You might have someone at home who would be going to a long-term care facility, and some of us are not able to arrange enough funds for it. Discover the different ways you can think of financing a long-term care for your parents.
If you think of long-term consequences, there is a need of care facility for such family members. In case you don’t have the advantage of a long-term insurance program, you are going to pay off for assisted living facility out of your pocket, personal savings or utilizing reverse mortgage.
How much is it going to cost?
As per the surveys held, an average cost for single bedroom assisted living apartment cost is $2, 825 monthly which has seen an ascend of 4 percent annually.
Getting Long Term Insurance
You can plan to take out your long term plan insurance to serve the funds involved in assisted living. If you have made this decision at the right early stage of your parents, they are going to be healthier, and the whole program is going to be more economical. There are policies available with the collaboration of both private insurers and state governments. Using such policies will give you an advantage over assets protection too, and at the same time, you will receive Medicaid benefits.
The cost involved with assisted living would be partially waived off with the help of Medicaid. This whole situation where a dedicated staff going to help the member is not covered. Instead, Medicaid only gives you funds for services provided.
You will need to seek help from the Department of War Veterans with this. There are some medical tests the person will need to clear before the aid is provided. The granted funds under benefit scheme are different for single, married and other situations. You will need to get in touch with the appropriate department in your state.
If there is urgency, go for bridge loan
If you have decided to sell your property and arrange funds for assisted living in urgency and still not managing a buyer for it, then you can opt for a bridge loan. Until the house or property gets sold, you can pay off and get started with assisted living for your parents. You can also consider getting a commercial bridge loan.
Here you can receive a loan which is designed for seniors where they can let go home equity into the property as multiple payments or lump sum amount. This is specially meant for people who want to provide assisted living to their elders and at the same time able to stay in the same house.
In conclusion, it can be expensive to give your loved ones what they need at old age but if you plan it well, it can rewarding. Even before you think to spend privately on such facilities, always look for any social or state funding options that might be available. By doing this, you will find a safe place for your elders and hence have a happy stay.