As an individual grow old, there are various circumstances that need to be reassessed. When their current living situation cannot meet their needs anymore, or when they face difficulty taking care of themselves. The families of the adult often consider a senior Assisted Living Fairhaven WA to provide a safe environment for their loved ones during their later years. Assisted living lies between independent living with minimal care and nursing homes that provide intensive care. It gives the independence of personal residence along with other amenities, such as housekeeping, medication reminder, and meal services. And they also get to engage in some physical activities. If you are looking for one either for you or your loved one, check the Assisted Living Facility Fairhaven WA before making a decision.
Assisted living is a great option for someone who can no longer live alone. However, not everyone can afford to live in such a facility as they come with a price. Affording these homes and apartments can be challenging for those with fixed income, but there are few strategies that can help. However, remember that the best payment option will depend on the circumstances.
Long-Term Care Insurance- Long-term insurance is specialized insurance that is paid, covers the cost of assisted living, and other medical care depending on the policy. Not everyone has this type of insurance, but it is something that one should consider during their working years as it can come in handy.
Personal Savings- Some individuals have the means to pay for assisted living on their own from their savings. Some have retirement plans and have saved enough money when they were younger to take care of all the expenses. It is not that difficult to save money when you get income monthly.
Life Insurance- If you have a life insurance policy, a financial advisor will advocate paying for the assisted living with the policy. You can also sell it to a company that offers up to 50 to 75 percent of the policy’s face value. It is a great way to manage the cost of assisted living.
Location- Another factor that can help is the location. In many cases, the cost of assisted living facilities varies depending on the location. In many instances, it is possible to get a lower monthly rate on the cost of assisted living by simply choosing a facility in a different area or city.
Negotiation- Not all the assisted living facilities have a set price, and some are negotiable. To do this, you can speak with the manager of the facility and see if there is any price flexibility or move-in incentives. And in case, they offer some services that you do not need, such as laundry or shopping services, you can also ask them to take those out.
Veteran’s Benefit- Many people are not aware of this, but many veterans are eligible for care benefits that off-sets the cost of assisted living care. If you are a veteran and you qualify for such a benefit, you may get a different amount for married veterans, single veterans, and spouse of a deceased veteran.
Room Options- In assisted living communities, you can also choose the room as per your choice, whether you want a smaller one or a more spacious one. If you are looking to minimize the expenses, opt for a smaller room or a sharing space. But you’ll have to see if sharing the room is a possibility. Doing these will definitely keep the cost down.
If you have a loved one who needs to move into an assisted living facility, and you have to manage the cost. Follow these managing tips to keep the cost to a minimum.