Enjoy your retirement years in a place that functions like home. A place where you can choose not only to age well but to live well. A place that will not break your bank.
We believe you should have access to quality care, the best amenities, and services to live comfortably and affordably. That’s why we provide a wide range of options so you can choose the best plan that is best for you and your budget. You want to find a senior living community that handles all the household chores, and gives you peace of mind knowing help is available 24/7 and where your family member has a daily opportunity to thrive, we have a variety of options at a variety of prices points.
How Can I Pay For Senior Living?
If you know you want to move into a senior living community, there are probably more options for how to pay for senior care than you ever think. From personal savings and benefit programs to third-party companies. If you have enough money to pay for senior living out-of-pocket, that’s great news. But even if you do not, here are a few other options to consider.
There are millions of veterans in the United States, but few of them take advantage of the government-funded benefit programs available to supplement the cost of senior care. If you or a loved one are a veteran and looking for ways to pay for senior living, you may be eligible for a few more veteran assistance programs.
Long-Term Care Insurance (LTCI)
Depending on your specific policy and your care needs, long-term care insurance can be a great resource for paying for specific types of senior living care. But not all LTCI policies are created equal, which is why it’s important to consult with your insurance provider or a financial advisor to make sure you know exactly how your policy works.
If you or your loved one has an existing life insurance policy, you may be able to convert an in force policy to a pre-funded account to help pay for senior care. This financial option is especially helpful for seniors, because all health conditions are accepted, there are no waiting periods, no care limits, no costs to apply, no requirement to be terminally ill and no premium payments or fees.
The need for senior living can be unexpected and sudden due to medical emergencies or the realization that living at home is no longer safe. Many senior financial services will provide a bridge loan to help cover the costs during the transition. Typically, the condition of the loan states that the short-term loan will need to be repaid once the funds are available, like for example, through the sale of a house.
The Housing Choice Voucher Program (HCVP) and Project-Based Voucher Program (HPVP) provide rental assistance to help low-income persons afford decent and safe rental housing. The Department of Housing and Urban Development (HUD) funds the program and Cuyahoga Metropolitan Housing Authority administers it in Cuyahoga County.
Paying Out of Pocket
Whether you have money from investments, retirement accounts or inheritances, having private funds to cover the cost of senior living can be very helpful as you make decisions about your future. You could also consider the option of selling your home to help you fund your move to senior living.
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