How to Finance Senior Care – We Answer Common Questions
One of the considerations of moving a loved one into an assisted living community is how to pay for these services or create a budget for them. Here are some insights from our assisted living team in Gloucester County, NJ.
How Much Does Assisted Living Cost?
This depends entirely on the institution, their location and the type of care your loved one needs, but the national average is between $2,000 and $5,000 per month. It’s best to look for an assisted living community that offers scalable services, so you aren’t paying for services your loved one doesn’t need.
Can You Rely on Medicare?
Unfortunately, Medicare does not provide for any of the costs associated with assisted living, as this service is considered a medical service rather than a medical expense (like medication, for example).
Are There Other Financing Options?
Banks and financing companies do offer short-term bridging loans to help families play for assisted living. It is important to speak to several qualified lenders to ensure you get the best possible rates and conditions on the loan.
Usually, this option is used if a family decides to sell property (for example, their loved one’s home) to fund the assisted living move, and needs financing to cover expenses while the property is on the market.
Another option is to sell your loved one’s life insurance policy. Unfortunately, this will be a lower reimbursement than if the policy was left in place and it is recommended that you speak to an elder law attorney to ensure that this is the best path to take.
For veterans, it’s possible to apply for the Veterans Aid & Attendance benefit. Many veterans and their families are unaware of this benefit and it can be incredibly helpful in making assisted living expenses more affordable. In fact, married veteran who qualify can currently receive $2,127 per month, a spouse who needs care can receive $1,408 per month, a single unmarried veteran can receive $1,794 per month, and a surviving spouse with no dependents can receive $1153 per month.
Get to Know the Team at Our Assisted Living Community in Gloucester County, NJ
Pitman is an assisted living community in Gloucester County, NJ, offering high quality, scalable assisted living services in a comfortable, well-supported and beautiful environment. As part of the United Methodist Communities network, we also offer rehabilitation, access to therapists, hospice care, respite care and memory care and support services. We welcome seniors from all faith backgrounds.
To find out more about our assisted living community, please visit our website or contact us today or book a personal tour.