Paying for Senior Living
One of the most stressful parts of moving a loved one into an Assisted Living Community is figuring out how to pay for it. Children, grandchildren, nieces, nephews, anyone that is helping a loved one with this journey just want to do what is best for their loved one, and part of that is making sure that they take care of their loved one’s money as well. Most people do not know how many different options there are for paying for Senior Living.
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Long Term Care Insurance
- Long Term Care insurance benefits vary widely depending on the policy, and benefits can range from $1,500 to more than $9,000 per month. If you get denied the first time, try again! Sometimes it can take a few tries to qualify for Long Term Care Insurance, just do not give up!
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Veterans Benefits
- If you or your loved one is a veteran or a spouse of a veteran, you may be eligible for benefits that can be used to pay for Senior Living.
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Life Insurance
- A life insurance policy can provide financial support now if that’s when the money would be most helpful. Life Insurance benefits are not only available after a person’s death. Ask your Life Insurance Agent for different options for you!
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Consider Selling or Renting if you Own Your Home
- If nobody will be remaining in the home, consider selling the home. If you just are not ready to let go of your home, consider renting the home out!
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Bridge Loan
- If you have trouble liquidating assets quickly, these short term loans are designed to fund the move to Assisted Living and are awesome when waiting for the sale of property or to be approved for a pension.
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Private Pay
- Personal income or savings is the simplest route. You can also cash in personal investment portfolios like 401k plans or IRAs.
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Annuity
- If you are worried about outliving your resources, considering an annuity could be a good option for you!
These are just a few options to help you during the process of trying to figure out the best way to pay for Senior Living. Get creative! Check out www.newhavenassistedliving.com to get more information about our community, and let us help assist you in finding your loved one the perfect place to call “home.”
