Social Security and Other Pension checks – these monthly payments can be electronically transferred into a resident fund management account to simplify payment of monthly obligations such as room and board, prescription medications and personal discretionary spending.
Veterans Aid – the Aid and Attendance (A&A) Pension provides benefits for veterans, surviving spouses and couples who require assistance with the activities of daily living. The A&A Pension can provide monthly payments of up to $1,632 to a veteran, $1,055 to a surviving spouse or $1,949 to a couple. Please visit the Veterans Aid and Attendance Benefit website at www.veteranaid.org/ for additional information concerning eligibility and applying.
Life Insurance Settlement – Liquidating a life insurance policy is a unique way to finance future senior housing and long-term care costs. There are companies which specialize in converting the death benefit of an in-force life insurance policy into cash (at a value in excess of the cash surrender value) at a discount of the policy’s net death benefit. Please contact your life insurance company or representative for additional information.
Long Term Care Insurance – many long term care insurance policies include coverage for partial room and board and level of care coverage. Please check with your insurance representative to determine your individual coverage provisions.
Shared Apartments – If you are concerned about your loved one living alone or if cost is a primary concern, consider the option of sharing an apartment.
These questions will help you evaluate whether assisted living may or may not be the best choice.