6 Ways to Pay for a Parents Assisted Living Costs

Having a parent in assisted living can be a difficult decision, but often it is the best decision for their health and wellbeing. One of the biggest challenges can be finding ways to pay for the costs associated with assisted living.

 Here are 6 effective ways to pay for a parents assisted living costs:

1. Use Long-Term Care Insurance

If your parents purchased long-term care insurance, this can be used to cover some or all of the costs associated with assisted living. It is important to check the policy details to see what is covered and what restrictions exist.

2. Sell Your Parents Home

If your parents own their home, selling it may be a good option to cover the cost of assisted living. They can use the equity from their home to cover the cost of rent or fees associated with assisted living. If they do not want to sell their home, they may be able to get a reverse mortgage.

3. Veterans Benefits

If your parent is a veteran, they may qualify for benefits that can help pay for assisted living. Veterans Affairs provides benefits for veterans and their spouses that can help cover the cost of long-term care.

4. Medicaid

Medicaid is a government health insurance program that can help pay for long-term care, including assisted living. To qualify, your parent's income and assets must meet certain criteria.

5. Use Savings and Investments

If your parents have saved for retirement, they may be able to use those funds to pay for assisted living. They can also tap into other investments, such as stocks, bonds, or mutual funds.

6. Get Help from Family and Friends

If you are able to, you may want to consider helping your parents pay for assisted living costs. You could also ask other family members or friends if they are able to contribute.

There are many options available to help cover the cost of assisted living. By doing some research and exploring all the options, you will be able to find the best solution for your family situation.

If selling a parents home is a choice you would like to consider,  we can help you through the entire process and take away some of the burden so that you can focus on your parent's wellbeing. Selling a family home is often an emotional decision, but it doesn't have to be. Give us a call at 717-715-0010 or contact us today to get started.

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