With inflation reaching an all-time high, the cost of assisted living, whether in the form of in-home care or at a facility like a care home, is rising as well.
Worried About the Rising Cost of Assisted Living? Don’t Overlook
These 5 Ideas.
With inflation reaching an all-time high, the cost of assisted living, whether in the form of in-
home care or at a facility like a care home, is rising as well. The financial aspects of receiving
outside care can be a source of stress for all immediate family members involved in decision
making or supervision of their parent or loved one. The following five ideas may offer solutions
that work for you and your family.
1) Bridge Loans - When it is time to transition to a residential care home or community, it
is not uncommon for seniors to require a larger sum of funds to make the move. If you
need immediate funds but are not ready to sell your home or other assets before
moving, there are bridge loans available that act as a line of credit. The line of credit can
be tapped as you need it, and you can pay it back later once you have had the time to
get your finances in order. This option allows you to take your time, consider your
options carefully, and not be forced to sell your home or other assets in a rush.
2) Sale of Property - One of your most valuable assets is likely to be your residence or
other property. If you are ready to transition to a care home or community, you may
want to sell your property to help pay for the cost of assisted living.
3) VA Benefits - Did you know that the U.S Department of Veterans Affairs provides a
pension to veterans, with additional benefits that help pay for senior care? If you or
your loved one are a veteran or the spouse of a veteran, the VA Pension and the Aid and
Attendance benefit may be available to you.
4) Reverse Mortgage - Oftentimes only one spouse needs to move to assisted living or
memory care while the other spouse remains at home. For some families, home care is
a more appealing option than moving into a community. If at least one homeowner is
staying in the home, and this person is at least 62 years old, you may be able to use a
reverse mortgage to pay fo