Knowing Your Options: Ways to Pay for Assisted Living

Posted on February 01, 2021

Paying for Assisted Living

When considering assisted living, beyond knowing what level of care and which services will be best for you or your loved one, you also have to plan and determine how you will pay for these services.

We know that, for many, the cost is a determining factor for a community. We also know of the many benefits and peace of mind assisted living care can bring to yourself and your family. Fortunately, there are a number of ways to pay for these services.

Silver Comet Village is a senior living community in Powder Springs, Georgia, offering independent living, assisted living, and memory care and support services. We want to make sure you know your financial options by sharing ways to pay for assisted living care. DISCOVER THE BENEFITS OF ASSISTED LIVING

Please note that Silver Comet Village is not a financial institution. Everyone’s financial situation is different, and it is recommended you speak with a financial planner to determine the best course of action for yourself or your family member. 

Private Pay

The most common and widely accepted way to pay for assisted living services is through private pay, or “out-of-pocket.” Any income or retirement funds that you or your loved one has can be used to cover the costs of these services, but it is important to be realistic when relying on this source. 

If you or your loved one have been saving money with senior living options in mind or has a regular income, private pay may be able to cover the costs of assisted living care in Powder Springs, Georgia. 

Long-Term Care Insurance

Long-term care insurance policies are a great option if they have been purchased well in advance. The sooner you purchase a policy, the cheaper it will be. 

Depending on each policy, these plans cover the costs of assisted living services or can be used as supplemental income to private pay options. This means that even though your policy may not cover the entire cost of care, it can help preserve your savings and income for a longer period of time. 

Additionally, individuals may choose where they receive care, making it a convenient way to pay for assisted living. Consult a financial planner and long-term care insurance company to learn more about using your policy’s benefits.

Home Equity

Even though it can be difficult to sell the family home, this is another great way to fund a senior living community's cost. The equity in a home can be used in addition to other private pay options to make your funds last longer.

Bridge Loans

If the house does not sell right away and assisted living care is needed immediately, a bridge loan could be the solution. A bridge loan is a short-term loan that provides immediate funds, assuming that your home will sell within six to 12 months, and the loan will be repaid. While you run the risk of your home not selling within the allotted time frame, a bridge loan makes it possible to move into an assisted living community quickly.

Renting the Home

Selling the family home may not be something you or your loved one is ready for. Transitioning into an assisted living community can be overwhelming without the added stress of selling a house, downsizing, decluttering, etc.

In these situations, renting the home may be a favorable option. By renting out the house, you or your loved one can own their home and get regular income that can be used to cover the costs of an assisted living community in Powder Springs, Georgia. 

Medicaid

Medicaid is only available to individuals with little to no assets. Each state has its own set of regulations, so relying on it is often used as a last resort to cover the cost of assisted living care. However, Medicaid can be a solution for covering long-term care costs if you or your loved one qualify. Click here to learn more about Medicaid Assistance for Georgians.

Silver Comet Village knows that organizing finances and determining how to pay for senior living services or assisted living care in Powder Springs, Georgia, and beyond can be an overwhelming process. You do not have to do it alone. Reach out to our team - we are happy to assist you and walk you through the process of finding a senior living solution that works for you and your family.