The national average price of assisted living is $4,500 per month and paying for assisted living when finances are tight can seem daunting, but there are various avenues to explore, including leveraging benefits and utilizing existing assets.
Here are some strategies to consider:
Utilizing Benefits:
Medicaid: Medicaid offers financial assistance for assisted living expenses, although coverage varies by state. While room and board are typically not covered, Medicaid may reimburse for services like personal care, meal preparation, and transportation. Eligibility is based on income and asset criteria, and there may be waiting lists in some states.
VA Aid and Attendance Benefits: Veterans and their spouses may qualify for VA Aid and Attendance benefits, providing an additional monthly payment to supplement VA pensions. Eligibility criteria include serving a minimum period of active duty, with combat service not necessarily required. Clinical requirements, such as needing assistance with daily activities or having limited eyesight, must also be met.
Exploring Other Options:
Life Insurance Policies: Existing life insurance policies can be tapped into to finance assisted living. Options include utilizing a living benefit program to access a portion of the death benefit while preserving the remainder for beneficiaries. Surrendering the policy to the provider or selling it to a third party are additional possibilities, although tax implications may apply.
Reverse Mortgage: Homeowners may consider a reverse mortgage, such as the Home Equity Conversion Mortgage (HECM), to access their home equity. With a reverse mortgage, funds can be received as monthly installments or a lump sum, and repayment is typically deferred until the homeowner moves out or passes away. However, it’s essential to weigh the impact on Medicaid eligibility before proceeding, as taking a reverse mortgage can affect benefits.
Navigating the financial aspects of assisted living requires careful consideration of available resources and potential implications. Exploring these options with the guidance of financial advisors or eldercare professionals can help identify the most suitable approach to afford quality care without undue financial strain.
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1 Click the map to find assisted care retirement near you
All American Senior Living in Kingston, NH 03848 | Assisted Living
Kingston, New Hampshire, 03848
All American Senior Living in Kingston, NH 03848 | Assisted Living
All American Senior Living in Kingston, NH 03848 | Assisted Living
Rental at 23 Alice Peck Day Drive, Lebanon, New Hampshire 03766 | Pric
Lebanon, New Hampshire, 03766
Rental at 23 Alice Peck Day Drive, Lebanon, New Hampshire 03766 | Pric
Rental at 23 Alice Peck Day Drive, Lebanon, New Hampshire 03766 | Pric
Rental at 3 Church Rd, Windham, New Hampshire 03087 | Price $3,000 | 1
Windham, New Hampshire, 03087
Rental at 3 Church Rd, Windham, New Hampshire 03087 | Price $3,000 | 1
Rental at 3 Church Rd, Windham, New Hampshire 03087 | Price $3,000 | 1
Rental at 38 North Shore Road, Derry, New Hampshire 03038 | Price $2,5
Derry, New Hampshire, 03038
Rental at 38 North Shore Road, Derry, New Hampshire 03038 | Price $2,5
Rental at 38 North Shore Road, Derry, New Hampshire 03038 | Price $2,5
Rental at 35 North Lowell Road, Windham, New Hampshire 03087 | Price $
Windham, New Hampshire, 03087
Rental at 35 North Lowell Road, Windham, New Hampshire 03087 | Price $
Rental at 35 North Lowell Road, Windham, New Hampshire 03087 | Price $
Rental at 33 Christian Ave, Concord, New Hampshire 03301 | Price $4,03
Concord, New Hampshire, 03301
Rental at 33 Christian Ave, Concord, New Hampshire 03301 | Price $4,03
Rental at 33 Christian Ave, Concord, New Hampshire 03301 | Price $4,03
Rental at 203 Lowell Road, Hudson, New Hampshire 03051 | Price $0 | |
Hudson, New Hampshire, 03051
Rental at 203 Lowell Road, Hudson, New Hampshire 03051 | Price $0 | |
Rental at 203 Lowell Road, Hudson, New Hampshire 03051 | Price $0 | |
Rental at 95 Wyman Road, Keene, New Hampshire 03431 | Price $0 | | 1 B
Keene, New Hampshire, 03431
Rental at 95 Wyman Road, Keene, New Hampshire 03431 | Price $0 | | 1 B
Rental at 95 Wyman Road, Keene, New Hampshire 03431 | Price $0 | | 1 B
Rental at 44 W. Webster St, Manchester, New Hampshire 03104 | Price $0
Manchester, New Hampshire, 03104
Rental at 44 W. Webster St, Manchester, New Hampshire 03104 | Price $0
Rental at 44 W. Webster St, Manchester, New Hampshire 03104 | Price $0
Rental at 60 Middle Road, Dover, New Hampshire 03820 | Price $0 | | 1
Dover, New Hampshire, 03820
Rental at 60 Middle Road, Dover, New Hampshire 03820 | Price $0 | | 1
Rental at 60 Middle Road, Dover, New Hampshire 03820 | Price $0 | | 1
Rental at 153 Parade Road, Meredith, New Hampshire 03253 | Price $4,15
Meredith, New Hampshire, 03253
Rental at 153 Parade Road, Meredith, New Hampshire 03253 | Price $4,15
Rental at 153 Parade Road, Meredith, New Hampshire 03253 | Price $4,15
Rental at 333 Brook Road, Sanbornton, New Hampshire 03269 | Price $4,5
Sanbornton, New Hampshire, 03269
Rental at 333 Brook Road, Sanbornton, New Hampshire 03269 | Price $4,5
Rental at 333 Brook Road, Sanbornton, New Hampshire 03269 | Price $4,5
2 Evaluating NH Assisted Living Communities