FINANCIAL PLANNING FOR ASSISTED LIVING
Costs for assisted living can vary widely depending on location and the options you and your loved one choose. There are several options available for paying for care. Some include:
- Out-of-Pocket
Develop a comprehensive budget and determine how much you can afford and whether you need to make any lifestyle adjustments. Consider using personal savings that you’ve set aside for such purposes. Be careful not to deplete all your savings, as it’s essential to have a financial safety net. - Long Term Care Insurance (LTCI)
These policies are specifically designed to cover long-term care needs. Long-term care is needed when someone can’t perform daily activities such as dressing, eating, and bathing. LTCI can be a considerable expense but it can help offset the expenses of long-term care needs. - Life Insurance
You may be able to cash out your life insurance policy and use this money to pay for assisted living. If you have whole life insurance, you can surrender it for its cash value. Talk to your insurance agent to calculate the value of your policy. - Pensions, Annuities, and Investments
If there are pension funds, annuities, or investments available these can be used to pay for assisted living. - Veterans Benefits
Veterans, as well as spouses or widows/widowers of veterans, may benefit from Veterans Aid & Attendance benefits and Housebound allowance. These individuals may be entitled to benefits that provide assistance for long-term care, including assisted living. - Real Estate
Some older adults who are homeowners and have equity in their property may benefit from selling their home outright. You can then use the proceeds from the sale for long-term care needs.
At Brookstone Terrace, we believe in providing you with peace of mind without the added stress of fluctuating charges or surprises. Unlike other Assisted Living communities, we don’t believe in “levels of care” or unexpected fees for additional services. With our all-inclusive monthly fee, you or your loved one can receive the necessary care without the worry of increasing costs. We want to ensure that billing is the least of your concerns, allowing you to focus on what truly matters: your well-being.
