Will Your Income Be Enough?
One of the most common questions when looking into assisted living options involves affordability. So often, we see families who know that assisted living is the right option but are worried about whether it’s something they can afford. We understand how important cost is to families and are committed to help you fully understand what’s covered in a living agreement as well as which assisted living funding and assistance programs are available.
There are many different and often overlooked ways to fund assisted living, so we have provided a list of common resources that can help guide you in the process.
Financial Resources to Consider
Income and Assets
Income from social security, pensions, or investments are a common way residents cover costs. The sale of a home or other assets can provide the needed funds. Others have used savings, annuities, or even life insurance cash payouts
Aid and attendance benefits can be used for veterans and their spouses.
There are tax deductions for the medical portion of assisted living. This is a helpful blog related to tax deductions: https://www.elderlawanswers.com/tax-deductions-for-assisted-living-costs-7184 .
Bridge Loans for Assisted Living
These are loans that can help cover short-term gaps in funding.
Long-Term Care Insurance
Check with your healthcare provider to see if assisted living is covered in your policy.
Many people are pleasantly surprised at how affordable assisted living communities can be compared to the continued cost of living at home. Click below and learn about funding and government assistance available.