When it comes to planning for your parent’s care, you may not be aware of everything that is involved. Let’s face it: older adults cost a lot of money! If you’re like most families, you have at least one parent who needs assistance with care. Whether that’s watching your parents or taking care of them in their own home, assisted living can be a financial burden for many families.
Fortunately, there are ways to reduce expenses and ensure that your parents receive the best quality of life possible. The first step is to understand precisely how much assisted living costs. Many factors go into this price tag that you may not be aware of – so here’s a breakdown so you can make the right decisions for your family.
An Overview of Assisted Living
Assisted living is a population-based practice that offers senior living and associated support services for people experiencing a physical and psychological decline. The idea is to provide a safe, comfortable, and healthy environment where people can remain as long as needed. When you move into an assisted living, you’ll live with a team of professional caregivers who will help with daily activities such as bathing, sleeping, eating, and taking medication. These professionals provide a structured environment where residents can still maintain some independence while receiving support.
The Advantages and Disadvantages of Assisted Living Communities
When making the decision to move into an assisted living community, it is important to understand the advantages and disadvantages.
On the plus side, assisted living communities to provide your loved ones with a safe and supportive environment in which they can live independently. These communities also offer a wide range of social activities and amenities to help residents stay active and engaged.
However, there are some drawbacks to consider as well. For example, assisted living communities can be pretty expensive, and many charge entrance and monthly fees. Additionally, not all assisted living communities offer the same level of care, so it is essential to do your research before making a decision.
The Cost of Assisted Living
The amount that you and your loved ones need to pay for assisted living will vary depending on several factors, including:
- The type of assisted living you choose
- The cost of living in your area
- The hours of operation of the community
- How much help is needed
- How much do you want to spend
How to Pay for Assisted Living
Medicaid: Medicaid is a federal-state program that helps people with medical or medical care, including coverage for assisted living, nursing homes, and other long-term care (i.e., skilled nursing communities). You can also qualify for Medicare, which is similar but covers a much smaller population. To qualify for aid, you must be over 65 and have a medical condition deemed permanent and significant enough to require regular medical care. If your situation is minor, you can qualify for medical assistance (i.e., Medicaid). Always check with your local government department to see if you’re eligible for Medicaid.
Veterans Benefits: Veterans Benefits is a federal-state program that provides benefits to veterans, including assistance with health care and assisted living. To qualify for help, you must have served in the military and be at least 60 years old. However, certain conditions must apply, including:
- You must have been on active duty for a minimum of one year
- You must have been honorably discharged from the military
- You must have a medical condition that has been certified as permanent and significant by a medical doctor
Reverse Mortgages: Reverse mortgages are a type of mortgage that helps you pay for long-term care. Generally, you have six months to cancel the policy, during which time you can still be paid, but you have to pay for it out of your pocket. Reverse mortgages work like a mortgage, except you make one monthly payment, and then you can ask for a reduction in your monthly payment if you need to pay for long-term care.
Life Insurance: Life insurance is another type of insurance that pays you if someone you know dies. It helps cover your loved ones during your parents’ times of need. You can purchase individual life insurance or get family coverage that pays for your whole family. Check with your insurance company to see which coverage you qualify for. Some policies only cover people who are 65 or older, so make sure to double-check before purchasing.