Assisted living and other types of nursing homes
have been specifically designed for those who need extra help in his daily life
but do not require the permanent specialized care of traditional nursing homes.
The rate of assisted living are several, they
vary according to services and conditions facilities throughout the country and
even within the same city.
Financial specialists have noted that assisted
living costs have raised in the nursing homes and day care for adults. Instead
of going to a nursing home, residents can use an assisted living facility. They
argue that the increase in cost is only slightly more than the average
inflation.
It is estimated that the average cost of a
private one-bedroom apartment at assisted living facility is $ 3,500 per month,
that’s $ 42,000 per year. The cost has been increasing by an average of 4.29
percent per year over the last five years. With 36,000 assisted living
communities across the country, increasing numbers of older people and their
families are faced with the question of how to pay for this popular housing
option.
Seniors cover most of the assisted living cost,
through private financial resources. These include savings income, investments,
pensions and retirement income. Family members often help cover assisted living
costs.
Now consider the factor that the average assisted
living resident has an income of about $ 19,000 per year. Most residents must
take advantage of additional resources to cover the cost, and the funds often
come from the sale of their homes.
Ways to save for assisted living
1. A bridge loan
A bridge loan consists of a credit obtained from
the bank as temporary financing against guarantee of future income. This
guarantee will allow the borrower to pay off the debt. With a temporary
shortage the bank anticipates the necessary cash.
2. Reverse mortgages
Reverse mortgage or reverse mortgage is a
financial operation specially designed for people over 65 and dependents, with
which it is possible to convert to money the equity value that represents the
ownership of your home, without losing ownership.
3. Medicaid waiver
The Medicaid waiver helps provide services to
people who might be in an institution, nursing home or hospital for long term
assistance in the community.
4. Veterans
Veterans have a pension benefit designed and
offered by the United States Department of Veterans Affairs, through which they
can access to the help of another person for regular attendance. Assistance and
care include care provided at assisted living facilities or a nursing home and
applies to people who are blind.