The assisted living is not cheap and its price varies a lot from state to state. The monthly median rate in the D.C. was $6,700 in 2016, while the least expensive was Missouri with $2,537. The average medical costs in the U.S. are around $3,500, which is quite expensive, but still cheaper than some other ways of senior care. This means the annual median rate is $42,000, and you’re probably thinking: what are ways to pay for assisted living costs?
Bridge Loans
You will find some websites recommending bridge loans as a way of paying for assisted living costs. However, these short-term loans have quite a high interest rate, so think twice before opting for a bridge loan. You may consider some others way of financing assisted living.
Long-Term Insurance
Long-term insurance works only if you prepare on time. If you are over 80, the chances of you getting insurance is quite low. However, if you think you will need assisted living 30 years from now, you may apply for the long-term insurance. This way, you won’t have any problems once you get to a certain age.
Medicare
Medicare is one option when paying for assisted living costs. However, there are some things you need to know before doing a search. Not all the states offer Medicaid waiver programs that will fund assisted living. For example, Alabama and Louisiana do not offer this option. And there is one more thing; Medicaid only partially covers the costs of assisted living facilities, and some facilities don’t accept Medicaid.
The Department of Veterans Affairs
If you are a war veteran, you are eligible to apply for assisted living. They have a lot of rules and conditions you need to meet, but check it out, since they can cover the majority of the costs.
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