11 Ways to Help Afford the Cost of Senior Care

The cost of assisted living care is on the rise. According to A Place for Mom, the average monthly assisted living rent increased $100 in just 2012 alone. Some are saying that the cost associated for senior care could be the next financial crisis. Since the burden usually falls on the elder’s children, they can be quite unprepared. Queen City Elder Care is here to provide you with some tips on how you may be able to afford senior care.

  1. Do your research ahead of time. Checking out all your options and comparing pros and cons will help to ensure you are making the right choice the first time. Moving from facility to facility is an additional cost that can be avoided. In an assisted living facility, you need to be aware that you have more than the cost of the monthly rental to consider. The rent covers the room (with no furniture), three meals and two snacks per day. There is a separate charge for the different levels of care that your parent requires; the more assistance they need, the higher the cost.
  2. Check with your life insurance company. Some policies can be sold to help pay for long-term care.
  3. Medicare and Medicaid can be very helpful resources to pay for senior care. However, they cover very specific needs. Visit www.medicare.gov or www.medicaid.gov for more information.
  4. Try a Home Equity Loan. If you are moving out of your home and into a senior living facility, getting a loan against your home equity could provide you with the funds you need.
  5. Utilize Long-Term Care Insurance. If you thought ahead to purchase long-term care insurance, now is the time to file a claim. This will help with the daily costs of senior housing.
  6. Take out an Elderlife Loan. Many seniors turn to an Elderlife loan which is a loan tailored to help families pay for monthly senior living costs.
  7. Get attention from lawmakers. In December 2012, a federal commission was created to find affordable solutions for long-term elderly care. Keep this issue in front of your local lawmakers to ensure the work is being done
  8. Ask for flexibility. Some senior care facilities might offer incentives or provide a temporary discount to help alleviate the financial burden.
  9. Compare types of care. Perhaps your loved one doesn’t need a full-time nursing home. Maybe an in-home elder care solution maybe be right (and cheaper) for your loved one.
  10. If an individual would like to remain in their home, getting a reverse mortgage may be the right option to help pay for in-home caregivers.
  11. Discuss your options with a Certified Senior Care Advisor, an Elder Care Attorney, or for free advice and direction, your Area Agency on Aging. In the Cincinnati area, you agency is Council on Aging of Southwestern Ohio (COA) and their website is http://www.help4seniors.org/.

Have you researched the price of care for the elderly? Let us know your story in the comments below.