Paying for assisted living is actually more financially feasible than people may realize. Not only would the resident no longer need to make mortgage, home insurance, or property tax payments; but consider the services that are included when paying for assisted living.
In an assisted living community, your loved one is provided with all the amenities of a spacious apartment, which also includes utilities. Plus they get the comfort of fully prepared meals, the convenience of housekeeping, the peace of mind that comes with regularly scheduled wellness check-ins, and the fulfilling sense of community via social events, lifelong learning courses, and fitness programs.
Another advantage to finding the right assisted living community, is that you would no longer have to worry about your loved one being lonely, because they would be a part of a community that is comprised of their peers. And you would no longer have to worry about them losing track of their pharmaceutical intake, because that type of personal care service is included in the monthly cost of assisted living.
So, if the price is the part that worries you most about assisted living, there are many affordable options that can alleviate your stress and reduce your payment.
Paying for Assisted Living
Assisted living can be an invaluable resource, because it alleviates a plethora of concerns. It is intuitive to think that a service that has all inclusive benefits, such as assisted living, would be a sizable expense. However, paying for assisted living doesn’t have to break the bank.
There are plenty of government funded programs and financial channels you can go through to make assisted living an affordable lifestyle change. Below are a few of the many ways to help reduce the cost of assisted living.
Veterans Aid and Attendance Benefit
The Veterans Aid and Attendance Benefit provides financial aid for eligible veterans who require an assisted living environment. According to the U.S. Department of Veterans affairs, these candidates will receive monetary payment in addition to monthly pension. However, you cannot receive Aid and Attendance benefits and Household benefits at the same time.
Long-Term Care Insurance
Long-Term Care Insurance is accepted at most assisted living communities. It helps cover some of the costs associated with long-term care. It is unique in that it covers care that is not usually covered by health insurance, Medicare, or Medicaid.
Tax deductions help to reduce your out-of-pocket losses when making the transition to assisted living. A few medical expenses that can potentially be deducted include rent payments, medical fees, and other personal costs. However, to receive many of these tax deductions, a doctor or nurse has to deem you “chronically ill.”
Shared rooms are a great option when trying to reduce the cost of assisted living. Often times management handles room sharing and they do a wonderful job pairing like-minded individuals together to allow for new friendship opportunities.
Find the Right Assisted Living Community
Paying for assisted living is a pragmatic solution for family members who require a little more care, but still want the freedom and security of living alone. That’s why Village at Belmar is a great choice for assisted living.
Village at Belmar offers maintenance free living and individualized care plans to accommodate the needs of every resident. Plus we’re located in a desirable location with stunning views of the foothills and are of close proximity to shopping, entertainment, and fine dining.