Sometimes, making the decision to move to a senior living facility is no longer an option. That doesn’t make this an easy decision however and it brings to the fore several questions.
One of the top concerns of most families is how they are going to pay for senior living. Many families find that they cannot afford to cover the entire cost from their savings. This brings up more questions about where to look for the additional funds that are needed. We’ve put together answers to the top 3 questions about financing senior living in San Pedro.
How Much Does It Cost?
Ultimately, it all comes down to this – how much does senior living in San Pedro cost? The truth is there is no one fixed answer to this question.
The cost of senior living can vary widely not just from one facility to another but also within one facility. How much you will end up paying will depend largely on the facility you choose as well as the type and duration of care. Many facilities allow residents to customize the services and support they need, which impacts the total cost.
The best way to find out the cost is to get in touch with the assisted living facilities in San Pedro and ask them about the options that they offer and the cost of each. This would help you compare the cost of the different senior living facilities and the services that each one offers.
How Do I Pay For Assisted Living?
Once you’ve determined how much assisted living is going to cost you, the next step is to figure out how you are going to pay for it. Here are some of the options you should look into.
Bridge Loans – This is a short-term loan that seniors can avail of if they’ve decided to sell their home to cover the cost of senior living. The loan helps them out financially till they receive the funds from the sale of their home.
Rent the Home – If selling is not an option, renting out the home is one way to get funds to pay towards the assisted living. It helps cover the cost while still retaining the home.
Veterans’ Programs – If your loved one is veteran and eligible for VA pension, it is a good idea to get in touch with the nearest Veterans’ Program office for more information. Depending on the requirements, your loved one may be able to receive benefits to help cover the cost of assisted living.
What Insurance Can Be Used For Assisted Living?
Over the past few years insurance policies have changed a lot in terms of covering the cost of assisted living. Older policies did not have this provision and even if they did, the policies had out of date requirements.
Fortunately, several of the newer LTCI policies are covering assisted living keeping in mind the latest changes related to long term care services and providers.
When looking for a Long Term Care Insurance policy, read through the terms and conditions carefully to understand their inclusions and benefits and choose one that is best suited to your circumstances.