If you are considering a nursing home Escondido, then you may have a lot of questions. Many individuals are frightened of the price tag that a nursing home comes with. However, they are in desperate need of getting the help that is required for their loved one’s daily life.
Believe it or not, senior living has changed a load over the past several years. Loved ones have a wealth of choices, and there are many options when it comes to financing senior living.
Here are some of the most common questions surrounding senior living and financing.
What are my options for financing assisted living?
There are many options that you may consider when it comes for paying for your loved one’s care.
- Bridge Loans – When downsizing and deciding it is time for your loved one to have some daily care, many individuals decide to sell their home. This will help pay for a nursing home Escondido. A bridge loan is simply a short-term loan that helps pay for assisted living until their home sells. There are senior living realtors who specifically help move homes for those who have had to move into a nursing home facility.
- Renting Out Their Home – Many times, a senior is not ready to fully let go of their home. So, renting it out for income may be a solution. This can help pay for their care until they are prepared to put their home on the market.
- VA Program – If your loved one is a Veteran, then they may be eligible for a VA pension. This comes with benefits that can help pay for their assisted living. This program is known as the Aid and Attendance Program. It is regulated by the U.S. Department of Veterans Affairs. If you think your loved one qualifies, contact the VA office nearest you for more information.
Can a life insurance policy be used to pay for assisted living?
There is a clause called “Life Settlement” which you can take advantage of. Let’s talk about some of the pros and cons.
- You can apply for a lump sum which can be used to make home repairs, in-home care or pay for assisted living.
- There are no restrictions on how you can use funds.
- Life settlements offer up to seven times more than its cash value.
- Not required to continue to make premium payments.
- Possibly a tax deductible.
- This may hinder you from qualifying for Medicaid.
- Death benefits are transferred to the new owner of the policy.
- You may be taxed as a capital gain.
- They may require you to pay a broker fee.
- Seniors may be required to have a physical exam.
Does long-term care (LTC) insurance cover assisted living?
This type of insurance is used to help cover individuals who have chronic conditions or are disabled. Long-term care insurance may help pay for at home care or assisted living communities. However, there are a lot of things to consider when deciding rather or not to take on a long-term care insurance.
What is the average cost for assistant living facilities?
Monthly fees average about $3,628 across the nation. However, keep in mind that this is an average. Some facilities may cost more or less. It will depend on a number of factors. Keep in mind that support and services can be customized, allowing you to truly only pay for what your loved one needs. If there is a service you do not want, then this will affect the over all cost.
Does Medicare pay for assisted living?
Medicare does not pay for assisted living. This often comes as a surprise for adults who are trying to care for their senior parent. Medicare is a healthcare provider, and they only cover services that are of a medical nature. Things such as a rehab, hospital stay or physician’s appointment are all covered by Medicare.
If you are currently considering a nursing home Escondido, take the time to understand what each facility cost, what type of financial programs are in place, and how you can ensure all cost are covered while your loved one is efficiently cared for.
Mary Katherine’s Homes offer exceptional resident-centered services, delivered by staff trained to promote independence, allow freedom of choice and protect the privacy of each resident.