It's best to plan for future expenses such as assisted living before you need them. The cost of these facilities depends on the type of amenities offered, the size of the living space, and the additional services available to residents. Explore various ways to pay for this living arrangement to see what fits your situation. Typical Costs Although these costs can vary significantly depending on geographic location and the type of facility, the average cost of a one-bedroom apartment in a facility is just over $3,000 per month. Most people find this type of care to be less expensive than hiring an attendant to come into your home or entering into a full-care nursing home. It's likely that any facility you explore will have a number of different prices that include a variety of services and options. Using Home Equity Many seniors own their home, often outright with full equity in the property. This ownership provides some helpful opportunities for funding. - Some people opt to sell their home and use the money from the sale to pay for assisted living. - Other people prefer to retain their home but choose to rent it out. With this scenario, it is possible to use monthly rent payments from tenants to pay facility costs. - Another possibility involves a reverse annuity mortgage to tap into equity without selling the house. To utilize a reverse annuity mortgage, a lender pays a homeowner either a full lump sum or a monthly payment, which can be used to pay for assisted living. This option is most beneficial when expected housing expenses are for only five or fewer years. Types of Financial Assistance It may be possible to receive government subsidies to help pay these expenses. Funds are limited and you will encounter restrictions on how you can use the money. - Medicare A may apply to the costs incurred for a semi-private room, meals, medications, supplies, and nursing care. However, this coverage lasts for only 100 days after release from a hospital. - Medicaid covers nursing home care for low-income people. Some state plans also include assisted living care in these benefits. You will need to explore eligibility requirements and the amount of coverage offered to see what applies to you and your circumstances. It's also possible that you are eligible for covered assistance in a community-based facility instead of a larger center. - Low-income senior citizens may qualify for United States Department of Housing and Urban Development subsidies that will pay for room and board in these types of environments. - Senior citizens who are veterans may qualify for subsidies that will pay for intermediate-level care. - Explore the possible option of converting death benefits from a current life insurance policy into a long-term benefit that will help with the costs of care from a facility. It's important to receive the care needed for ongoing health and safety. With some creative financing exploration, you might find that assisted living is more affordable than you think. When considering assisted living, Livonia residents visit Oakmont Senior Communities. Learn more about them at http://oakmontcommunities.com/care-services/assisted-living/.
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