Tag Archives: Senior finances

How to Pay for Assisted Living?

Knowing the cost of assisted living is an important part of finding the right senior living option for your loved one. You have to ensure that the fees associated with the senior living option of your choice match with the financial plans and budget of your senior loved one. While searching for assisted living, you need to do your research to understand the factors that can affect the fees and how the fees are allocated to the residents.  Also, when you review various assisted living facilities, you need not just review the retirement funds of your senior loved one, but also consider the ways available to offset the fees of assisted living. In addition, understand that planning for additional care in the future is a wise move. This is especially true if your senior loved one suffers from chronic health conditions or pain that could pose the need for extra care down the road.  Financing For Assisted Living  While planning for assisted living finances, you need to understand that not all assisted living fees should be paid out of pocket. Different ways are available to offset costs and the more you know about the type of assistance available out there, the better you can plan financially for the future of your loved one in the assisted living facility. For instance, you can get some financial help if eligible, via:  Opting for long-term care insurance.  Taking short-term loans to help with bridging the payment gap between selling a home and moving […]

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