It can be challenging to pay for assisted living when you have little or no money. The average cost of a year in an assisted living facility is over $40,000.
It’s hard enough to think about needing assisted living for yourself or a loved one, but worrying about how you’ll pay for it can be stressful. You may feel like you’re out of options. Thankfully, there are several ways to pay for assisted living even if you don’t have a lot of money saved up. In this blog, we will outline your options to make the best decision for yourself and your loved ones.
How Much Does Assisted Living Cost?
The first step in finding out how to pay for assisted living is understanding how much it will cost you. The average cost of assisted living in the United States is $48,000 per year, and this does not include the cost of some services and other additional fees. Therefore, it’s essential to have a clear understanding of what is included in your assisted living facility’s fees before making any decisions.
What Are Your Options for Paying for Assisted Living?
Assisted living is expensive. It will be hard to pay for assisted living if you have little or no money. However, there are some options available to help you pay for assisted living. Let us explore these options below:
You may be able to use your life insurance policy to pay for assisted living.
One of the options available to you is to use your life insurance policy to pay for assisted living. If you have a life insurance policy, you may be able to cash it in and use the money to help pay for assisted living. However, be sure to check with your life insurance company to see if they will allow you to cash in your policy.
If you have a life insurance policy, it usually has a cash value that you can access. You may be able to use this cash value to help pay for assisted living. However, be sure to check with your life insurance company first to see if they will allow you to use the cash value of your policy for this purpose.
Another option is to sell your life insurance policy. You can usually get a lump sum of cash for your life insurance policy if you sell it. This money can then be used to help pay for assisted living. Once again, you should check with your life insurance company first to see if they will allow you to sell your policy.
Some assisted living facilities offer scholarships.
Another option available to you is to look for assisted living facilities that offer scholarships. Scholarships pertain to when assisted living facilities are willing to help pay for your stay, either in part or in full. To see if an assisted living facility near you offers scholarships, you can contact the facility directly and inquire about it.
Usually, scholarships are offered to those with little to no money and are based on financial need. If you think you may qualify for a scholarship, be sure to ask about it when you’re looking into assisted living facilities.
You may be able to get help from state or local programs.
Some states and/or localities offer programs that can help you pay for assisted living. These programs are usually need-based, so you’ll likely have to demonstrate financial hardship to qualify.
To find out if your state or locality offers any assisted living assistance programs, you can contact your local Area Agency on Aging. The Area Agency on Aging is a government-funded agency that provides resources and services for seniors.
You may be able to get a reverse mortgage
You can also look into getting a reverse mortgage. A reverse mortgage is a loan that allows you to tap into the equity in your home. The funds from a reverse mortgage can be used to pay for assisted living. To be eligible for a reverse mortgage, you must be at least 62 years old and have significant equity in your home.
You may be able to get help from government programs
Government programs, such as Medicaid, may also be able to help you pay for some services in assisted living. The term “assisted living” has varying definitions under Medicaid’s assisted living waiver program, so it’s important to check with your state’s Medicaid office to see what assisted living services are covered.
Medicare, on the other hand, does not cover any assisted living costs. This is because assisted living is considered to be a long-term care service, and Medicare only pays for short-term care services.
You may be able to get help from charities and non-profit organizations
There are also many charities and non-profit organizations that can help you pay for assisted living. These organizations often have programs that can help people with little or no money pay for assisted living. For instance, veterans may be able to get help from organizations like the Veterans Affairs Aid and Attendance program.
While each organization has different requirements, they may be able to help you pay for all or part of your assisted living costs.
You may be able to get help from family and friends
If you have family or friends who are willing and able to help you pay for assisted living, you may be able to get financial assistance from them. However, this is not always an option for everyone. If ever it is, you could consider asking for help with other aspects of assisted living, such as transportation or caregiving.
Is Paying For Assisted Living Worth The Cost?
Now that we have established the cost of assisted living, you may be wondering if it is worth the price. The answer to this question is different for everyone. It depends on your specific situation and needs. If you need help with activities of daily living and do not have family or friends who can provide this support, assisted living may be the best option for you.
If ever this is the case, then yes, the costs you need to pay in assisted living are worth it because you will receive the care and services you need.
Of course, if you have other options available to you, such as family or friends who can help you with activities of daily living, assisted living may not be necessary. In this case, it may not be worth the cost.
No matter what your situation is, it is important to do your research and understand all of your options before making a decision. Assisted living is a big decision and one that should not be taken lightly.
What Are The Things That Constitute The Cost Of Assisted Living?
Below are some of the things that you need to take into account when considering assisted living costs:
- Rent
- Food
- Utilities
- Transportation
- Activities and amenities
- Care services (healthcare, personal care, etc.)
These things make assisted living a great option for those who need it, but the cost can be prohibitive for some. It’s a good thing that there are options for those who need assisted living but have little or no money.
Conclusion
Assisted living is a great option for those who need help with activities of daily living but it can be costly. If you have little or no money, there are still options available to you. It is important to do your research and understand all of your options before making a decision about assisted living. This way, you can make the best decision for your situation.