Assisted Living Benefits Can Help Ease the Financial Burden

If you or your loved one is nearing the end of their life, Assisted Living benefits can help ease the financial burden of this life transition. While many families choose to pay for this care from their own savings, it is worth considering the possibility of obtaining assistance from your state. Most assistance programs determine eligibility based on individual resources, and the amount of assistance you can get may depend on the length of time you stay in assisted living. By planning ahead of time, you can maximize your family’s financial resources and ensure that your loved one has a comfortable and happy end to their days. Click here to find more about Georgetown Texas Assisted Living are here
Assisted Living provides peace of mind to residents and their family members. By removing the burden of household tasks, you can spend your time enjoying life without the constant worry of your loved one’s care. Assisted living also provides a social environment that allows residents to feel a part of a community.
Assisted living also provides quality healthcare on-site, making it an affordable alternative to skilled nursing homes. Grand Oaks, for instance, provides access to Johns Hopkins Wellness Program and Sibley Memorial Hospital, as well as emergency, aquatic, therapeutic, and rehabilitation services. These facilities also provide scheduled events to connect residents with each other.
In addition to providing health care services, assisted living facilities provide socialization opportunities for seniors who may not have the time or energy to engage in regular social activities. Seniors who live alone are often at risk of developing loneliness, depression, and social isolation. Assisted living communities provide a supportive environment where staff encourage residents to take part in social activities and organize events. Assisted living communities also feature dynamic activity calendars where residents can engage in new hobbies, attend fitness classes, and travel to new places.
Social Security Disability Insurance can help pay for some or all of the costs of assisted living. Benefits are based on a person’s ability to work and how much they paid into the Social Security system during their working years. SSDI is a type of disability insurance for people who are disabled and cannot work due to a long-term medical condition.
Life insurance is another option that you may consider. If you’re healthy and still have some money, you can use your life insurance to pay for assisted living. However, not all types of life insurance make good financial sense for every senior. You may also consider a life settlement, which allows you to stop making monthly payments in return for a higher buyout. These two options are similar, but Viatical Settlements are more flexible, and can result in a larger buyout.
The average cost of assisted living in the United States is $86 per day. This is about one-third lower than that of a similar facility that is not a part of a health insurance plan.