Paying for an Assisted Living Residence or Community
By CarePatrol of SC: Midlands, Upstate, Pee Dee
Updated March 21, 2022
When your loved one is in need of assisted living, or if this is a decision you need to consider for yourself, the choices ahead can feel intimidating and overwhelming. Changing one's living situation involves numerous big adjustments, but before you even consider it, there's the question of cost.
According to Genworth’s latest Cost of Care Survey, the average monthly cost of an assisted living facility in the United States is $4,500. With rates like these, how can you comfortably afford to make the move to an assisted living lifestyle?
Fortunately, there are several options available to pay for assisted living for seniors. Here's how CarePatrol helps you explore your options and find the best senior community for your budget.
How to Pay for an Assisted Living Facility
Many people who need to move into an Assisted Living residence will pay from their own budget. This is known as private pay. We can help you plan a budget to determine what assisted living facilities and personal care services you can afford. One option is for family members to help the older adults in their life with the increased cost of care or act as family caregivers. There are also a variety of assisted living communities that have a wide range of costs.
In addition, there are other money-saving alternatives and options to help with assisted living cost, including:
- a reverse mortgage or renting out your home
- selling assets
- cash value of life insurance
- 401k withdrawals
- social security benefits
- Medicaid
- state-funded assisted living programs, where applicable
No matter what you choose, it's important to remember that there are options for assisted living in many budget ranges, and there are ways to pay that you may not be aware of. Let us help you figure out which method works best for you.
To find out what all your options are, please call your local CarePatrol Senior advisor. Together, we can help you find affordable and conveniently-located assisted living accommodations that support the overall health and well-being of the aging adults in your life.
Financial Aid for Assisted Living Communities
Some people have purchased long-term care insurance. If you or your loved one has this type of insurance, it may pay for most or all of the necessary care. If you do not have long-term care insurance and do not have an immediate need for long-term care, it may be something you want to look into purchasing. CarePatrol has information available about long-term care insurance in your area, and we can help you go through the fine print to figure out what each policy covers.
Another great potential way to help pay for assisted living expenses is the Veterans Aid and Attendance Program. If your elderly loved one or their spouse served in the armed forces during wartime, they may qualify for this benefit.
Veterans Aid and Attendance Program Eligibility
Elderly veterans and/or their spouses may be eligible for this benefit if they receive a VA pension and meet at least one of the following requirements:
- they need another person to help them perform daily activities, like bathing, feeding, and dressing
- they are mostly or entirely bedridden due to illness
- their vision is severely limited
- due to the loss of mental or physical abilities related to age or disability, they are currently a patient in a nursing home
Still have questions? CarePatrol has experts who can determine if you or your family member qualify for these programs and help you access your benefits as quickly as possible in order to make nursing homes more affordable. Contact us now to speak with an advisor, free of charge.
How to Choose The Right Assisted Living Community
When you reach out to CarePatrol, we're with you every step of the way. Based on our thorough site evaluations and personal care discovery sessions, we present you with communities that match your specific needs. Next, we'll take you on a personal tour of each one so you can see the accommodations and speak directly with the care team.
We know you want the best for your loved one, and we're here to help you make it happen. Do they require specialized memory care for Alzheimer's disease, transportation to medical appointments, medication management, help cooking nutritious meals, or just a little extra support with household chores and other tasks of daily living? There are assisted living options for all this and more.
In addition to friendly trained staff and skilled nursing care, many assisted living communities also frequently provide residents with:
- transportation services
- laundry services
- rehabilitation services and exercise classes
- prepared meals
Plus, when we evaluate senior living options with you, we don't just think of medical care needs. We also consider a resident's activity level, social life, and other personal preferences to find an assisted living community that's the perfect fit.
Explore CarePatrol Assisted Living Facilities Near You
For safe and affordable senior living solutions for your parent or other loved one, trust CarePatrol. Best of all, CarePatrol's services are free for you, as we are paid by tens of thousands of quality pre-vetted health care providers across the nation.
It's our mission to ensure assisted living residents thrive in their new environments. When it's time to make the transition from independent living to assisted living services, we'll be by your side.
To explore assisted living care options and senior living communities in your area and your price range, reach out to CarePatrol today.