One of the questions that is almost top-of-mind when choosing a quality senior assisted living community is: “How will I pay for it?” Platinum is here to help you solve that puzzle.
There are traditional options offered by banks, insurance companies and the federal government, including:
If your family members owns a home free and clear or possesses significant equity, you may wish to consider a home equity line of credit. You might also consider renting the house to generate cash flow rather than leaving it vacant.
Long-term care insurance generally covers some or all of the costs associated with assisted living. Be sure to check your policy and speak with your agent to learn the extent and scope of your coverage.
Your loved one may be eligible for Medicare, Medicaid or state-run programs for skilled nursing care if he or she meets eligibility requirements.
Veterans Aid and Attendance Benefit
This monetary benefit helps eligible veterans and their surviving spouses (widows / widowers) to pay for the assistance they need in everyday functioning (eating, bathing, dressing, and medication management).