Finding the right assisted living community can be challenging enough. Besides wanting to find a community your parent will embrace, there’s the added stress of trying to find the most cost effective way to pay for assisted living.

What About the Rising Costs of Care?

With the rising cost of receiving care nationwide, planning ahead for long-term care can sometimes feel like an impossible task. But assisted living costs are based on a number of factors, including where your loved one lives, level of care your loved one requires, size of the room, and the range of amenities the community offers.

Additionally, funding options for assisted living aren’t strictly limited to cash assets or a home sale. Other funding options include:

  • Long-term care insurance
  • Life insurance
  • Bridge loans
  • Veterans benefits
  • Medicare

There are several other ways to get financial assistance for assisted living, such as tax credits and deductions related to assisted living, which can reduce a family’s overall tax burden and free up additional financial resources to be put toward assisted living costs.

That’s why it’s important to prepare for long-term care to avoid being forced to make a hasty decision or having limited choices.

What You’ll Learn

This guide will provide a brief overview of the costs associated with assisted living and the most common funding options you may not be aware of. Chapters include:

  • Understanding Assisted Living Costs
  • Funding Options
  • Tips for Researching Assisted Living Costs

Assisted living can not only provide the support your parent needs but also offer them an environment to make new friends; enjoy nutritious, delicious meals; and even participate in recreational activities they might not have had for several years.

At the end of the day, we all deserve to live each day to the fullest. Paying for assisted living shouldn’t prevent you from reaching your goals. It’s important to make sure you don’t go to the wrong place for the right price.

How to Pay for Assisted Living Costs

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