As your parents grow older, their physical and mental needs will begin to change. Finding an assisted living facility for an aging parent can be the right choice, but you may be wondering how you're going to pay for it. Dependent upon their specific needs, you'll find a variety of affordable options to help pay for their living expenses. Whether you seek assisted living in Dunwoody, Georgia or any other location, ask a friend or loved one for a recommendation or make a search online, paying special attention to reviews.
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Veteran's Benefits
Both parents can take advantage of veteran's benefits if one of the parties served a minimum of 90 days on active duty. It is also available to those who have served a minimum of one day during the war. Fortunately, veteran's benefits can also aid a veteran or their spouse who has suffered service related disabilities or their income has fallen below a certain level. Individuals can qualify by going through the Veteran's Administration Office. Since this can be time consuming and a difficult process to go through, a financial representative at the assisted living center may be able to offer you guidance.
Life Insurance Policy
If your aging parents have a life insurance policy they may have purchased years ago, they may be able to use it for financial support at this time. Cashing out a policy refers to living benefits and gives the policy company the chance to purchase the policy back for 50 to 80 percent of its actual value. To determine the amount, you'll have to look at the age of the policy holder, health, policy amount and monthly premiums. If the company refuses to cash the policy in, you can find a third party company who will purchase it for a lump sum between 50 and 80 percent.
Reverse Mortgage
If one spouse will be remaining in the house, while the other has to go into an assisted living facility, you may want to discuss a reverse mortgage with your mortgage lender. Through this option, a homeowner can convert the equity in their home into the cash needed for the assisted living center. The loan won't need to be repaid until the other spouse vacates the premises. In order to qualify, applicants must be at least 62 years of age. A mortgage lender may also require the homeowner to own the property free and clear.
Long-term Care Insurance
If you're concerned about future long-term care, you may want to think about purchasing a long-term care policy for future assisted living needs. This is not a present concern, and it won't aid those who need immediate assistance. All documentation must be carefully read and coverage issuance should be an important factor when deciding. Instead of choosing something with a limited time frame, you may want to consider something with more flexibility.
Assisted living for an aging parent can be extremely expensive, but you don't want to skimp on their needs. There are a number of payment options available such as Supplemental Security Income, pre-payment options and selling off cash, stocks and bonds. However, planning ahead for your assisted living needs is one of the better options that can aid in covering costs for any future housing arrangements.
About Author: Midnight Walker writes about finance and family budgeting. She helps families manage their budgets and cope with unexpected expenses. Trinity Lifestyles offers assisted living in Dunwoody, Georgia and can make the transition easier for you and your loved one.