Paying For Senior Housing Paying For Senior Housing

Senior housing is becoming increasingly expensive, making it challenging to know how to pay for the best possible care for our loved ones. However, there are several options available that can help you afford the care your loved one needs.

One option is private pay, which means paying for care without assistance from other programs. Private pay may be a good option for those who have longterm care insurance, savings, retirement accounts, or other assets that can be used to pay for care. However, keep in mind that private pay can be costly, and future planning should be considered.

Assisted living communities provide seniors with varying levels of care to meet their individual needs.

All-inclusive pricing means a single monthly fee covers room and board, meals, housekeeping, laundry services, WIFI, electricity, transportation, and daily activities. Fee-for-service pricing means a resident pays only for those services they use. Three main categories of care provided in assisted living communities are supervisory care, personal care, and directed care.

Another option is VA Aid & Attendance, which is a pension benefit available to veterans or surviving spouses who need additional money to help care for ailing parents or loved ones. This benefit provides tax-free payments to Veterans who served during wartime, who need help with daily activities, or are housebound. To qualify for this pension, the Veteran or their surviving family need to meet the means-tested income and asset thresholds.

It's essential for residents to understand all of the costs associated with moving to an assisted living community, such as the community fee, apartment fee, and the fee for their preferred level of care, to make informed decisions regarding their care and financial obligations.

The median annual cost for assisted living in Dallas-Fort Worth is $50,340 per year, and costs have been rising at an annual increase of 313%. To afford the best possible care for your loved one, consider all of the available options and plan ahead for the longterm costs associated with their care. This article is an abridged version of the article How to Pay For Senior Housing: What are my options?

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Submitted by Tracy Toomer, Certified Senior Advisor (CSA)®, CDP, MBA, CarePatrol Collin County Central