Your aging loved one is ready for a social, engaging lifestyle with activities, amenities, and meals. But they need help with some daily activities as well. Assisted Living Facilities can offer support while encouraging your relative to maintain independence and enjoy retirement.
The national median cost of assisted living is $4,300 a month, according to Genworth’s 2020 cost of care survey. Many families are surprised and disappointed to learn it’s not covered by Medicare, and may not have that money in the bank. Luckily, there are several ways to cover costs and save money on your loved one’s care. Here we bring you some tips on how to pay for a great Assisted Living Facility.
- Older adults often rely on health insurance to cover medical procedures, hospital stays, and other care. But can insurance help you afford assisted living? The plans could be medicare or insurance.
- If your loved one owns a home or other property, they may be able to cover Assisted Living facility costs with home equity.
- If your loved one served in the military, worked for the government, or was a railroad employee, they may be eligible for a stipend to cover some assisted living costs.
- If you’re paying the Assisted Living facility services out of a savings account, you may want to consider:
- Always try to ask about flexibilities and especials.
- Consider a roomate.
- Try to enroll in a low income program
- Save on moving expenses
- Get personalized senior living specialist advice
Overall, finding an Assisted living facility for your loved one can be a complicated and not so cheap experience but if you follow these tips your research will be a lot easier, also at Serenity Pointe Care our team will try to make the selection process as easy and as convenient as possible.