Making the transition to senior housing is a significant life step—one that often comes with questions about affordability and financial planning. At Progressive Care, we understand that navigating the costs of senior living can feel overwhelming. That’s why we’re here to guide you through every step of the process, ensuring you and your loved ones feel confident, informed, and supported.
You’re Not Alone in This Journey
Whether you’re planning ahead or facing an urgent need, understanding your financial options is key. Fortunately, there are a variety of resources available to help cover the cost of senior housing. Here are some of the most common ways families fund this important transition:
1. Your Current Assets
Many individuals use the equity in their home, proceeds from a sale, or other personal assets to help fund senior living. This can provide a strong financial foundation for long-term care.
2. Social Security
Monthly Social Security benefits can be a reliable source of income to help offset housing and care expenses.
3. Pension Plans
If you or your loved one receives a pension, this steady income stream can significantly contribute to covering senior housing costs.
4. Long-Term Care Insurance
Educating yourself on your long-term care policy can bring a deeper understanding on the qualifying events and the compensation rate towards assisted living, memory care, or skilled nursing.
5. Savings, Checking, CDs, Bonds, and Other Investments
Personal savings and investments are often used in combination with other funding sources to create a sustainable financial plan for care and housing.
6. Assistance from Loved Ones
Family members may choose to contribute financially or help manage resources to ensure their loved one receives the care they need or basic necessities.
7. Veterans Benefits
The Veterans Affairs Office can meet with you to educate you on your benefits. Vetrans and their spouses may qualify for benefits through the VA, such as the Aid and Attendance program, which can help cover senior housing costs.
8. Government Assistance Programs
Programs like the Elderly Waiver can provide financial support for eligible seniors, helping to reduce out-of-pocket expenses.
Let Us Help You Navigate the Options
Every family’s situation is unique, and there’s no one-size-fits-all solution. Our experienced team of executive director are here to help you explore your options, understand eligibility requirements, and create a plan that works for your needs and budget.
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