When deciding on a senior care plan for yourself or an aging family member, financial considerations will certainly rank high on your list of priorities.
Assisted living can be a more cost-effective option than either long-term in-home care or nursing care, depending on the degree of care required. According to Genworth’s 2018 Cost of Care Survey, the monthly costs charged by assisted living communities can vary greatly depending on location, amenities offered, degree of care required, and other considerations, but on average range from $3,000 to $6,000.
For others, the initial cost estimate for assisted living may appear excessive. However, if your loved one does not require constant medical monitoring, assisted living might be one of the more reasonable and convenient solutions (between $5,000 and $10,000 per month) compared to nursing homes or in-home care (about $4,000 per month for 40 hours of care per week).
Keep reading to find out how much services in a senior care community in Blue Bell, PA will cost and what you can do to cover the monthly fee.
Paying for Senior Care Community
The expense of assisted living varies widely and may appear excessive at first glance. However, there are a number of options available to alleviate the majority of this financial load.
Veteran’s Benefits
Community care is covered under veterans’ benefits under a variety of scenarios:
- The cost of assisted living can be covered by benefits if your loved one or their spouse suffers an injury or disability as a result of military service.
- If a veteran’s salary is below a certain threshold, he or she may qualify for Aid and Attendance benefits.
The process of obtaining the benefits to which your family member is entitled from the Veteran’s Administration can be lengthy and difficult. So, think about teaming up with a senior lifestyle counselor who knows the ins and outs of the system and can make it easier to get benefits. Many retirement communities include financial concierge services that can help you navigate the application process for government assistance.
Life Insurance
Although most people get life insurance with their heirs in mind, the money can also be used for living benefits if that is what is needed. The policy will be bought back by the company for 50-75% of its face value depending on the policyholder’s age, health, and monthly premiums. While other policies are more accommodating, some do not pay out accelerated or living benefits unless the policyholder is terminally sick.
Long-Term Care Insurance
Those who have obtained health insurance for themselves or their loved ones can count themselves among the fortunate. Assisted living is covered by long-term care insurance. All you need to do is figure out how to get your money. The cost of assisted living may be covered by a long-term care insurance policy if the insured person has been diagnosed with a serious mental or physical condition and requires the assistance of a senior care community.
In addition, the insurance can designate a certain amount to be paid either directly to the assisted living community or to the beneficiary, who can then utilize the funds to cover the cost of assisted living.
