Paying for senior living care can be expensive, but there are additional financial options to consider outside of private family funds. Our blog, curated by the Emory Mills Senior Living team, shares five tips you should explore when budgeting for a move to a senior living community.

5 ways to pay for senior living care

#1: Private funds – income and savings

Gather and organize your financial documents to accurately determine how much private funds you can allocate toward senior living care. Here’s a list of common private funding sources to get you started:

  • Savings accounts
  • Pensions and other retirement benefits
  • Social Security payment information
  • Stock and bond certificates
  • Annuities

#2: Veterans Aid & Attendance benefit

Wartime veterans or surviving spouses with limited income may be eligible for a non-service-connected pension to assist in paying for senior living costs. The Veterans Aid & Attendance benefit is an additional monthly payment above the basic pension. Veterans must meet specific criteria to qualify. Visit the U.S. Department of Veterans Affairs website to determine eligibility.

#3: Long-term care insurance

Long-term care insurance helps pay for some senior living care services that health insurance, Medicare, or Medicaid typically don’t cover. Policies often cover some homemaker services, such as meal preparation or housekeeping, as long as they are coordinated with other personal care services you receive.

#4: Life insurance conversion

Anyone with an in-force life insurance policy can transform it into a pre-funded financial account that disburses a monthly benefit to help pay for long-term care needs like assisted living, skilled nursing, and memory care. You can convert any type of life insurance plan, including whole, term, or universal. There are no monthly premium payments, and monthly payout amounts are adjustable based on how many months you want to receive payments.

#5: Reverse mortgage

A reverse mortgage is a type of home equity loan for homeowners age 62 or older who own their home outright or have a small mortgage. Lenders will run a credit check, evaluate your income, assets, and monthly living expenses, and ensure you are current on property taxes and hazard premiums.

If you qualify, your lender will make payments to you based on a percentage of your home’s accumulated equity. You can use the money to help pay for your senior living care. However, the loan must be repaid when the owner passes away, sells the home, or permanently moves out.

Talk to our senior living team and your financial advisor for guidance

Once you find a senior living community that feels like home, make sure to speak with the team about your funding source options. Senior living communities like Emory Mills can provide direction and share their expertise. Partnering with a financial advisor can also be beneficial for establishing a successful budget and financial plan.

Find compassionate care and specialized support at Emory Mills

Offering a scenic view of the valley with the convenience of city living, family-owned Emory Mills provides assisted living and memory care to older adults. The comforting, secure, and homelike environment supports each individual with personalized care and the specialized and research-based I’m Still Here ® approach to meaningful and purposeful living.

Download our brochure to explore our customized services, a wide variety of amenities, and beautiful floor plans.