- Personal Savings
A personal savings portfolio is the most feasible option for paying for assisted living. You may have contributed to several accounts with your banking institution throughout your career. Social Security, private equity, and pensions are just some ways of funding your savings and supplementing your income.
Oftentimes, a life insurance policy can benefit the insured. Settlement companies are willing to pay 50 to 75% of its face value to the insured. In doing so, the company now retains the policy and all proceeds upon the end-of-life of the insured. Check with your life insurance company to see if this a viable option.
Aid & Attendance Benefit / Military Benefit
This is one of the more popular options to which a veteran and/or a surviving spouse may be entitled to. There are guidelines to applying for this benefit so it’s best to consult with a specialist in this area. Giving Tree Senior Living can inform you of the Veterans Services Officer within your community.
Seniors who own their own home outright or have a small mortgage can utilize the equity in their home for a small loan. This allows people to trade in ownership without making immediate payments. Payments do not start until the home is no longer the permanent residence. Consult with a mortgage professional or financial planner before considering this option.
Long-Term Care Insurance (LTCI)
Throughout your working career, you may have paid for LTCI through a private insurance company. LTCI covers the cost of Assisted Living, Home Health care as well as Nursing Home Care.
Obtaining financial assistance from one’s family is quite common in affording assisted living. In many circumstances, the desire to reside at a senior residence persists. However, you may not be in a position financially. Your children and other family members may be able to help you live out your dream.
Element Care (PACE Program)
Element Care Provides you with an entire team of clinical and social service professionals who pro-actively manage your health. They work together with you and your family to develop a highly personalized, flexible care plan that is continually updated to address your changing needs, so you can live and thrive in our community for as long as possible.
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