Hello, my name is Amelia. Welcome to my site about nursing homes and assisted living facilities. When my mother developed a hip problem that prevented her from safely living at home alone, we started the long search for a suitable place for her to live. We toured each of the facilities in our area to find the one that felt most like home while providing all of the support and security she requires. Through this site, I would like to help other people weed through the options to find the best possible place for their loved ones to live. Thanks for visiting my site.
Exploring Nursing Homes and Assisted Living
3 Things You Should Know About Financing Assisted Living
John Wilson
If you are reaching the stage in your life where you need more help with your daily life and health, assisted living may be the right choice for you. In an assisted living facility, you can pay to have your needs met based on your specific needs. Assisted living is more expensive than a regular apartment, and it is important to know how to pay for it.
Thing #1: Veteran's Aid & Attended Benefit
If you are a veteran, you may have access to financial assistance that will help you pay for assisted living. The Veteran's Aid and Attendance benefit is a monthly benefit that can help you pay for assisted living.
The amount you get per month varies based on if you are a married veteran, a single veteran, or a surviving spouse of a veteran. This benefit can help to offset the cost of assisted living. The exact amount given out varies each year, but you can learn more by reaching out to the U.S. Department of Veterans Affairs.
Thing #2: Long-Term Care Insurance
If you have a long-term care insurance policy, now is the time to cash it in. Long-term care insurance is not just for nursing home care. Many long-term care insurance policies will also pay a stipend to help you pay for living at a licensed assisted living facility. You should reach out to your agent and see if your long-term care insurance policy will help support moving into an assisted living community.
Thing #3: Life Insurance Policy
If you have been carrying a life insurance policy, you don't have to wait to cash in on the policy. You can take your life insurance policy to a life settlement company. A life settlement company will offer you a lump sum payment in exchange for your life insurance policy. In exchange, they will continue to pay your life insurance policy and will receive the payout when you pass.
This process allows you to access part of the value of your life insurance policy now and use it to support you while you live in an assisted living facility. You will get less than the policy's face value, but you will be able to access a large amount of the value and use your life insurance policy and use it to help fund your lifestyle in your later years.
If you are ready to move into an assisted living facility, you may be able to use Veteran's Aid and Attendance Benefit, long-term care insurance, or a life settlement lump payment to afford the extra cost of moving into an assisted living facility where your needs will be met. For more information about moving into assisted living, contact a local facility.
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