By BEAU W. HERMAN

“How do I pay for senior care?” It’s a question many aging Americans and their families struggle with now more than ever. While many people think that they have saved up enough in retirement for assisted living, when it comes time to start planning for that phase of life, many people find that what they thought was enough to cover assisted living costs, is not. 

Senior Advisors across the United States suggest learning about creative financial resources that are available. They can also answer a wide range of questions on long term care and can refer to you to appropriate state and federal resources for Medicare and Medicaid.  Many people who need senior care services put it off because they are unsure of how they´ll pay for it. The median monthly rate for a one-bedroom unit in an assisted living community in Central Florida is $4,000 per month and in some regions it’s even higher. Many families are understandably concerned about how to pay for assisted living.

Below are some financial resource options you may want to consider.

• Veterans Aid & Attendance. If you or your spouse served in the military during active duty, you may qualify for this monthly benefit, which can help cover in-home, assisted living or nursing home care. While veterans or their loved ones can complete the application on their own, most find a benefit in using an Elder Care consultant to help them with the process. Like many government programs, the application and approval process can be complicated and overwhelming, which is why hiring a professional to help can be beneficial.

• Social Security. When you choose to begin drawing on these benefits can make a big difference in your financial plan. The longer you wait to begin withdrawing from Social Security, the more you will receive monthly.  Unlike other monthly government entitlement payouts, 100you’re your monthly social security can be used to pay for assisted living expenses.  Learn more about how to plan what’s best for your scenario by contacting the Social Security Administration or a trusted Elder Care Advisor.

• Insurance Policies. Life insurance, long-term care insurance, long-term care annuities and hybrid policies can be used to provide a regular stipend that can go a long way toward covering expenses for everything from adult day care to skilled nursing. While the best time to take advantage of long-term care policies is when you are younger, there are still options available at almost any stage of life. In order to find out what options you might have, consult with a trusted financial planner, eldercare attorney or a Certified Senior Advisor.

• Bridge Loans. These programs can help homeowners quicken their cash flow when they need it most, regardless of the real estate outlook of their local market or readiness to put a house up for sale. While bridge loans are relatively new, they are gaining in popularity and are geared toward families looking to place a loved one into an Assisted Living Facility, which may make them easier to obtain than going to a traditional bank or lending source, and the terms are fairly competitive.

• Reverse Mortgages. Another way to unlock home equity, reverse mortgages provide a way for seniors to remain in their homes while generating funds for their care. There are advantages and disadvantages to this. While at one time they were considered risky, new federal guidelines have ensured that there is more transparency in the marketplace and consumers have a better understanding of what they are signing up for. While many lending institutions offer some type of reverse mortgage product, there are some banks that specialize only in reverse mortgage. Do some research and consult with a trusted advisor to see who could offer you the best product in the marketplace. 

Making the decision of how to pay for assisted living and choosing the right facility can be challenging for a family. If you have questions about a move to assisted living, a knowledgeable professional can assist you in reviewing your options. While this may be the only time you will be faced with this challenge, an experienced advisor can make recommendations based on years of experience and proven outcomes. 

Beau W. Herman, Certified Senior Advisor®, is the owner of Assisted Living Locators in Winter Park. He is a lifelong resident of Central Florida and provides a no-cost, placement and referral service that offers the best senior care options, information, and resources available. Visit https://assistedlivinglocators.com/local-care-advisor/florida/orlando