Exploring Affordable Ways to Pay for Assisted Living Care

Planning for assisted living can feel like a daunting financial challenge, but with the right approach, there are several strategies to make senior care more manageable. At Parkview Assisted Living, we recognize that every family's situation is unique, and we are here to help navigate the available options. Below, we outline five common ways to finance assisted living care while ensuring peace of mind for you and your loved one.

1. Utilizing Personal Savings and Retirement Funds

Many residents at Parkview rely on their personal financial resources, including savings accounts, investments, Social Security benefits, and pensions, to cover the cost of care. This is often the most straightforward method, as it provides immediate access to funds without the need for third-party approvals.

Financial Tip: If funds from savings or retirement accounts are used to cover medical-related expenses, there may be tax deductions available. A financial advisor or tax professional can provide guidance on potential savings opportunities.

2. Leveraging Insurance Policies

Insurance can be a valuable resource for funding assisted living. Families should review available policies to determine if they offer financial assistance.

• Long-Term Care Insurance: These policies are specifically designed to help cover the costs of assisted living and in-home care services. Coverage varies, so it's essential to check the terms of your policy.

• Life Insurance: Some policies allow seniors to convert their coverage into a cash payout, either through selling the policy or utilizing a living benefits option. This can provide additional financial support while maintaining some insurance protection.

3. Selling Assets for Additional Funds

For families looking to access additional resources, selling a home, vehicle, or other valuable assets can provide a significant one-time financial boost. Downsizing to a smaller home or selling unneeded property can free up funds to cover assisted living expenses at Parkview while reducing the burden of home maintenance.

4. Utilizing Health Savings Accounts (HSAs)

Health Savings Accounts (HSAs) can be a tax-advantaged way to pay for medical and care-related expenses. If your loved one has an HSA, they can withdraw funds tax-free for qualified healthcare costs, including assisted living services, prescription medications, and certain in-home care expenses.

Did You Know? If your loved one is your dependent, you may also be able to use your own HSA to assist with their care costs. Check with your healthcare provider or financial planner to understand eligibility requirements.

5. Exploring Veterans Benefits

Veterans and their spouses may be eligible for financial assistance to help cover the costs of assisted living. Programs such as the VA Pension, Aid & Attendance, and Housebound benefits can provide significant support to qualifying individuals.

To determine eligibility and start the application process, visit va.gov or consult with an organization like Patriot Angels that specializes in veteran benefits.

At Parkview Assisted Living, we believe that finances should never stand in the way of quality care. If you're exploring assisted living options and need guidance, our team is happy to assist. Contact us today to schedule a visit and learn more about how we can support your loved one in a comfortable, home-like environment.

Contact Us Today!

Disclaimer: This article is for informational purposes only and should not be considered financial advice. We encourage families to consult with a licensed financial advisor to explore the best payment options for their specific situation.