Cost in an important thing to take into account as you approach the age when assisted living may become a necessity. Unfortunately, most of the assisted living cost will have to be covered by your own finances; and if you haven’t prepared properly, you may not feasibly be able to afford the price of moving into an assisted living facility.
Depending on the size, amenities, ownership, and even the area where senior living communities are located, their monthly costs can range greatly. As you research the assisted living cost associated with facilities in your area, consider what is reasonably within your budget as well as what needs you have that take the most priority.
Financial Assistance for Assisted Living
In most cases, assisted living cost is not something covered by health insurance or governmental assistance. Unless you’ve specifically purchased insurance for long-term care, your health plan will most likely not offer you any benefits; and Medicaid may only provide you with a limited amount of assistance in paying for the facility. If you receive Supplemental Security Income, find out which facilities in your area accept these funds as payment. Veterans may also have access to assisted living homes that are VA-approved, so research the possibilities that you might qualify.
As you consider the options available to you, find out what’s behind the cost. Just because one facility is more expensive than another doesn’t necessarily mean that it’s superior or even that the amenities they offer are ones that are actually important to the way you want to live. Ask about possible price tiers, as well. Is the fee a flat one, or will the price increase as your need for care increases with age? You’ll also want to know about any expected changes in rate. Over the history of the facility, how often have rates increased; and by how much? All of these things will be crucial in helping you budget for your future and determine what’s possible.
Be financially prepared for the life ahead! Call the caring team of experts at Watermark of Gulf Breeze to schedule a personal consultation today!