Financial options in Princeton Transition Care & Assisted Living
Affording assisted living may actually be easier than you thought. We have found that when comparing the current monthly spend of normal living expenses (mortgage, groceries, utilities, property taxes, transportation, healthcare, housekeeping assistance, etc.), that many are surprised to find that it is closer to the expense for assisted living than what they thought. The only difference is, the monthly expenses are bundled into one payment, and we manage all of it for you.
Dual Occupant Suite
This is a program where two individuals can share a double occupancy apartment, which reduces the overall cost for each individual. This program not only helps financially but it can also provide additional companionship and emotional support.
Reverse Mortgages
If a senior is moving out of a home that they own and into an ALF, a reverse mortgage can be a good option to help pay for assisted living expenses. Reverse mortgages are loans that one takes out against the value of their home without having to immediately sell the home. When the last resident of the home moves out and the home is sold, the loan recipient will be required to pay it back with interest.
Long-Term Insurance
For many in the need of long-term care, long-term care insurance is a critical part of helping cover costs, including the costs for assisted living. All long-term care insurance policies are not alike, and some may not cover all forms of long-term care, so it is important to check with your insurance provider regarding the specific details of your policy. Long-term care insurance can also prove to be challenging considering the age limits on some policies. Often, planning before the need for assisted living, can circumvent this challenge and make finding the right policy for your needs much easier.
Life Insurance Benefits
Buying a life insurance policy to protect family members after a policyholder passes, is one way to assist with the financial security and well-being of surviving loved ones. Another option for some is tapping into, or “cashing out”, a current policy early to have the liquid assets to be used to pay for long-term care. Some insurance companies will also buy back the policy for a portion of its cash value for payment. In contrast, a “life settlement”, also called a “senior settlement”, will sell an existing life insurance policy to a third party. Understanding the advantages and disadvantages of each of these strategies can help you determine which is best for your family’s needs.
