Making the transition from independent living to senior care doesn’t have to be difficult. Once you’ve recognized the signs indicating your loved one is ready to move into a retirement home, many moving pieces must be taken into account. While your family member’s health and happiness are the top priority, it’s important to keep a steady payment plan in place as to avoid any inconveniences. 

Financing Senior Care

Pay Out of Pocket

For those who can handle the cost, self-funding is an attractive way to work around insurance plans. If you’re not sure your family member will qualify for insurance coverage, this is a viable option—keep in mind, though, that it will require a constant flow of cash. Of course, the price you pay will depend largely on where you live and the cost of living rates, so be sure to sit down with your accountant and the senior living facilitators to work out exactly how much each installment will cost you. 

Buy Long-Term Care Insurance

A long-term care insurance policy allows for a bit more stability, as you can plan for a set daily or monthly rate over a predetermined number of years, or for the policyholder’s lifetime. Insurance policies for senior care have improved significantly with time, becoming more standardized and reducing the frequency of unexpected premium increases. Providers like AARP® and Medicare offer plans that can help families of all financial backgrounds.

Start a Reverse Mortgage

Rather than taking out a home equity loan, many families opt for a reverse mortgage instead, reducing the risk of potentially losing their home if they cannot make payments. With a reverse mortgage, families will have to draw from the equity, but they can defer payment on the loan until they no longer require senior care services. The amount of money you may qualify for depends on age and home value—generally, the older your loved one is, the more you qualify for. 

Navigating the logistics and financial aspects of senior care isn’t always easy, but it is always worth the trouble in the end. If you have a loved one in Cincinnati, OH, who might benefit from assisted living, consider Meadowbrook Care Center. Newly renovated to provide the utmost comfort for each resident, this facility welcomes each new guest with personalized care and attention and can help families through the complicated process of payment plans. Visit them online or give them a call at (513) 489-2444.