When it comes to preparing for assisted living, you have to ask yourself a few basic questions: how much does it cost, how much is your budget, and how well are you able to prepare your payments in advance. If you don’t want to join a traditional home, and you’re looking to have a greater amount of freedom during your golden years, it’s worth considering assisted living as a viable option. However, you will have to consider your finances very carefully.
First of all, assisted living differs depending on the area you live in. It can be quite expensive in some places, while in areas where there are a lot of facilities and many different options with regards to the financing you can get for joining an assisted living community, your total expenses might be lower than you thought. If you live in Denver, this will be a great resource http://rosemarkmayfairpark.com.
What’s great about assisted living is that you can plan ahead. The average cost of assisted living facilities throughout the country varies between $2,000 and $5,000, although these numbers are by no means absolute. Now, depending on the features and services you’re looking for, you might get away with your insurance covering most of the expenses. Also, if you’re a veteran, you’ll find you have a LOT of benefits when it comes to choosing assisted living communities that are supported by the VA.
Reverse mortgages and bridge loans can also be considered as a viable means of financing your long term stay at an assisted living community. Moreover, if you planned ahead, and you already have a long term care insurance policy, it should cover your assisted living expenses quite easily.