How will I pay for assisted living?
According to the 2016 Genworth Cost of Care survey, the average cost of care in the United States is approximately $3,500 per month. Most families pay for assisted living through a combination of different methods. Be sure to investigate all of your family's options. Here are a few to consider:
Long-term care insurance or life insurance—Purchased either by your employer or through a private insurance company, both price and coverage can vary widely depending on your loved one's health, age and the amount of coverage purchased.
Medicare and Medicaid—Medicare does not cover the cost of living, room and board. However, it may pay for short-term stays while you recover from an illness, injury or surgery. Medicaid is administered individually by the states. In Oregon, Medicaid does provide reimbursements based on services provided.
Veteran's benefits—Assisted living facilities qualify for VA's Aid and Attendance program, which is an enhancement to a veteran's regular VA pension. Veterans, surviving spouses, or veterans with spouses are eligible for benefits.
Reverse mortgage—If your loved one owned a home, you can trade in their equity for a loan. Payments start when the home is no longer the primary living space.
Remember that paying for assisted living doesn't have to come from one source, nor should you expect to pay for it all out of pocket! If you have questions, feel free to contact Prestige Huntington Terrace at 503-465-1404.
Prestige Senior Living - Huntington Terrace
1410 NE Cleveland Ave.,
Gresham, OR 97030