How To Afford Modern Assisted Living For Seniors?
Many seniors want to stay in their homes for as long as possible. However, when it becomes necessary to move into assisted living, the cost of this change can be a huge burden on their family members who are caring for them. The average cost of a modern assisted living facility can be quite high. This post will answer all your questions about how you can afford modern assisted living and make sure you have money left over for other things in life too.
What is the average cost for assisted living?
If you are wondering what the average cost is for assisted living, it can be around $350-$450 per day. This number will vary depending on factors like location and type of care needed.
Those who need skilled nursing or rehabilitation services generally pay more than those that just require assistance with daily tasks such as bathing and dressing themselves. What this means is that there isn’t an “average cost” because everyone’s needs are different.
The important thing is to find the right facility for your loved ones so that they have the care they need in a safe and welcoming environment that strives to help them live their best life.
Can insurance cover assisted living?
Yes, in some cases insurance may cover your stay at assisted living facilities but not always. Some have a policy that covers part while others don’t offer any coverage at all so make sure to check first before getting excited about having everything paid for.
Most modern facilities are glad to talk price and insurance coverage with you as that guarantees they get their money for providing proper care. This may not always be an option, but it can help in many situations to ask questions.
What payment options are there for assisted living?
When it comes to payment options, you have a few. You can pay by the day or week which is often cheaper than paying per month.
You may also offer something called an annuity where they will get payments from either themselves or their loved ones on a set schedule that guarantees them help with expenses.
In addition, there are always loans available and most facilities allow credit cards so if someone doesn’t want to use up all their savings, this option might be right for them even though it does come with higher interest rates.
The type of payment method you choose should strive not to put a burden on family, but to give your loved ones the senior living care they need without sacrificing the quality of life or other options like medical care.