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How To Pay For Assisted Living

How much does it cost and how to pay?

Assisted living and other types of nursing homes have been specifically designed for those who need extra help in his daily life but do not require the permanent specialized care of traditional nursing homes.

The rate of assisted living are several, they vary according to services and conditions facilities throughout the country and even within the same city.

Financial specialists have noted that assisted living costs have raised in the nursing homes and day care for adults. Instead of going to a nursing home, residents can use an assisted living facility. They argue that the increase in cost is only slightly more than the average inflation. 

It is estimated that the average cost of a private one-bedroom apartment at assisted living facility is $ 3,500 per month, that’s $ 42,000 per year. The cost has been increasing by an average of 4.29 percent per year over the last five years. With 36,000 assisted living communities across the country, increasing numbers of older people and their families are faced with the question of how to pay for this popular housing option.

Seniors cover most of the assisted living cost, through private financial resources. These include savings income, investments, pensions and retirement income. Family members often help cover assisted living costs.

Now consider the factor that the average assisted living resident has an income of about $ 19,000 per year. Most residents must take advantage of additional resources to cover the cost, and the funds often come from the sale of their homes.

Ways To Save For Assisted Living

1. A bridge loan

A bridge loan consists of a credit obtained from the bank as temporary financing against guarantee of future income. This guarantee will allow the borrower to pay off the debt. With a temporary shortage the bank anticipates the necessary cash.

2. Reverse mortgages

Reverse mortgage or reverse mortgage is a financial operation specially designed for people over 65 and dependents, with which it is possible to convert to money the equity value that represents the ownership of your home, without losing ownership.

3. Medicaid waiver

The Medicaid waiver helps provide services to people who might be in an institution, nursing home or hospital for long term assistance in the community.

4. Veterans

Veterans have a pension benefit designed and offered by the United States Department of Veterans Affairs, through which they can access to the help of another person for regular attendance. Assistance and care include care provided at assisted living facilities or a nursing home and applies to people who are blind.

Other ways to pay or save may be these: Life Insurance; Lines of Credit; Social Security Benefits; Annuity; Private Funds & Personal Assets; Trusts; Supplemental Insurance; Disability Benefits.

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