Financial Resources for Assisted Living Care
Navigating the financial aspects of assisted living may seem overwhelming, but financial planning can bring peace of mind for you or your loved ones.
Explore the following effective strategies for covering assisted living costs:
Paying for Assisted Living Care with Private Funds
When financing assisted living, many individuals turn to private funds, including savings, Social Security benefits, pension payments, stocks, and retirement accounts like a 401k or IRA. This diverse approach offers flexibility and control over financial resources, allowing for a funding strategy to cover the unique and individualized needs of assisted living care.
Paying for Assisted Living Care with the Proceeds from Selling Your Home
Considering a move to assisted living often involves reassessing housing needs. Selling your home can be a viable option to finance this transition, liquidating an asset and relieving the financial and physical responsibilities of home maintenance. Consult with a financial advisor and real estate professional to explore optimal strategies for selling your home and using the proceeds for assisted living expenses.
Paying for Assisted Living Care with Long-Term Care Insurance
With a significant number of individuals over 65 requiring long-term care, investing in long-term care insurance becomes a prudent financial decision. This insurance can cover various aspects of care, including assisted living. Consult with a professional in this area for options available to you or your loved one.
Paying for Assisted Living Care with Veterans Aid Resources
Eligible veterans and surviving spouses can access the U.S. Department of Veterans Affairs to obtain information on financial support offered.