As you search for the right assisted living community for your loved one, you want them to receive the best care possible. But, one of the questions weighing on your mind may be “How will we pay for this?” Assisted living costs can be much more affordable than you might think.
There are a variety of ways to pay for assisted living costs, here is a short list of options:
- Selling the family home
- Using retirement funds
- Life-insurance policies
- Annuity
- Long-term care insurance
- Social Security Income
- Veterans Aid & Attendance Benefit
Keep in mind that there is a broad range of services offered at each community. Maybe your loved one doesn’t need a reminder to take their medication, they just need help getting ready in the morning. This can help you determine what price structure is best for you. If your loved one isn’t prepared to pay for assisted living costs, consider working with a professional. They can help you create a budget and offer advice on different ways to pay for assisted living.
