Making Financial Arrangements For Assisted Living
Seniors in need of assisted living services and the families that take care of them face challenges in finding the resources they need. Meeting the financial obligations of good assisted living care can be particularly daunting. Fortunately, there is plenty of information and assistance available for seniors and families facing this prospect. When it comes to finding information on home health Houston Texas has no shortage of places to turn.
Assisted living community/facility selection can take months, and moving a senior is a complex task in its own right. Getting the family’s financial resources sorted out is also a lengthy process. This is why seniors and their families need to start discussing the shift to assisted living well in advance. Planning the move out well ahead of time gives families a chance to address concerns that might well get overlooked, like insurance options for seniors in assisted living.
When In Doubt, Always Ask Questions
There’s no such thing as being too well informed. This is especially true when it comes to considering the merits of a specific assisted living community. Besides gaining a full understanding of the level of care a facility has to offer, thorough questioning is required to fully explore all of the payment options and financial angles. It may be possible to reduce initial move-in costs or even month-to-month expenses by asking the right questions. Any assisted living contract needs to be scrupulously examined prior to signing to confirm that all of the financial arrangements are acceptable.
Consider Bridge Loans
Sometimes a senior needs to transition into an assisted living facility quickly, and the financial resources tied up in their home are not available to ease the changeover. Bridge loans are ideal for relieving financial hardships in situations like this. A good loan gives families the breathing space they need to ensure that they get maximum value for assets like homes. Bridge loans are intended to meet all of the expenses of assisted living prior to the successful closure of a home sale.
Don’t Overlook Veterans’ Benefits
Both veterans and veterans’ spouses may be entitled to financial assistance that can help meet the cost of assisted living services. Senior veterans can get especially useful support through the Aid and Attendance Program. To get started, go online or call 1-800-827-1000 to get in touch with a Veterans Regional Office.
Alternative Living Arrangements
It’s a good idea to maintain flexibility when planning for assisted living arrangements. Shared suites in a community designed for companion living can economize while simultaneously giving seniors much-needed companionship. This is an excellent compromise that reduces costs without bringing down the level of care seniors will enjoy in an assisted living community.
Get Expert Financial Advice
A financial professional with senior finance experience can help unlock the full range of opportunities available to seniors going into an assisted living community. Referred to as financial concierges or financial advisors, these experts have all of the knowledge and experience necessary to navigate home sales, lending, and credit options.
Certain seniors and families may find themselves in a position to benefit from tax deductions for money spent on senior care. Seniors who require advanced medical support are particularly likely to be eligible for tax relief. Speak with an accountant or tax advisor to learn more.
Another potential financial resource that can cover at least some of the cost of assisted living services is Medicaid. Similar to the tax deductions described above, this is more likely to be a partial support rather than a comprehensive solution. Some seniors may also be in a position to convert a life insurance policy into an asset that can help to pay for long-term care.
The assistance of a professional streamlines and simplifies the process of moving a senior into assisted living without letting anything important get overlooked. Consult a trusted advisor to verify that all of the useful options are fully explored. Expert assistance makes the process of paying for assisted living much less complicated and challenging.
By contacting Assisting Hands Houston or calling today you will not only help yourself but also your loved ones! We are here to help every step of the way and answer any questions you may have regarding the services we provide and how we benefit both you and your loves ones!