So you’ve come to that point in life where your aging parent needs more care than you can provide at home. An assisted living facility seems like the best option, but the costs have you kind of worried. How will you be able to afford quality care on a limited budget? The good news is that there are ways to make assisted living more affordable.
In this blog post, we’re exploring different options like financial assistance programs, veterans benefits, long-term care insurance, shared living arrangements, Medicaid, and negotiating costs. With some planning and creativity, you may be able to swing those monthly fees after all. We’re discussing pros and cons of each approach so you can find the right fit for your family’s situation and budget.
Understanding Costs of Assisted Living
First — let’s talk about costs associated with assisted living.
Monthly Rent & Other Fees
Typically the biggest cost for assisted living is your monthly rent and fees. This covers things like your living space, meals, activities, and personal care services. National average for assisted living is about $4,400 a month. Rent could range from $3,000 up to $6,000 or more for a private suite.
Additional Care
If you need extra help with medications, bathing, or dressing, there may be additional care fees. The more care you need, the higher the monthly bill. Check if your insurance, such as Medicare Advantage, covers any assisted living costs. You should also ask facilities about their rates for different levels of care so you know what to expect as your needs change.
Other Costs
Don’t forget about expenses beyond rent like transportation, entertainment, and medical care. You’re still going to need to budget for co-pays, prescriptions, and other healthcare costs. You may face extra fees for cable TV, internet, parking, and more. Some places charge for laundry and housekeeping services. Make sure you understand all costs before signing a lease.
With the right planning and research, you could find an assisted living facility that fits your needs and budget. Compare costs in your area and see if you qualify for financial help. While assisted living isn’t cheap, peace of mind is worth an investment. With the essentials taken care of, enjoy this chapter surrounded by amenities, activities, and a senior living community that enriches your life.
Evaluating Your Finances and Budget
To figure out if an assisted living facility is affordable, you’re going to need to evaluate your financial situation. Check your income sources such as Supplemental Security income, pensions, retirement funds and any investments or savings you may have. Be realistic about your monthly expenses too, like housing, food, medical care, and any debts you may still owe.
Income
If your income is limited to Social Security alone, an assisted living facility could strain your budget. Check your different sources of income to know what’s affordable.
Expenses
Make a list of your regular bills and expenses to determine how much you can allocate for assisted living fees. Find ways to reduce or eliminate any unnecessary expenses. If you have outstanding debts, pay them off as much as possible to avoid monthly interest charges. The less debt you have, the more you’re going to have available for assisted living.
Your Budget
With your income and expenses in mind, create a realistic budget for assisted living costs in your area. Basic fees usually cover housing, meals, personal care, and activities. Additional costs may include medication management or specialized memory care. Check if your budget allows for different levels of care and any extra services you may need.
By evaluating your finances and setting an affordable budget, you can find an assisted living facility that provides the level of care you need without straining your resources. While assisted living isn’t cheap, with prudent financial planning you can make it work. The peace of mind it provides is worth the investment.
Financial Assistance Options For Assisted Living
There’s also several ways to make assisted living more affordable. Don’t lose hope if the costs seem ridiculous. With some planning and research into resources that can help, you can find an assisted living community that fits your needs and budget.
Medicaid Waivers
Medicaid offers waivers to help pay for assisted living services. Waivers let Medicaid funds be used in ways that differ from standard coverage. The specific waivers and eligibility criteria vary by state, so contact your state’s Medicaid office to learn about options in your area. Some waivers help subsidize the cost of assisted living, while others provide additional services that allow seniors to stay in their assisted living communities.
VA Benefits
Veterans and surviving spouses could be eligible for benefits with their local Department of Veterans Affairs to help cover assisted living. The VA offers pensions and enhanced pensions providing monthly payments to help offset costs. The VA also provides Attendance benefits for veterans who require help with daily living activities. These benefits could be used to pay for assisted living or in-home care.
Insurance Policies
If you or your loved one has a life insurance policy with a cash value, you could use some of that money to help cover assisted living expenses. Some policies allow you to withdraw a portion of the cash value, which can then be used for long-term personal care assistance costs. This option allows you to access funds to be used right away, rather than waiting for the policy payout.
Reverse Mortgages
For homeowners, a reverse mortgage is a way to convert part of your home equity into cash that can be used for assisted living costs. With a reverse mortgage, you receive payments from the lender while still retaining ownership of your home. The loan is repaid when the borrower moves out or passes away. The cash from a reverse mortgage can provide ongoing income to cover assisted living expenses.
Starting a Side Hustle to Afford Assisted Living
Another option to afford assisted living is to start a side hustle to make extra cash!
Drive For Uber or Lyft
If you have a reliable car, consider driving for a ridesharing service like Uber or Lyft in your spare time. The hours are flexible, you can make decent money, and the job requires minimal training or experience. You’re going to earn around $15 an hour after considering fuel or other expenses. Even driving just 10-15 hours a week could generate an extra $100-$500 a month to put towards assisted living care costs.
Sell Unwanted Items Online
Check around your attic, basement, and garage and look for valuable items you no longer need. Things like collectibles, designer clothes, musical instruments, and recreational equipment can often net the best prices. Use websites like eBay, Craigslist, and Facebook Marketplace to list your items for sale. Price items competitively based on their condition and what similar products are selling for. Meet buyers in a public place or use a shipping service to complete the sales. The money earned can go straight into your assisted living fund.
Start Freelancing
If you have a skill or talent like writing, graphic design, virtual assistance, or online tutoring, consider freelancing to generate extra income. Websites such as Upwork, Fiverr, and Freelancer allow you to find small freelance jobs that match your abilities. Start by charging on the lower end of the typical pay scale as you build up your reputation and reviews. As you get more established, you can increase your rates. Freelancing is a flexible way to earn money that can work around your schedule.
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