Securing an assisted living facility for your elderly loved one can ensure safety, health, and happiness for years to come. While transitioning to assisted living may be what’s best for your loved one, doing so can pose some financial concerns. Fortunately, there are multiple ways to pay for elderly care on any budget.  

Assisted Living Facility Funding Options

Renting or Selling

When it comes time for a loved one to move to an assisted living facility, you may want to consider selling their home. If your loved one or the rest of your family is not ready to part with the place, you may want to consider renting it out to cover assisted living fees.

Reverse Mortgages

Homeowners also have the option of obtaining funds through a reverse mortgage. If a family member plans to remain in your elderly loved one’s home, you can apply for a mortgage that will allow you to borrow money from the home’s existing equity.

Medicaid

If you can’t pay out of pocket, you may be eligible for Medicaid, which covers many assisted living services. If you don’t already have Medicaid, look into applying today.

Veteran’s Benefits

If you or your loved one are a U.S. veteran, you may be eligible for considerable assisted living benefits. In some cases, the Veterans’ Administration may even fully cover the costs associated with your loved one’s stay. Visit the U.S. Department of Veterans’ Affairs online to learn more.

Long-Term Care or Life Insurance

Long-term care and life insurance policies can be used to pay for assisted living costs. Talk to your prospective facility and your insurance company to learn more about your benefits.

The caring team at BeeHive Homes of Columbia Falls can help your loved one transition to a safe, positive community. They have over a decade of experience, and they offer in-home doctor care for residents. To learn more about how this Columbia Falls, MT, assisted living facility can support your aging loved one, visit their website. You may also call a friendly professional at (406) 270-0513.