When you decide to move into an assisted living community for you or a loved one, there are many things to consider such as safety and security, amenities, the staff to resident ratio, how the community responds to emergencies, and more, and while all those things are important, the cost is also an important factor.
While it’s no secret that assisted living can be costly, the good news is, there are several options for paying for assisted living in Mount Laurel, NJ, ensuring that you or your loved ones can enjoy a comfortable and worry-free retirement.
Private Funds
For seniors who have spent years saving up throughout their life by working or investing, savings is a common way to cover the assisted living expenses. Savings allows you or your loved one the flexibility to choose a community that is best suited for your needs.
Veterans Benefits
Any Veteran or their surviving spouse could be eligible for benefits through the Department of Veterans Affairs (VA) that help seniors cover the cost of assisted living. The Aid & Attendance Benefit provides benefits for war era veterans and their surviving spouses who require the regular attendance of another person to assist in at least two of the daily activities of living such as eating, bathing, dressing and undressing, transferring and the needs of nature.
Reverse Mortgage
If you or your loved one owns their own home you could consider a reverse mortgage. This option allows homeowners to transform a portion of their home's equity into cash, which can be used to cover senior living expenses.
Sale of Assets
A vehicle, a home or second home, personal belongings, stocks and investments, unused life insurance policies, and collectables are all examples of assets that can help generate funds to finance assisted living costs.
Family Assistance
When a family member experiences memory loss and is in need of care, oftentimes families will come together to support and contribute to the cost of assisted living.
Bridge Loans
Bridge loans are short-term loans that can provide immediate funds to cover the cost of assisted living while waiting for other sources of income, like the sale of a home.
Life Insurance
In some cases, certain life insurance policies allow policyholders to cash in their policies to cover senior living expenses. Sometimes, a life insurance policy can also be sold to a third party for a lump sum payment.
Combination of Funding Sources
Many seniors use a combination of options to cover assisted living facilities. In these cases it might be beneficial to work with a financial advisor or a senior living specialist who can help you come up with a plan to maximize your resources.
There are multiple avenues to explore when it comes to paying for an assisted living community in Mount Laurel, NJ. When determining the cost of assisted living it’s important to assess all your current expenses such as your mortgage, property tax, even your groceries, our Senior Living Cost Calculator tool will help you determine what type of care is needed and if your options for senior living communities.
