If the idea of moving into an independent senior living in The Colony, TX has crossed your mind occasionally but you’ve brushed it off because you feel it’s too expensive or you don’t feel like you need the services yet, you’re not alone. However, you do yourself no favors by relying on assumptions rather than doing your own research before making any major life choices.
3 Financing Options to Afford an Independent Senior Living
Worried about how you’ll pay for a transition to living on your own? True, there may be significant out-of-pocket expenses associated with moving into independent living, but there are methods to make this dream a reality without going into serious debt. Learn about ten potential aid avenues.
You Should Get Long-Term Care Insurance
Some of the expenses of receiving in-home care in an independent living arrangement may be covered by a long-term care insurance plan. Long-term care or services, such as food preparation and errand running, received in the comfort of one’s own home is covered by some plans, while others only pay for care in an institutional environment like a nursing home or independent living community. The cost of coverage will often rise if home care benefits are added.
To get the most out of your long-term care insurance, you should be aware of which housing options are covered. When looking for insurance, it’s important to assess the range of benefits offered. Keep in mind that facility definitions might vary from state to state and from policy to policy. If this provision is included in your policy, the insured (you or a loved one) will get a daily payment if it is assessed that you need assistance with “activities of daily living.”
Get Your Hands on Some Government Aid
In-home care is covered by Medicaid for those who qualify due to the inability to perform activities of daily living, but the program does not pay for independent living per se. The funds here could be used to cover the cost of such assistance in a community that encourages self-sufficiency. Yet being qualified is challenging: Only those with very low incomes and no other resources are eligible for this aid.
Spending down your assets in order to qualify for Medicaid is a dangerous suggestion that should be avoided at all costs. You or a loved one may be eligible for a direct cash payment from the government through a program known as Cash and Counseling, which is offered in select states. Not only are the payments modest, but the requirements for eligibility are nearly as stringent as those for regular Medicaid coverage. Contacting your local Area Agency on Aging or state Medicare agency will provide you with information on Medicaid and Cash and Counseling (or a similar state program) eligibility.
House for Sale
It may seem obvious, but the time and effort required cause many to hesitate. Find real estate agents in your region that focus on the needs of retirees looking to downsize. Help with real estate transactions and relocation services are also common features of independent living communities. As an added bonus, many programs can assist you in securing a bridge loan to cover your living expenses until the sale of your house closes.
