If you’re considering assisted living for yourself or a loved one, cost is likely one of the first concerns. On average, it costs about $3,630 a month for a one-bedroom unit in an assisted living facility, according to recent statistics from the U.S. Department of Health and Human Services. In addition to housing and utilities, these expenses cover a resident’s medical care, food, and other amenities. While these costs can be substantial, there are ways to pay for this service.

How to Pay Assisted Living Costs

1. Retirement Savings

Retirement savings is designed to cover day-to-day living in one’s golden years and often makes up the bulk of assisted living payments. For example, you may utilize a 401(k), IRA, pension plan, or any combination. If you’ve enrolled in annuity plan, you can convert this investment into a steady income stream.  

2. Assets

Transitioning into an assisted living community often means that an individual no longer needs to hold onto certain assets—including real estate and stocks. If market conditions are favorable, selling these assets can cover a large amount of the anticipated costs.

3. Long-Term Care Insurance

Although a relatively new concept, long-term care insurance plans are an attractive option for financing assisted living needs. You pay into these plans like a life insurance policy. Depending on the specifics on the plan, policyholders can opt to use benefits to cover long-term care costs. If you don’t use all these benefits, they will be paid out to surviving beneficiaries.

4. Government Benefits

While rules vary state-to-state, you generally can’t use Medicare and Medicaid to cover long-term care. However, there are a few other government assistance programs you can use. If you served in the military, for example, you can use Veterans Benefits. Social Security Income can also help cover the costs.  

5. Assistance Programs

Depending on the circumstances of your health and overall financial situation, you could qualify for a variety of programs that help relieve assisted living costs. Typically, this financial assistance is found through state, community-based, or other non-profit agencies.

If you’re looking for an assisted living facility that will meet your budget, CarePatrol of New York will help you explore the options. Serving the White Plains, NY, area, this agency offers comprehensive assisted living placement services at no cost to the consumer. These specialists are connected to a variety of exceptional residences throughout the area and will take the time to find a facility that meets your care and financial needs. To learn more about their resources, call (914) 357-8084.