If you require more assistance with your parents, you may want them to join a retirement community. However, you may be concerned about how you can pay for their retirement community fees. If you are still not sure about letting your loved one enter a retirement community, find out what retirement communities have to offer. Next, discover how to pay for assisted living so that they will receive the best possible care as they grow older. Here are some benefits of assisted living.
Assurance of Safety
If your parents are suffering from memory-related issues, or live alone, you may be worried about their safety. In an assisted living community, you can be assured of their safety.
Personalized Care
If your parents require personalized care, being in assisted living can ensure your loved ones’ needs are met.
Improved Mental Health
Research suggests that having a social life will maintain their memory. So, if you want to ensure that your loved one does not suffer from cognitive or emotional issues, you can enter them into assisted living.
Here are six options to help pay for assisted living.
Parent’s Savings
If your parents have enough money to pay for their assisted living, you may want to encourage them to use their personal income or savings. Do make sure that you check with a financial adviser to make sure their savings will last for a long time.
Sell Your Parents’ House
If your parents are not staying in their house, you may want to encourage them to sell their house. Then, you can use the money to pay for their assisted living fees.
Use Your Parents’ Long-term Care Insurance
If your parents have applied for long-term care insurance, it can help cover their assisted living care. However, do check how much they need to pay each month. The price of their monthly insurance may be based on their health condition, age, location, benefit duration, and amount.
Use Your Parents’ Veterans’ Benefits
Do check if your parents have been veterans. If yes, their veteran benefits can be used to pay for their assisted living fees.
Use Reverse Mortgage Loans
If your parents do not want to sell their house, or you want to keep the house within the family, you may want to use a reverse mortgage to pay for their assisted living fees.
Use Medicaid And Medicare
You may want to check if your parents can apply for Medicaid or Medicare. If they are eligible, you can use Medicaid and Medicare to pay for their assisted living fees. However, do note that Medicare only pays for short-term hospital fees.
With these six tips, you can pay for your parents’ assisted living fees easily. If you are planning to find a place where your parents can get the best care possible in their golden years, try SummerHouse Heritage Woods to ensure they can enjoy their life to the fullest. With a caring team and a host of events, your loved ones can have a great time in SummerHouse Heritage Woods.
