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Financial Information What is the Cost of Residing in an Assisted Living facility? Assisted living facilities vary widely in cost depending on room size, services offered, and several other factors. Unlike nursing homes, Medicare does not pay for assisted living services under any conditions. Most facilities accept only private pay, although some states offer assistance with payment, such as Medicaid or Supplemental Security Income. Inquire at your local Medicaid or health office for information on whether or not your state has a comparable plan. Assisted living is covered by some long-term insurance plans. Some facilities also offer subsidies and financial aid, although a waiting list typically exists for these purposes. Fees can start at $1,000 a month and increase with amenities, level of care offered, and additional services provided to about $3,000 a month. Many facilities also require a deposit that may or may not be refundable. The average cost for an assisted living facility falls between $60 and $70 per day, compared to $75 to $235 per day for a nursing home. Make sure you know what you are paying for. The cost almost always covers room and board and meals. Ask about which services, utilities, and care are also provided in the monthly cost and the additional fees for services not provided. |
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A New Financial Service Can Help Seniors Pay for Living Expenses. A new financial service called Life Settlements allows seniors to sell an existing life insurance policy to a financial institution in exchange for an immediate lump sum cash payment. Life Settlements have quickly become one of the fastest growing financial planning tools for seniors who have unwanted, unneeded, or unaffordable life insurance policies. Why sell your policy? Unplanned illnesses, increased healthcare and assisted living expenses, rising premium costs, availability of better coverage, and changing tax laws are a few of the reasons why seniors are exploring the Life Settlement option. In the past, life insurance was only viewed as a dormant asset with a future benefit. Today, life insurance benefits can be used to improve a senior’s current financial security or reduce the financial burden on a senior’s family. Life Settlement offers vary and are determined by analyzing the age & health of the insured, face value of the policy, and annual premium payments. Below is an example of a life settlement transaction:
If you are a Senior, a Family Member of a Senior, or an Assisted Living Facility interested in learning more about Life Settlements, please click here for FREE Information.
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