Are you aware of these 8 tips that can cut the cost of assisted living without a decline in quality of care?
Tips on how to Better Afford Assisted Living
The process of finding, and then affording the cost of assisted living, memory or residential care can be an emotional and financial roller coaster. The best approach it is to start as early as possible.
If you can give yourself time to visit facilities. Visit at various times and different days over the course of several months to give you a better understanding of the strengths and weaknesses of each facility. This will help you decide which one will be the best fit for your loved one.
For families that qualify for Medicaid and families that struggle with finding ways to pay out of pocket there is hope.
The care that our loved ones is of utmost importance to us, and one that many of us struggle with each and every day.
We want our loved ones to be cared for with love and dignity. This will occur if we put in the time and due diligence.
- Plan ahead There is not a specific time to start planning. It depends on the current mental and physical health of your parents/self or other loved ones. Start the process as soon as possible.
- If possible plan with your loved one Look at facilities together, ask questions together. If a facility meets your needs put your name on the waiting list. You can always turn it down.
- Be flexible with location If the location can be close to family, and friends that is ideal. Sometimes facilities located in suburban or even rural area may be a better deal financially and provide a more personalized approach. Whatever you chose it has to work for you and your loved one.
- Long term care Insurance as an option This is where planning ahead is key. When meeting with your financial planner or Estate planner this is something they can assist you with. It is an option that many choose in order to offset what won’t be covered with private insurance, Medicare or Medicaid.
- Compare Care Options There are many things to compare. What type of care is needed? What type of care will be most appropriate for your loved one? What is the difference in cost between an independent living facility and an assisted living facility? What level will better meet your loved one’s needs. Many loved one’s can handle daily tasks with little to no assistance. This should cost less.
- Ask Questions About the Monthly Cost- Is there flexibility with the monthly cost or is it set in stone? Are they willing to negotiate the cost? Can you offset some of the cost of care by providing some of the care yourself? Are there local volunteer agencies/groups that provide support?
- Shared RoomThe option of a shared room is generally less expensive than a single room. You may want to visit the facility to see the room layout which will differ from facility to facility. Check to see what the financial difference is between a single and shared room
- Veterans BenefitsIf your loved one has served in the armed forces you will need to check with Department of Veterans Affairs to see if they will cover any of the cost.