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Paying for Assisted Living: What Are Your Options?

Paying for Assisted Living: What Are Your Options?

Our Assisted Living Facility in Silver Spring, Maryland provides a care option for seniors and individuals in need to live independently with some minor assistance on the sides. They provide care for seniors with disabilities, dementia, chronic ailments, and other considerations that will require them to be monitored round the clock.

Because of these services, assisted living facilities need to be operational through proper financing. Payments from clients are one of the sources for their daily operations to continue. But how do clients pay when their personal budget is not enough?

Here are the different payment options that you can utilize when getting assisted living services.

  • VA Benefits

    The government extends special benefits for the care needs of eligible veterans. When injuries or disabilities were acquired during the times of active service, the veterans’ benefits can shoulder the cost paid for assisted living in a facility for Residential Care in Maryland. There is also aid and attendance benefits given to a veteran with disability or their spouse when their income is below a fixed amount.

  • Life Insurance

    Some insurance companies provide living benefits for the life insurance policy of their clients. This matter needs special arrangement from your policy holder. So if you’re considering this option, consult with your insurance provider right away.

  • Long-term Care Insurance

    There is also a form of insurance intended specifically for long-term care services. If your loved ones have invested in this while they were younger, they can utilize the money they have set aside to pay for long-term care services. What’s advantageous about long-term care insurance is that it can also be used to pay for other arrangements of assisted living.

  • Family Support

    Another payment scheme that you can utilize to support the expenses for Senior Care Services in an assisted living facility is to pool the resources from your family members. That’s what family is for, after all. You can discuss together the financial responsibilities and obligations that you can share together to support the care needs of your loved one.

  • Annuities

    These are lump sum savings, which can be returned to you in small amounts regularly over a predetermined set time. Annuities can also help you extend your personal savings, assuring you that there’s an amount of cash you will be receiving within a particular amount of time. However, you need to ensure that the annuity you have purchased comes from a trusted source.

Paying for assisted living services will need sufficient planning and preparation on your part. The above-mentioned are only some of the commonly used options aside from your personal savings. It helps to anticipate about getting these kinds of services so you can better be prepared financially as early as possible.

When it comes to quality care in an assisted living facility, contact us at Nu-Life Assisted Living, Inc.
We have a compassionate team ready to address your care needs when you are in our care.

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