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Paying For Assisted Living

Oct 2, 2018

 

Paying for assisted living comes from private funding and your own financial resources. Other sources for paying for the long-term care include an insurance policy, Medicaid, reverse mortgage, home equity loans and other financial assistance programs.

When meeting with senior living providers, ask for written material, including copies of the community's resident agreement that outlines, at a minimum, services, prices, extra charges, move-in and move-out criteria, staffing, and house rules. 

Options potential residents and their families use to pay for assisted living:

·       Income from social security and other pensions

·       The sale of the family home and other investments

·       Personal retirement savings

·       Assistance from family

·       Long-term care insurance

·       VA Aid and Attendance Program

·       Settlement of a life insurance policy that is no longer needed

·       Medicaid is available on a limited basis to income-eligible seniors

·       Choosing to share your apartment with a roommate

·       Determine how much you can afford

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