There are many ways to pay for assisted living, some more well-known than others. Most families pay for assisted living homes in the Northern Virginia area out of pocket. However, there are many ways to supplement the payments. Here are a few assisted living care payment options:
Long-Term Care Insurance. Long-term care insurance is a policy purchased through private insurance companies. This insurance policy is similar to health insurance policies in that the price varies depending on factors such as the person’s age, health, and amount of coverage. As with health insurance, coverage may be denied in cases of Alzheimer’s, multiple sclerosis, or Parkinson’s disease. But insurers vary in their criteria, so shop around and see which companies offer the best coverage for you or your loved one’s situation.
Medicare. Medicare is very limited when it comes to funding assisted living. It will not pay for cost of living, room and board, or personal care in a senior living facility, but it may pay for short-term visits in a rehabilitation center during recovery from an illness or surgery.
Medicaid. Each state sets guidelines for its Medicaid services, and the trend toward paying for assisted living is on the rise. Medicaid is a joint federal program for older people with low incomes and limited assets, but is much more inclusive in supporting individuals in senior living homes than any other government program.
Investment-Based Options. Whether it be a life settlement, reverse mortgage, annuity, or bridge loan, investment-based options are the riskiest when paying for your stay in an assisted living facility. Despite the risk, these options oftentimes are the most lucrative.
As you can see, there are many options for payment in regards to assisted living homes. Paying for it doesn’t have to come from a single source; there are so many options available, so choose the best option or combination of options that apply to your situation. Make sure to speak to a financial adviser before taking risks with assets and investments. If you have any questions, please contact Tysons Woods Assisted Living today!