Where To Find Help Paying For Assisted Living

June 7th, 2009 • Related • Filed Under • by trisha

elderly You don’t have to go far to find someone in need. While it is easy to blame the economy on most of the problems people are facing, in truth there will always be someone in need of help even in the best economy. In the United States, reaching retirement age does not necessarily mean all of your worries are over. In fact, unless you have managed to put away a significant amount of cash to live off of once you enter retirement you may actually have more concerns than when you were working and paying your way. Unfortunately since the aging process can only be slowed, not stopped we will all reach the point in our lives when we may need assistance in day-to-day living. When this occurs you either have to hope you have family or friends that are able to help you or the financial resources to pay for assistance. If you do not have the help of relatives or resources you may be able to implement the following options to pay for assisted living.

Financial help for at home assistance. Check with community or government programs for assistance with meals, utility bills, or even transportation. Check with Medicaid or private insurance to determine what in home care could be covered. For those that are able to care for themselves most of the time, in-house assistance can prevent the need to move to assisted living or a nursing home.
Seniors who no longer have the ability to live at home may find it difficult to finance assisted living (which can easily exceed senior income each month by thousands of dollars) without selling their family home. Since your home is often your biggest asset, selling a home that you can no longer maintain can help pay for assisted living expenses. Due to the housing market however many homes are languishing on the market forcing some seniors to wait for assisted living. If this is the case, consider a bridge loan or an interest only loan which will pay the assisted living facility until your house is sold.
Financial aid programs are available for seniors who do not have a home to sell or are otherwise limited financially. In some instances government subsidies are combined with Social Security paid to the senior to pay the costs of assisted living. Check with your facility and government agencies to see if you or a loved one qualifies for assistance.

For most seniors relying on their personal savings or social security benefits to pay the entire cost of assisted living is unreasonable. The cost of care can quickly surpass the assets available. It is important for seniors to have an trustworthy advocate to help navigate the many options available to pay for medical and custodial care.