As an older adult, you face plenty of challenges in your prime ages, including poor mobility and limited personal care, not to mention frequent health complications. At times, home-based care could be more effective in enabling you to live independently. Assisted Living communities have proven to be among the best Senior Living options that guarantee a better life for aging individuals. These special communities are designed to help elders to find comfortable and safe living spaces. These neighborhoods also help older adults to live independently. That said, Assisted Living services are not cheap. Many people are curious about paying for Assisted Living in California, MD. Below is a comprehensive review of the options available:
Veterans’ Benefits
Ex-servicemen and women constitute a huge percentage of vulnerable elders who need Assisted Living. Luckily, Assisted Living communities are accommodative to all sorts of veterans.
The best payment method for veterans moving into Assisted Living centers is through veterans’ benefits. This is possible thanks to the tax-free Aid and Attendance kitty offered by the Department of Veterans Affairs. The benefits can be used by veteran elders aged 65 years and above to cover their Assisted Living expenses.
Personal Savings
Personal saving is a common payment method used by many retirees to take care of Assisted Living costs. Older adults are likely to have a considerable amount of private savings that they can utilize to pay for Assisted Living community expenses.
Pension and Social Security
Social security and pension are the primary and basic options many seniors use when paying for Assisted Living. The two alternatives provide a dependable income source for retirees. Thus, they can be used to pay for the expenses associated with Assisted Living.
Reverse Mortgage
A reverse mortgage is a special loan offered to older adults who have owned homes for a long period. The special loan can be directed to financing Assisted Living expenses. It is a better option when compared to selling a house. Before getting a loan, older adults will need comprehensive guidance and assistance from a reputable financial service.
Long-Term Care Insurance
This is a specially-designed insurance cover offered by select insurance providers in California. The insurance policy provides health care coverage to seniors in home-based care and Assisted Living communities. Yet, the alternative is costly since one has to make regular premium payments for some time.
Medi-Cal
Medi-Cal is also referred to as Medicare in regions outside California. Medi-Cal is only offered to those who meet the state and federal poverty guidelines.
The payment options highlighted above should make your financial burden lighter and more bearable!
