When your mom or dad needs a little extra care, assisted living may be the best possible solution. However, it might look like the cost of a live-in facility is out of reach for you and your family; you do not want to shortchange your parents.
Luckily, you may have some resources available to you that you have not yet considered to help. We’ve put together a few ideas to help inspire you so you can obtain the care your loved one needs and deserves.
Paying for Assisted Living With Long Term Care Insurance
Long term care insurance offers coverage for care that isn’t usually covered by regular insurance or Medicare. This care can include assisted living, adult day care or other in-home care. If your mom or dad has a policy in place, it is likely that you will be able to tap into this resource to pay for part or all of the care. If your parents have purchased this insurance, paying for assisted living may not be quite as difficult as you think it will be.
Assets for Assisted Living
You may have already considered your mom or dad’s liquid assets when deciding if you can afford assisted living. Lack of cash doesn’t have to deter you from finding assisted living that meets your standards for quality of care.
Selling your mom or dad’s home can be a smart decision, as cash back from the sale can fund assisted living for the next several years. Other asset-related options involve selling stocks, bonds or even vehicles can be a good solution too.
Is VA a Possibility for Financing Assisted Living?
If your mom or dad served in the armed forces (or was married to someone who served), it may be possible that the United States Department of Veterans Affairs (VA) will help pay for assisted care. Although there are more than 9.3 million veterans over the age of 65, most of these individuals and their families are unaware of these potential benefits. There are service requirements to be eligible for these benefits, some of which include:
- Service requirement: The veteran must have served at least one day during wartime. If you are trying to find the years your loved one served, you’ll find the dates in their discharge papers. (If you don’t have access to these, you can request copies from the National Archives.)
- Financial requirements: Only those who truly need the assistance and meet the means limit as established by the VA, are eligible to receive benefits.
- Other considerations: Even those who do not meet the needs analysis may be able to receive benefits depending on age and amount of monthly medical benefit.
Keep in mind that benefits are awarded on a case-by-case basis. If you are unsure of whether you or your loved one meets the requirements, or you don’t know how to navigate the complicated process, you can speak to someone here at CareChoice who is experienced in helping families afford the best care for their loved ones.
At the end of the day, the goal is to make sure your mom or dad has the best possible care—at any cost. This may mean getting a little creative. Selling property, using online sales sites and other methods of earning money may be necessary. Don’t be afraid to think outside the box and do what you have to do to get care started; especially if it is just a matter of waiting for future coverage to begin.
As you can see, there are many ways to pay for assisted living—even if your mom or dad doesn’t have liquid assets available. It’s important to remember that choosing an assisted living community and deciding the best way to pay for it is a tremendous decision. You need someone on your side that understands the process.
The team at CareChoice can help. Call us at (404) 402-1499 or contact us online to learn more about the process and let us help you discover the best way to make sure your parents get in the best place for them without breaking the budget.