With the rising cost of health and nursing care for the elderly, many seniors find it hard to afford assisted living or a retirement home. Many times, staying home is not an option, and these resources are necessary. Here are some financial options to consider when trying to budget for senior care.
3 Ways to Afford Assisted Living on a Limited Income
1. Home Equity Lines of Credit or a Reverse Mortgage
Many lenders offer people age 62 and older reverse mortgages or home equity lines of credit (HELOC). These allow elderly homeowners to borrow against or convert the equity in their home to cover expenses associated with assisted living and nursing care facilities. These options tend to have high origination and closing fees that are added to the amount and applied with interest; however, they do not rely on credit.
2. Long-Term Care Insurance
Also known as LTC insurance, this type of policy covers the costs or partial costs of certain nursing care services. Many seniors choose this plan because they can typically customize options to fit their specific needs. Check to see if your insurer offers an inflation-protection plan and if they require an elimination period. This interval acts much like a deductible — you must pay a certain amount for so long before it takes effect.
3. Veteran Benefits
If you or your spouse is a veteran, you may be eligible for financial aid and assisted-living support through the Department of Veterans Affairs. The program is called the Aid and Attendance Benefit, and eligibility is based on medical assessments and time of service. If approved, you could receive up to $2,000 per month in nursing care assistance or $1,000 for a veteran spouse.
From independent living in senior apartments to assisted living in nursing care homes, West Vue, Inc., is committed to supplying what you and your loved ones need during each stage of later life. With two locations to choose from and over 40 years of experience, their staff makes sure you or your elderly family members never have to move again. Give them a call at (417) 256-2152 or visit their website to learn more and set up a tour appointment.