How to Finance Your Family Member's Assisted Living Care
Money can be one of the most daunting factors when the time comes to transition a relative into an assisted living facility. It can lead to feelings of guilt or resentment in seniors and their family. However, financial issues should not stand in your way when considering what is best for your elderly person you care for. Here are some tips for financing living and care expenses.
Get Organized
Talk to your relative and make sure you have a comprehensive understanding of their finances. Armed with this information, you can make a plan and determine what facilities are in your price range. Make sure their financial information is organized well, so you know how much money they will have access to over time.
Choose a Facility That Offers Benefits
There may be ways of mitigating the cost of care for your relative. If your family member is a veteran, for example, they may be eligible for benefits packages which will significantly reduce the cost of care. Medicaid subsidies can also be extremely helpful in reducing the burden of monthly fees.
Make a Plan
Do your research early on to make sure there are no hidden costs that will become unpleasant surprises later. Check with your care facility to determine what is included in their admission fee, and monthly rent and care fees. If your relative remains capable of discussing finances, involve them in the conversation.
Stay Involved
The facility’s staff can help you get as much out of benefits and other sources of support as possible. Stay involved in your family member's care and check in regularly.
If you are considering transitioning your elderly relative into an assisted facility, contact Whitcomb House to learn more about our traditional and memory care programs, and how we can help you finance your relative's care. We offer both Medicaid and veterans’ benefits. To learn more about our services, call us today at (508) 634-2440.
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