More resources exist to help with financing assisted living than ever before. While cost may not be the single most important factor when considering senior living, people are often surprised to find senior living is more affordable than other alternatives. Outlined below are various options available for financing assisted living and paying for senior care.
The following worksheet may provide some idea of expenses and help with assisted living financial planning.
Personal savings and investments can provide the money necessary to cover the costs of senior living. For many seniors their home is their nest egg and can also provide the money necessary for paying for senior living once it is sold. Personal loans are also available to help bridge the funding gap until the home sells or other assets are made available.
Elderlife Financial Services
To help seniors and families steer through the many options available for financing assisted living, Elmcroft is happy to partner with Elderlife Financial Services.
Elderlife can help you:
- Speak with real estate specialists that will assist you with selling your home
- Work with Veterans Administration experts to apply for assisted living benefits, including Aid and Attendance
- Convert your life insurance policy into a long-term benefit
- Explore and learn about the various financial options that exist, like an unsecured line of credit or secured lending options as a home loan
- Develop a personalized financial plan specific to your needs
Home Equity Options
The equity in real estate can also provide funding for senior living. While many people will decide to sell their home in order to move to a senior housing community, others will choose to borrow against the equity in their home in order to pay the costs of senior living. Home equity loans enable owners to use the equity in their home as collateral on the loan.
Long term care insurance can also help defray the costs of senior living. This product covers care received in various senior housing settings, including senior living, dementia care communities, and skilled nursing facilities. Insurance premiums will vary based upon the age of the insured, the type of coverage desired, and other factors. For individuals owning whole life insurance policies, a life settlement product may afford an avenue to convert the value of the whole life policy into funds to defray the cost of senior housing.
The Veteran’s Administration also offers a benefit that can assist in covering the costs of senior living. This benefit is available to veterans and surviving spouses who qualify. In some states Medicaid is available in senior living for seniors with little or no resources to cover the costs of senior living.
All of these financial options for paying for senior care must be tailored to each individual’s needs. We urge you to seek independent financial advice as you explore those options for yourself or a loved one.
Additional Financial Options
Elmcroft offers semi-private accommodations for residents to benefit from the companionship of another at reduced rates.
Please note that while we cannot give tax advice, we understand that there may be some tax benefit available to Elmcroft residents and their family members. For more information, please refer to PDF of the Tax Deductibility sheet.