Deciding to move to assisted living in Coconut Creek, FL is a smart move towards positive change and a better life. However, that does not come free of charge. Financing the different valuable services rendered at senior living can be quite expensive for retirees considering that they are already out of work.
On average, it costs about $ 4,000 per month to live in assisted communities. That is an immense financial burden that your pension or savings may not be enough to cover. Nonetheless, there are several ways to get extra funds to cushion your monthly expenses at the assisted living center. Here are some solid suggestions you should try.
Use Your Life Insurance
You can utilize life insurance to sustain your need for long-term care in an assisted living community. Life insurance policies come with a cash value that you can access and withdraw in cash amounts to cover assisted living.
Apart from that, you have another alternative referred to as the life settlement option. The option allows you to sell your policy from which you can earn enough money to pay for senior living. It is a very lucrative deal that could get you up to thrice the actual price of your life insurance policy.
What is more, you can get your money through cash withdrawals which is fast and convenient. To top it off, any proceeds from the sale of your policy are tax-free meaning that you will keep everything.
Utilize Real Estate Assets
It is possible to convert your real estate assets into a long-term financial tool to sustain your senior living needs. You can achieve that by going for a home equity loan. It is a unique type of loan that allows borrowers to use their home equity as collateral to access financial assistance.
You can also use your real estate assets to get a reverse mortgage. It works similarly to a home equity loan which can enable you to change your home equity into actual cash. Reverse mortgages are only available to retirees aged 62 years and beyond. Moreover, the financial tool does not demand any monthly payments from the beneficiary. No repayments are required for the loan until the final sale of the home.
Go for Medicare
Older adults ages 65 years and above can resort to Medicare to finance their medical needs. Apart from the age specification, Medicare is also available to people with end-stage renal complications. The option will not cover all your senior living needs or care costs on a long-term basis. However, it can help to cut down the financial burden you have to bear in the course of assisted living.
Opt for the Medicaid Program
It is a state and federal-run financial aid program designed to assist low-income earners who cannot afford proper medical care. A deteriorated immune system makes older adults more susceptible to diseases like pneumonia which require regular treatment that can be financially burdening to retirees.
Age-related conditions like memory loss and dementia demand quality care which can be costly as well. Therefore, Medicaid is created to offer long-term financial help. However, there is certain criterion one needs to meet to be eligible for the program.
Capitalize on VA Benefits
VA benefits will give you an edge financially if you happen to be a military veteran in America. If you meet the eligibility criteria then you will have access to respite care, adult day health care, and health evaluation. On the same note, veterans can utilize the veteran’s pension and disability pay to finance senior living.
Assisted Living is a Worthy Investment
Assisted living is worth every penny you spend on it. You get to enjoy your retirement alongside your peers in a welcoming space with all the crucial help you need. Financing your stay should be easier with the tips above.