How Does Assisted Living Work Financially?
One of the most frequently asked questions we get is, how does assisted living work, financially speaking? How can I pay for assisted living? Where does the money come from to pay for my loved one to move into an assisted living community? These are good and important questions that often need to be answered at inconvenient times in life. Happily, the answer is fairly straight forward.
The general rule is that most assisted living communities only accept private funding. Private funding means that however or wherever the money is coming from, the resident and/or their family is responsible for writing a check for living in the assisted living facility. Housing costs at the vast majority of assisted living residences are not paid for by Medicare or Medicaid. *In fact very few assisted living facilities accept Medicaid. A resident should already have Medicaid funding in place and meet the qualifying parameters, most do not do a high level of care.
Private Funding for Assisted Living
Private funding resources include; retirement income, social security income, CD’s, annuities and other investments, Veteran’s benefits, long term care insurance, proceeds from the sale of a home, or rent generated from an investment property perhaps. Other funding may be available locally and like shopping for real estate, it’s best to consult a financial advisor to find out what your loved one can afford in advance of making the transition.
There are many types of residential assisted living. Each type provides specific levels of care according to their licensure and this in part accounts for differing costs. There is some common ground among facilities though, in that all types of assisted living facilities try their best to let the resident age in place when possible, preventing a second costly move.
The type of assisted living care, the location and level of assistance necessary for residents at move in and into the future, all these play into the rates charged for housing and care in an assisted living community. Finding the appropriate assisted living care at an affordable cost is difficult to do. Particularly if you’ve never done it before. That’s why we’re here to help. Enlisting the free service of a Home2Home4Seniors advisor helps families like yours avoid the costly mistakes of choosing the wrong assisted living community. Call today, 1-844-300-7026 or 210-899-7080 for a free and confidential consultation.