How Can You Pay for Assisted Living?

February 8, 2017 by ·

Assisted Living in Fairhope AL

This is an important question for a lot of people. When you have an elderly family member who is considering assisted living for their future, it can bring a lot of relief. You may worry about their safety at home, and this would be a great opportunity for them to not only become more active and be surrounded by peers their own age, but it can also alleviate a great deal of stress and anxiety from your life.Assisted-Living-in-Fairhope-AL

So how can you pay for this?

Depending on where this senior lives in the country, assisted living can cost anywhere between $45,000, on average, to upwards of $100,000 or more. The type of facility, the amenities it offers, and many other factors are important to consider when it comes to cost, but even the most affordable assisted living facility can feel a bit out of reach for some individuals.

A reverse mortgage may be an option.

Some people don’t even want to consider a reverse mortgage because of the implications it can have for the future. However, if the senior has their house fully paid for, they can either sell it out right or take out a reverse mortgage, especially if they want a bit of a safety cushion in the event they change their mind.

By taking out a reverse mortgage, the senior can get payments every month that can be used to pay for assisted living.

Long-term care insurance is something to consider.

While it may very well be too late to take out long-term care insurance, people approaching retirement might want to consider this as an option. When long-term care is needed, assisted living may be one of those options they can rely upon for their future.

Their current rent can help.

If the senior has a good retirement fund and savings, their current rent or mortgage payment can go towards the cost of assisted living. It may not be enough, but that’s where the retirement savings or personal savings account can come in handy.

Family might be able to chip in.

Adult children and other family members may have the financial resources to help the senior pay for assisted living. No matter how somebody determines they can pay for this, it’s one of the best senior care options available.

It puts seniors in touch with their peers, people who share common interests, an abundance of activities, and staff members who are responsive to their needs daily.

If you or an aging loved one are considering Assisted Living near Fairhope, AL, contact Ashbury Manor Specialty Care and Assisted Living at 251-317-3017.

 

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About Cindy Johnson

Ashbury Manor’s Administrator since 2008, Cindy Johnson is a long-time expert in the assisted living field. Prior to her arrival at Ashbury Manor, Cindy managed acquisitions and crisis management for existing and new larger senior care project developments for eleven years. As regional manager for an Oregon-based assisted living management company, Cindy was directly responsible for operations for five 50-65 bed assisted living facilities. As manager during the transition to new ownership, Cindy reorganized internal operations and conducted leadership training for Executive Directors. As a result of her management and expertise, one of the company’s facilities (in Ocala, Florida) received a deficiency-free survey, resulting in the lifting of a moratorium on operation.

A nurse for 36 years, senior care has always been Cindy’s passion. Desiring to work more closely with residents, Cindy became a Category II Administrator in 2005. As Ashbury Manor’s Administrator, Cindy understands the complexities associated with dementia and cognitive impairment and she has fallen in love with seniors with dementia or cognitive impairment and their families.

Cindy is Treasurer of the local “Senior Coalition” chapter. She enjoys mentoring new candidates who want to become administrators.

As a 16-bed facility, with Cindy's training and experience, our residents and their families can be sure Ashbury Manor’s carefully selected staff provides the expertise of a larger facility while maintaining the individualized personal care of a small special needs home.
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