available to you that can help pay for these communities and services.
Many times, it is assumed that your medical insurance or Medicare will cover your assisted living cost. Unfortunately, in most cases, they do not cover this type of care. You always have the option to pay for care directly out of pocket or use your savings, but for many people, that is not an option.
Brickmont Assisted Living, with care communities throughout Georgia, knows that paying for assisted living can be a sensitive matter. We encourage you not to let expenses deter you from discovering all that an assisted living community has to offer! While we are not a financial institution, we’re sharing what to look at when searching for a community, as well as alternative methods to pay for assisted living.
Finding The Right Community
Once you decide to move into a senior living community, it’s important to research and see your available options. Look at what various communities offer, and discover what is most important to you. Some communities will charge extra for bigger rooms, locations, and upgraded meal plans, so knowing your priorities can help you narrow down your search.
Most communities will also charge different prices for varying levels of care. Knowing exactly what degree of care you need can give you a more comprehensive and realistic understanding of costs. With all this in mind, set a budget so that you can find a community that has everything you need and is in your price range.
At Brickmont Assisted Living, our monthly assisted living base package includes:
- Access to On-Site Care Staff 24/7
- On-Site Nurse, Seven Days Per Week
- Full-Service Dining
- A Variety of Snacks and Beverages Daily
- Weekly Housekeeping and Personal Laundry Service
- Daily Room Tidying, Bathroom Sanitizing, and Trash Removal
- Utilities (Except Cable and Telephone)
- Wireless Internet Access
- Scheduled Transportation
- Apartment Maintenance
- In-Suite Emergency Call System
When you first look at the price of assisted living, it can be intimidating. However, it’s important to remember that the extra amenities and services are typically included in a monthly base fee. In fact, when comparing the overall costs of living in an assisted living community and living at home, some people find that they are similar.
Ways to Pay For Assisted Living
Even though paying for assisted living can end up being cost-effective, it can still be costly for people of all financial positions. However, there are many means available to older adults seeking financial assistance for assisted living communities. Here are some ways to finance assisted living that don’t come directly from your pocket.
A Note about Medicare
Many people believe that Medicare will pay for or at least partially cover the cost of an assisted living community or any other long-term care. Unfortunately, this is not the case. There are plenty of other options available, though!
Understand Your Benefits
VETERANS BENEFITS
The Department of Veterans Affairs provides considerable benefits to Veterans and their spouses, but surprisingly, many people who are eligible for these benefits don’t take advantage of them. These benefits can be substantial and can be used for any type of care—from assisted living to memory care to in-home care. Veterans Benefits do not cover the rent associated with your new housing, but will often reimburse you for the non-medical or extra care you may need. Taking advantage of Veterans Aid and Attendance is a great way to pay for assisted living without having to use all your savings. For more information on what your benefits will or will not cover, we encourage you to visit the Veterans Affairs website.
SUPPLEMENTAL SECURITY INCOME
Most older adults receive monthly Social Security checks to help them maintain financial stability. If you already receive Social Security and are planning on moving into an assisted living community, you may also be eligible for Supplemental Security Income (SSI). SSI is a program run by the Social Security Administration that provides additional benefits to adults over 65 that meet certain financial requirements.
OTHER BENEFIT PROGRAMS
Countless other benefits can help those adults who aren’t veterans or don’t qualify for SSI. Private and public programs offer grants, financial aid, and more for eligible individuals. The National Council of Aging has identified and compiled all these programs into a user-friendly online tool so that you can easily find programs you may be eligible for.
Sell or Rent Your Home
If you are planning a move into an assisted living community and own your current home, it could be time to consider selling or renting out your house. While this is a significant change and some may be reluctant to part with their long-time home, you won’t “need” it after moving. Renting or selling your home is an excellent option to bring in some additional money. If you choose to rent it out, it will provide you an excellent monthly income that can go toward your care costs. If you need recommendations on local real estate agents, please contact your closest Brickmont Assisted Living community.
Long-Term Care Insurance
Long-term care insurance is a policy that you can purchase through a private insurance company. Completely separate from your health insurance, long-term care insurance does provide coverage of assisted living, skilled nursing care, and other care options. The cost of long-term care insurance can vary depending on your health, age, and the desired amount of insurance coverage.
Life Insurance
While most people think about life insurance as only something that can be used after someone passes away, some policies have a clause allowing you to cash out the policy early – at a reduced allowance. If this is an option for you, most companies will buy back their policy, usually at 50-75% of its face value. If you would like to consider this option, please contact your life insurance company directly to find out more information about your policy. It’s important to note that if you choose this option, there may be no benefits left to your family members and descendants.
Annuity
Even if you have a sizable savings account, paying for assisted living out of pocket could quickly deplete your funds. If this is your case, you may want to consider an annuity. An annuity can help you stretch your money further than if it were only sitting in a savings account. When you purchase an annuity, you will pay a lump sum upfront and receive regular payments (usually) through the rest of your life.
Making The Most of Available Resources
Transitioning into an assisted living community can provide you with a life full of support, convenience, and peace of mind. Worrying about finances shouldn’t be a part of it. Whether you pay for assisted living out of pocket or use some of the resources provided here, there are countless options available to ensure that you are comfortable and taken care of.
Brickmont Assisted Living, with senior living communities throughout Georgia, hopes that these options for paying for assisted living have helped you understand what resources are available to get the care you need at a price you want. We recommend that you speak with a financial advisor to determine the best strategy for your situation.
If you have additional questions regarding assisted living services, our dedicated team would love to help! We invite you to contact Brickmont Assisted Living today!
Updated on September 1, 2020
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