When considering assisted living for an elderly loved one, affordability is of great concern. How long will assisted living be needed? What is the cost? Are there any other expenses or fees in addition to the base price for assisted living?
Long-term care insurance can help offset the costs of home care or home care, if this was obtained when the senior was younger. A elder care financial expert may be of assistance as well. Will a reverse mortgage loan to senior's be appropriate? How about selling your home to pay for assisted living? Applying life insurance funds toward long-term care?
When looking at affordability of home care or facilities, considerations of what is being paid for in their own home are important. Living in an assisted living home, residential home, memory care home or retirement community usually cover most expenses that are being paid for living independently. For example, property taxes, food, utilities and house upkeep are no longer an issue or burden once the elderly are moved into a community.
Home care usually charges by the hour. How many hours a day will your loved one realistically require for safety and well-being? This can quickly outpace the costs of assisted living home care.
Remember, assisted living homes are not nursing homes which are significantly more expensive and usually not as personable.
The costs of a facility vary greatly depending on location, range of services, amenities, single room versus shared room, etc...
Costs range from as little as $1500 per month to $5000 per month or more, with the national average of $3000 per month. Facilities generally cost significantly less than nursing home care and 24 hour home care.
You should initially, find out how much your loved one pays out at home in expenses each month to determine what level of assisted living is necessary. Assets, in addition to available expenses should also be considered [savings, current home worth, etc... ].
You should obtain a durable power of attorney or guardianship if you don't have one yet so you may better assist your loved one.
Facilities are generally not covered by insurance such as Medicare or are private pay. Long-term care insurance. It is possible that you might be able to partially offset costs, depending on what insurance or medical policy you have.
Considering the costs of living independently at home including utilities, food, property taxes, and external assistance etc... , assisted living expenditures become quite reasonable.
More importantly, the peace of mind achieved, living in a monitored setting, is priceless!
Elder care managers are experts in helping families with planning their loved-ones future. This is usually a free service that families can utilize and relieve the frustration in dealing with all the various options.
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