Premier Assisted Living at The Artesian of Ojai
We understand that the cost of assisted living can sometimes be a roadblock to accessing the best possible care for your loved one. Fortunately, there are funding options that can help. We offer some options for paying for assisted living services below:
Using Personal Income & Savings
Using personal income and savings to pay for assisted living is the simplest option.
Pooling Family Resources
It is likely you are not the only family member worried about your loved one. Family members can pool together funds to close the gap between monthly income and the cost of assisted living care.
Utilizing Long-Term Care Insurance
Long-term care insurance can be purchased through a private insurance company and used to cover assisted living costs. This type of insurance is typically purchased between the age of 50 and 60 when a person is still in reasonably good health. If your loved one has an existing long-term care insurance, it can be used to cover the cost of assisted living. The extent of coverage will depend on the specifics of your policy. If your loved one is not already covered, it is likely long-term care insurance is probably not the best funding solution.
Applying for Veteran’s Benefits
The U.S. Department of Veterans Affairs (VA) offers pension funds and assistance programs to eligible wartime veterans with low income or limited assets. Assistance is also available to spouses of wartime veterans. The Aid and Attendance (A&A) benefit is available to any disabled veteran (or spouse) whose income is below a given amount. This benefit is a monthly pension awarded to eligible veterans who require the assistance of another person to perform daily living activities. Assisted living communities are providers of these personal services.
Selling a Life Insurance Policy
This practice, known as a life settlement, involves selling your life insurance policy to another person or company who takes on payment of premiums but collects the benefit when you pass. Converting your existing life insurance policy into money that can be used to pay for long-term assisted living services is a viable option for those seeking assisted living care.
Borrowing Against Home Equity
While not always the preferred option, many seniors sell their homes to pay for their care. The equity in your home can then be invested to help cover the cost of assisted living.
Applying for a Reverse Mortgage
A reverse mortgage might be the solution you’re looking for if your loved one owns a home or is close to having it paid off. This type of mortgage allows you to borrow money based on the equity of your home, either in full or in a series of installments. The borrowed money is then paid back when the house is sold. To apply for a reverse mortgage, a homeowner must be over 62, and must continue to live in the home.
Renting Your Home
If pooling your family’s resources, borrowing against equity, or obtaining a reverse mortgage is not possible, it might be beneficial to consider renting out your loved one’s home. Renting allows your family to maintain ownership of the home while creating income for the family to pay for assisted living.
Tour Our Assisted Senior Living Community Today
The Artesian of Ojai strives to make assisted living in Ojai, CA as affordable as possible for our residents. Our assisted living apartments come in spacious studio and one-bedroom floor plans. Our all-inclusive rate structure includes assistance with all activities of daily living (ADLs), three nutritious home-style meals a day, utilities, maintenance, housekeeping, and laundry. Small pets are welcome. To learn more or request a community tour, we encourage you to contact us today via phone or email.