Common Questions About Paying for Senior Living
One of the most important considerations when you or a loved one is thinking about moving into assisted living is how to finance the cost. Quality senior care living is not cheap, but it’s more important to look at what benefits your money will bring rather than just focusing on a single lump sum. This will help you find a place that offers good value in terms of senior care. Here are some frequently asked questions about financing this important decision.
Will Medicare cover assisted living costs?
Currently, Medicare does not pay for assisted living. However, seniors 65 and older can pay for 100 days of skilled nursing/rehabilitation after a hospitalization through the Medicare program.
What is the most popular way to pay for senior living?
Most residents and their families finance assisted living privately through their own funds. This may involve selling a home, getting a reverse mortgage, using life insurance, or funding the costs through their 401k, investments, or retirement funds. Another popular option people choose is to rent their home, helping to keep the property itself as part of their legacy.
What is a reverse mortgage?
If you have been paying off your home for many years and have accumulated capital in this investment, you can use a reverse mortgage to access this money. You can then use this to pay for assisted living or any other senior care expenses. It is vital to research this option to see if it is viable for you or your family, as any unpaid balance owed to the bank through the mortgage will increase as you use the capital. This is a good option for people with a fair amount of capital in their home, who want to leave their home to their loved ones.
Is there additional assistance for senior veterans?
U.S. wartime veterans and their spouses can access additional support through the Aid & Assistance benefit. This is a monthly benefit that can be added to your veteran’s pension to help cover any senior living costs, including assisted living, rehabilitation and skilled nursing care.
What does a good assisted living pricing model look like?
Assisted living facilities offer different pricing models that can make financing these costs easier and help preserve your legacy for your loved ones. A good pricing model has features like:
- Pay as you use – This means you don’t pay a flat fee for assisted living services. Instead, you only pay for the services you need. This helps cut out a lot of unnecessary expenses – especially for more for healthy, independent residents.
- Multiple plans – Having several payment plan options helps you, , and the facility to work together to choose one that best suits your budget and needs, allowing you to get the benefits of assisted living with as little financial strain as possible.
- Tailored amenities – In addition to allowing you to choose which assisted living services according to your needs, a good payment plan will also allow you to choose from different living options to ensure you find something that aligns with your budget. This also allows you more freedom to live independently or with a spouse, and to move into assisted living without sacrificing your space and lifestyle. At Bristol Glen, there are five different home models, including a variety of different sized one bedroom apartments, providing a range of costs. This is real choice of options ensures finding housing that’s the right fit.
Moving into assisted living is an emotional journey that is often difficult at times, but finding a community that offers real value, gives you options and works with you to find a new space you can call home is invaluable. At our CCRC in Sussex County New Jersey, we find that working with our residents and their families to finance their move not only helps relieve the anxiety around this decision, but also demonstrates that we’re truly a non-profit that puts people first. Contact us today to talk about how we can help or visit us at https://umcommunities.org/bristolglen/ccrc-independent-senior-living-in-new-jersey/
