Financing Your Loved Ones Assisted Living Community Residency
Retirement costs are often much higher than people anticipate and can drastically affect the quality of you or your loved one’s retirement years. Searching for assisted living can be both emotionally and mentally draining. Whether you’re looking at how to pay for independent living or assisted living, renting an apartment, or securing a townhome, your parent can expect to spend an amount comparable to or greater than their current spending level and that makes it important to identify all the financing options that may be at your disposal.
Here at Tysons Woods Assisted Living, we provide personal care in our senior assisted living communities in Northern Virginia. We create a care plan catered to each senior, so your loved one can live as freely and comfortable as possible. We offer many amenities for our residents to ensure your loved one enjoys their time at our community. Below, we list ways to help you finance your loved ones assisted living community residency:
Retirement Benefits
Pension
If your parent was a government employee or member of a union, they may receive a pension. However, it won’t cover the entire cost of senior living care, but it will help cut down the cost.
Veteran’s Benefits
Veteran’s or their surviving spouses may qualify for an Aid and Attendance pension, which can help pay for home care or assisted living costs.
Health Benefits
Medicare
Medicare does not cover senior living or long-term care. However, it will finance short-term skilled nursing care which can help preserve their funds for other expenses.
Medicaid
If your parent meets income and health requirements established by the state, they can receive benefits to cover nursing care at home, in a nursing facility, or an assisted living setting.
Health insurance
Private health insurance will cover the costs of medical treatment, so your parents won’t have to pay for all of those expenses out of pocket. However, it often does not cover senior living costs or custodial care.
Financing
Bridge loans
Bridge loans provide short-term loans backed by collateral to provide essential cash-flow. If your parent needs to move quickly but still has a family home, then a bridge loan can pay for some or all of their expenses during the transition.
Long-term Care Insurance
If your parent has long-term care insurance, they may finance their care as long as they can perform some daily tasks.
Additional Resources
Selling Property
Selling your family home or properties are one of the most common ways to pay for senior living costs. By “trading” one housing cost for another, your parents budget and savings could remain relatively intact.
Family Contributions
If you have siblings, now might be the time to discuss what, if any, is a reasonable contribution you could make to your elderly parent’s care. Try to have an open, non-judgmental conversation during which you value contributions of time, emotional support, and money as equal resources.
Trust Tysons Woods Senior Assisted Living Communities
At Tysons Woods, we hope that your journey in finding the perfect senior assisted living community in Northern Virginia is as smooth as the initial transition for your loved one. Our staff understands the importance of selecting a home that suits your loved one and personally caters to their each and every single need. We provide all-inclusive care with no hidden fees to make our Tysons Woods Assisted Living experience a simple process for your loved one. With an environment that’s just like home and attentive staff who will be there around the clock, this transition will be much smoother for you and your loved one.
Contact us at (703) 846-0395 for more information about our services.
