How To Afford Assisted Living

by | May 9, 2023 | Assisted Living | 0 comments

As we age, daily tasks like bathing, grooming, and cooking  can become more difficult, and we may need a little help getting around or recovering from an injury or illness. At some point, it may become necessary to look into assisted living for yourself or a loved one.

Assisted living communities like Solterra Senior Living offer a range of living options, depending on the amount of assistance you require. Amenities like restaurant-style dining, onsite wellness centers, transportation, and social activities make assisted living an attractive option for many seniors.

If you’re worried about how to afford assisted living, you’ll be glad to know that there are several financial solutions to explore. Many families are able to combine one or more of the options listed below to help cover the costs of assisted living.

VA Benefits

Veterans and their surviving spouses may qualify for special financial assistance to offset the costs of long-term care in assisted living communities. The Aid and Attendance Benefit is tax-free and offered through the Department of Veterans Affairs for veterans or their spouses who need help with activities of daily living. Contact American Veterans Aid for more information.

Long-term Care Insurance

If you already have a long-term care insurance policy, it’s likely that your policy could cover at least part of the costs associated with assisted living. Talk to your insurance agent to see what is covered. If you don’t have a long-term care insurance policy, are interested in purchasing one, or just have questions as you research this option, the American Association of Long-Term Care Insurance can help.

Senior Care Bridge Loan

Bridge loans are another common method to help pay for assisted living. A bridge loan is a type of temporary, short-term financing that works similarly to a line of credit. The lender provides immediate financing with the understanding that you will repay the loan, usually within about a year. The loan “bridges the gap” to cover your current financial need when you cannot yet access other funds.

Seniors who are selling their home or business, planning an estate sale, or applying for veteran’s benefits can use the cash from a bridge loan to pay for assisted living while they wait for the money from these other resources to become available.

Talk to a Professional

When you are trying to figure out how to afford assisted living, it can be helpful to talk to many different advisors. From a financial advisor, to your insurance agent or the staff at Solterra Senior Living communities, these valuable resources can help you consider all your options, including:

  • Private insurance
  • Medicaid/Arizona Long-Term Care Services (ALTCS)
  • Retirement savings/IRAs
  • Social Security Disability Insurance
  • Supplemental Security Income
  • Deductions or credits from your annual taxes

Feel free to contact us at Solterra Senior Living to ask questions, schedule a tour of one of our communities, and find out more about how assisted living helps seniors live well. We would love to help make assisted living a reality for you and your loved ones.