More and more elderly people are opting to spend their golden years in an assisted living facility in lieu of living in a nursing home, with a family member, or at home, alone. One drawback to assisted living for many people who are interested in this type of living arrangement in the elder years is the financial burden of paying for care. In many cases an older adult has prepared well for their future and money may not be such a huge concern, unfortunately that scenario is not as prevalent as it should be. In too many cases the elder adult did some preparation but by far not enough and money is a concern.
There may come a time when an elder adult cannot live on their own any longer they need some help with day to day living activities. Assisted living homes are usually the perfect answer. Of course they are not free and require money to pay for.
Where to Find the Money for Assisted Living Homes
If the elder adult is a homeowner the home can be sold to raise capital to pay for the assisted living home, if they are not there are other options that are available. It can be a combination of financial backing that can be pooled together to pay for the residency.
There are some insurance policies that will cover for part of the care that is provided in adult group homes. Primarily the medical end of things will be covered. If the elder adult was fortunate enough to have some foresight and opted for an extended care option on their policy, then more services will be covered.
To pay for the rest of the care that insurance does not cover, retirement income can be used. Many folks get a check each month from retirement investments that they made with the company they worked with before they retired from. This can go toward the monthly payment as well. In almost every case even if there is not a retirement check coming in there will be some type of government check that is paid each month, this can also help to supplement the costs.
Liquefying assets are another way to find money to pay for this type of care. Selling off stocks and bonds, even selling off cars can raise the money that is needed to keep this option going for a while.
Family Members
In many cases the family members of the elder adult can kick in some money each month to help to offset the cost of paying for the assisted care homes. If there are multiple family members that can help with the costs, then the financial burden would be lightened considerably.
Paying the costs for assisted living homes can be met by pooling resources the cost can easily be met. It is well worth the cost and the effort to find a way to meet
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