{"id":1572,"date":"2023-07-21T23:55:17","date_gmt":"2023-07-21T23:55:17","guid":{"rendered":"https:\/\/theclaiborne.com\/hattiesburg\/how-to-pay-for-senior-living\/"},"modified":"2023-07-26T20:19:17","modified_gmt":"2023-07-26T20:19:17","slug":"how-to-pay-for-senior-living","status":"publish","type":"post","link":"https:\/\/theclaiborne.com\/hattiesburg\/how-to-pay-for-senior-living\/","title":{"rendered":"How to Pay for Senior Living"},"content":{"rendered":"\n

Because You’re Worth It: Your Guide to Financing Senior Living<\/strong><\/h2>\n\n\n\n
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You don\u2019t have to be rich to find enrichment in a senior living community. You just have to be prepared.<\/em><\/p>\n<\/blockquote>\n\n\n\n

A senior living community is an expense. But it is also an investment.<\/p>\n\n\n\n

Your Best Investment is Yourself<\/h1>\n\n\n\n

At first glance, the cost of senior housing can feel overwhelming. Like every investment you\u2019ve ever made, however\u2014your first home when it was time to start a family, the new car you couldn\u2019t wait to drive, the dream vacation you\u2019ll always remember\u2014the price tag on a senior living community tells only part of the story. Just as important as the cost is the benefit. Because you\u2019re not just spending money. You\u2019re getting something in return. And what you\u2019re getting isn\u2019t merely a place to live. It\u2019s health and happiness. It\u2019s independence and autonomy. It\u2019s safety and security. It\u2019s community and comfort. More than anything, though, it\u2019s a future. And isn\u2019t that what you\u2019ve been saving for all along?<\/p>\n\n\n\n

When you take a thorough look at the resources you have and the life you\u2019ll be able to live, you might realize that a senior living community is more attractive, attainable and affordable than you imagined.<\/p>\n\n\n\n

Making Aging Affordable<\/h1>\n\n\n\n

There are more ways than you think to fill the gaps.<\/p>\n\n\n\n

Once you\u2019ve established a budget (see Building Your Budget), you may discover a shortfall between what you have and what you need. Don\u2019t fret! There are myriad ways to finance your move to a senior living community.<\/p>\n\n\n\n

REAL<\/strong> <\/strong>ESTATE:<\/strong>  If you own your home, it\u2019s probably your biggest asset. That means it might also be your easiest ticket to a senior living community.<\/p>\n\n\n\n

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Proceeds from a home sale may cover all or most of the entry fee at a senior living community that charges one.<\/em><\/p>\n<\/blockquote>\n\n\n\n

If you have enough equity, you might consider selling your home outright, in which case you\u2019ll basically be exchanging one home for another. In fact, proceeds from a home sale may cover all or most of the entry fee at a senior living community that charges one. And the money you\u2019ll save on real estate taxes and future home repairs can be directed instead toward monthly service fees and various other daily living expenses.<\/p>\n\n\n\n

Of course, home sales can take a while. If time is of the essence, a bridge loan might be helpful by giving you short-term capital with which to finance your move to a senior living while you wait for your home to sell; when it does, you can use the proceeds to repay the loan.<\/p>\n\n\n\n

Of course, all of this assumes that you can sell your home quickly and for a fair price. If you can\u2019t, there are other options. You might look into a reverse mortgage, for example, wherein you sell your home a little bit at a time back to the bank, which cuts you a monthly check in exchange for your returned equity. Or, if your home is in good shape and your local rental market is strong, you might consider renting your home until you\u2019re ready to sell it. Although being a landlord can be quite onerous, a good property manager typically can do everything for you.<\/p>\n\n\n\n

INSURANCE<\/strong>: If you have a life insurance policy that you no longer need, you may be able to sell it to a life settlement company in return for a lump sum that you can apply toward your entry fee at a senior living community or other senior housing costs. Although the company won\u2019t purchase it for the policy\u2019s full value, you typically can get more money than you otherwise would if you were to simply surrender the policy or allow it to lapse. Before you go this route, however, you should be certain that you want to give up your life insurance\u2014you may not be able to qualify for a new policy if you decide later that you want one\u2014and should be prepared to shop your policy around to different companies to ensure you\u2019re getting a fair price.<\/p>\n\n\n\n

Before you sell your life insurance, there are other options to consider. You should check with your insurer, for example, to find out whether you can borrow against your policy. If you\u2019re ill, you might also be eligible for accelerated death benefits that cover the costs of a long- term, catastrophic or terminal illness while you\u2019re still alive.<\/p>\n\n\n\n

If you have long-term care insurance, that might also come into play. Depending on both the policy and your health status, you may be able to access benefits to help you pay for the cost of an assisted living, memory care or skilled nursing community.<\/p>\n\n\n\n

VETERANS BENEFITS<\/strong>: If you or your spouse is a veteran who served in active duty during wartime, you may be able to receive a federal benefit known as the Veterans Aid & Attendance benefit. Provided above and beyond a veteran\u2019s regular pension, it can be used to cover your care in an assisted living, memory care or skilled nursing community.<\/p>\n\n\n\n

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If you or your spouse is a veteran who served in active duty during wartime, you may be able to receive the Veterans Aid & Attendance benefit.<\/em><\/p>\n<\/blockquote>\n\n\n\n

You may be eligible for this benefit if you receive a VA pension and meet at least one of these requirements:<\/p>\n\n\n\n