Paying for senior care can seem like a big and sometimes daunting challenge. It can be an unexpected addition to an already-tight budget and might require cutting out some other items off your list of monthly purchases. When you first hear the monthly costs, perhaps you’ll be overwhelmed and concerned about how to make ends meet. There are, however, some ways to lower what comes out of your pocket to pay for senior care.
Long-term care insurance is a great way to help cover some of the costs. This type of insurance covers care that is not generally covered by health insurance, Medicare, or Medicaid. Long-term care insurance allows for flexibility in the type of care received that perhaps would not be available with other forms of insurance. Whether a senior is going to a nursing home, joining a senior living community, or staying at home and receiving care from there, long-term care insurance is flexible and can be modified to the person’s needs.
The benefits that come with a long-term care insurance plan, of course depend on the plan that is purchased. There are multiple options, so it’s important to keep in mind the needs and preferences of your loved one.
Also keep in mind that there are benefits for veterans and for spouses of veterans. If your loved one is a veteran, make sure to look into these benefits. The most important requirement is that the veteran needs to have served for at least one day during wartime. Assistance from the VA can vary, based on the needs of the individual, monthly income, and assets.
Some fast solutions for paying for senior living are cutting spending, asking family members for assistance, and working overtime or getting a second job. Keep in mind, however, that these are pretty temporary solutions. These most likely can’t be a permanent solution. Relatives might not be able to help for very long and working too much can burn you out. Keep a budget in order to know how much money is coming in and how much needs to go out every month, no matter which methods you decide to use.
It is also very important to think ahead. Financially plan for the things could happen, not just the ones that you know will. You don’t necessarily have to save up for every worst-case scenario, but do have a plan in mind in case unexpected costs come about.
Talk to your loved one to discuss options and preferences when it comes to senior living. This will help you have a better idea of not only what you’re looking for in senior living but also a range of how much it will cost.