How to Pay for Assisted Living
Choosing the best senior living community for your needs can be challenging, but it’s not always the hardest decision you’ll make. Sometimes, deciding how you’ll cover the costs of your assisted living program can be more so.
You deserve to live your golden years to the fullest, so exploring financing options early on can be worthwhile. Here are some of the most common ways that senior living community residents fund the next chapter of their lives:
Selling Assets
When you’re considering moving into an apartment within a senior living community to enjoy quality amenities and services, it makes sense to sell major assets. If you own your current property, selling it can be the most natural choice. After all, you’ll no longer require it once you have your new home.
Some people also sell other valuable assets to fund their assisted living program, such as stocks and vacation homes. If you can enjoy a fast and easy sales process, it may not be long until you’re relaxing in your new apartment in assisted living.
Savings Accounts
If you’ve been setting aside your hard-earned money into savings accounts, now’s the time to put it to good use. Your savings accounts can be an ideal way to pay for assisted living and start living your golden years to the fullest.
While you’re tapping into your savings accounts, you might also start looking at any investments you have. This money can be put to great use, ensuring your comfort and safety in the years to come.
Individual Retirement Accounts (IRAs)
After contributing to individual retirement accounts like a 401(k) during your working years, you’ve likely amassed a considerable sum. A 401(k) plan is described as a workplace retirement plan, so using this money for your retirement years makes sense.
It’s typically quite easy to withdraw your funds once you’re 59 ½ years old. You can then spend that money on setting yourself up in a quality assisted living program where all your everyday living needs will be met.
Long-Term Care Insurance
Many people have the foresight to purchase long-term care (LTC) insurance policies during their working years. While often a ‘just in case’ measure, such policies can often mean you’ll receive coverage for assisted living if that’s an option you choose for yourself in later years.
LTC policies are often tax-deductible if your chosen policy is tax-qualified and you itemize your tax deductions. Usually, companies offering long-term care premiums for their employees deduct them as a business expense.
Bridge Loans
Bridge loans can be a convenient way to fund an assisted living program if your home has not yet sold. Rather than waiting until that sold sign goes up before joining your preferred senior living community, you can ‘bridge’ the funding gap with a bridge loan.
These short-term loans are usually backed by collateral, like your family home. You can repay the bridge loan once you’ve freed up money from your home’s sale.
Family Help
Your family will likely want you to live safely and comfortably. If you don’t quite have enough money set aside to enter your preferred senior living community, consider asking them for help. It’s not uncommon for multiple family members to chip in and help their loved one live a more comfortable and safe lifestyle.
Join Bristol Park at Eagle Mountain Assisted Living & Memory Care Today
Paying for a quality assisted living program doesn’t have to be stressful. There are many different convenient ways to secure funds and ensure you can start living your golden years to the fullest as soon as possible. Schedule your tour of Bristol Park at Eagle Mountain today to see if our award-winning Assisted Living program is right for you.
