Funding The Cost Of Assisted Care Living

You might have someone at home who would be going on a long term care facility

, and some of us are not able to arrange enough funds for it. Discover the different ways you can think of funding a long term care for your parents.

How Much is it Going to Cost

As per the survey held by Genworth Financial in the year 2009, an average cost for single bedroom assisted living apartment cost is $2, 825 monthly which has seen an ascend of 4 percent annually.

Getting Long Term Insurance

You can plan to take out your long term plan insurance to serve the funds involved in assisted living. If you have made this decision at the right early stage of your parents, they are going to be healthier and the whole program is going to be more economical. There are policies available with collaboration of both private insurers and state governments. Using such policies will give you advantage over assets protection too and at the same time you will receive Medicaid benefits.

Medicaid Assistance

The cost involved with assisted living would be partially waived off with the help of Medicaid. This whole situation where a dedicated staff going to help the member is not covered. Instead, Medicaid only gives you funds for services provided.

War Veterans

You will need to seek help from the department of War Veterans with this. There are some medical tests the person will need to clear before the aid is provided. The granted funds under benefit scheme are different for single, married and other situations. You will need to get in touch with the appropriate department in your state.

If there is urgency, go for bridge loan

If you have decided to sell your property and arrange funds for assisted living in urgency and still not managing a buyer for it then you can opt for a bridge loan. Until the house or property gets sold, you can pay off and get started with assisted living for your parents.

Reverse Mortgage

Here you can receive a loan which is designed for seniors where they can let go home equity into the property as multiple payments or lump sum amount. This is specially meant for people who want to provide assisted living to their elders and at the same time able to stay in the same house.

It can be expensive to give your loved ones what they need at old age but if you plan it well it can rewarding. Even before you think to spend privately on such facilities, always look for any social or state funding options that might be available.

by: JeremyMervin

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