Who Pays for Senior Living Facilities?
Posted on July 3, 2017
As individuals age, they may find aging in place is no longer a safe, viable option. This is when they need to look at other options for senior living in Florida. However, in addition to your choices, you also need to consider how you will pay for it. Understanding who pays for senior living facilities will help you make the right choices and financially plan for this time in your life.
Make Your Home Work for You
Your home can help pay for senior living in Florida in multiple ways. If you are planning to sell your home to pay for assisted living, a bridge loan may help alleviate the financial stress until the point at which your home sells. For those who wish to keep the home, a reverse mortgage or home equity loan may be viable options.
While your typical health insurance and Medicare won’t provide coverage for these types of facilities, there are insurance options that can reduce your out-of-pocket expenses when this level of care is needed. Long-term care insurance is typically an additional policy or rider you must purchase ahead of time. Be sure to read the requirements so you will be able to use it when the time comes. There may be a waiting period before benefits can be requested.
For low-income seniors, government assistance may be able to help with the costs of senior living in Florida. These programs are designed to ensure seniors are properly cared for without causing undue financial burdens. Check with these programs for specific requirements. For instance, some are only open to veterans.
The cost senior living in Florida can be intimidating. However, there are good ways to finance these arrangements. Seniors are often on fixed incomes and can’t afford to spend too much on living arrangements.
If you need more information on ways to make senior living more affordable, contact us. We can offer the guidance you need to make the smart choices.