Cost is one of the main considerations when you’re planning to move to a retirement community. The truth is that Assisted Living does not come cheap and the cost of living in a retirement community has risen in the last few years. Fortunately, there are several options you can explore to pay for Assisted Living in Cherokee, SC. Read on to learn more!
Long-Term Care Insurance
Many long-term care insurance policies can help defray the cost of Assisted Living. Contact a reputable insurance agency to find out about the policy terms. Insurance premiums are based on various factors including age, health, benefit duration and amount, location and when payments begin. Ensure that your policy will allow you to pay for care services in an Assisted Living community, a Memory Care community, nursing home or hospice. An experienced financial planner or insurance agent can help you evaluate your options.
Personal Funds or Private Savings
Some older adults have private income or savings that can allow them to pay out of pocket for Assisted Living. If you or your loved one has a retirement or pension fund, it can also pay for Assisted Living. However, the rising cost of Assisted Living may deplete your personal funds within a year, making this fund option prohibitive to most people. Talk to a financial adviser to learn how long your savings can last if you decide to use them for Assisted Living.
Selling Your Home
Proceeds from the sale of a home can usually provide the necessary funds to pay for Assisted Living expenses. If the move to Assisted Living needs to happen before the home is sold, you can get a bridge loan. However, remember that taking out a short-term loan may be financially risky. Taking out a loan should be an option only if you do not have other choices.
Reverse Mortgage
If you own a home, you can get a reverse mortgage instead of selling it. Borrowing against the equity built in your home over the years will give you immediate access to cash. This is a good option if you or your partner requires Assisted Living while the other wants to continue living in the home. The reverse mortgage will need to be repaid when you or your loved one moves out, which usually means selling the house. If you would like to keep your home in the family, a reverse mortgage is a good option.
Veteran Benefits
For those who have been in service, Veteran Administration (VA) pension benefits can help to pay for the cost of Assisted Living for eligible single or married veterans. The downside is that the application process can be complicated and in most cases, approval takes a long time. Contact your local Veterans Affairs office to find out how you can apply and what you can do to expedite the approval process.
Medicaid Programs
Medicaid programs can help to pay for Assisted Living too. Unlike Medicare which only pays for short-term care, Medicaid can cover the cost of long-term care like Assisted Living and Memory Care. If your income qualifies you for government aid or you have exhausted your savings, Medicaid should be able to cover some Assisted Living costs. However, the federal program can be quite complicated. If you are eligible for Medicaid in a state, you’ll also have to join an Assisted Living community that accepts payment by Medicaid.
Enjoy Our Great Rates for Assisted Living
Regardless of your most preferred payment option, you can rest assured that our retirement community offers the best Assisted Living rates. Our team members are committed to providing you with high-quality care and services. To learn more about how you can pay for Assisted Living in Cherokee, SC, contact us today.
