Ways to Cover Assisted Living Costs in Michigan
Are you having a hard time figuring out the best way to pay for assisted living? Planning for assisted living expenses is crucial. It’s a large expense, but studies show that the demand for senior living is expected to grow by an additional one million beds by 2040, with the population over 65 nearly doubling by 2060.
Many families utilize a combination of the following options to pay for assisted living, including:
1. Private Savings
Private savings include a combination of savings, Social Security benefits, pension, stocks, or retirement accounts like a 401K or an IRA.
2. Selling a Home
If you own a home, you may consider selling and using the proceeds to pay for assisted living for you or a loved one.
3. Long-Term Care Insurance
A long-term care insurance policy removes the burden of having to pay 100% from your savings by helping to supplement monthly payments to an assisted living provider. You should invest in this type of coverage typically before you turn 55 as part of an overall retirement plan.
4. Veteran’s Aid
The U.S. Department of Veterans Affairs offers an Aid & Attendance benefit for qualified veterans and surviving spouses to help with the cost of assisted living. This can provide up to $2,200 a month to a veteran and their spouse or up to $1,900 a month for a veteran without a dependent.
5. Life Insurance with Cash Value
Life insurance is designed to provide financial protection for your loved ones after you’ve passed away. Depending on your policy, some life insurance allows you to use the policy’s cash value to pay for assisted living expenses.
Get Started Today: Schedule a Tour!
We understand the challenges of assisted living costs, and our team can guide you through your financial options. It’s also a good idea to consult a financial advisor to create a personalized strategy for assisted living expenses.
Our "Aging by Choice" philosophy allows a flexibility of options for our residents and their families; you choose what is best for you, and we make it possible. We’re confident in our ability to provide the best quality of care, the security, and the family atmosphere that you’re seeking! We warmly invite you to see the difference we can make when your family shares life with our family.
We can help your family create peace of mind. When you’re at home you’ll know your loved one is taken care of and in good hands. If you’re interested in learning more assisted living at Plymouth Terrace or scheduling a tour, contact us today! 734-451-0700