Longer life spans have resulted in many more adult children facing the dilemma of caring for their aging parents. The Genworth 2014 Cost of Care Survey found that the average cost of a one bedroom apartment in an assisted living community had reached $42,000 a year and a private room in a nursing home was over $87,000 a year. Contact Baltimore Street Care Home for the latest pricing information. If you are facing these costs as you explore assisted living in Mesa AZ, you know that any additional finance information you can get is greatly appreciated. Sadly, it is a widespread misconception that Medicare provides long term care for anyone over 65, which it does not. These three types of funding will be helpful in financing assisted living in Mesa AZ.
Long term health care insurance is a policy which helps to pay for the expenses not covered by private medical insurance such as assisted living in Mesa AZ. Some of the other expenses include home healthcare, respite care, hospice care, adult daycare and Alzheimer’s care. These policies don’t cover preexisting conditions so they would need to have been purchased previously by your parents. But it is a good idea to check their records to see if there is a policy in place that could assist you in paying for assisted living in Mesa AZ. And even if your parents don’t have a long term care policy in place, it might be something that you consider purchasing for yourself. It could be a great relief to you and your children in later years when it is time for you to explore your own assisted living in Mesa AZ.
Another option to explore is converting a life insurance policy into a long term care plan. If the life insurance policy has a death benefit between $50,000 and $1,000,000 then it can be converted to a long term care policy and you can begin to use that money to pay for assisted living in Mesa AZ. If you have questions please contact Baltimore Street Care Home for answers. This is a great option if you need coverage immediately and there are no clauses about preexisting conditions or waiting periods. Also, any type of illness that requires assisted living in Mesa AZ will be covered and policy owners have the legal right to convert their life insurance policy so just contact your insurance agent.
If your elderly parent owns a home, then that is also a good way to help finance assisted living in Mesa Az. A reverse mortgage is a process that lets homeowners over the age of 62 turn the equity in their home into cash. That cash can be used for anything including payments for assisted living in Mesa AZ for one or both of your parents. They are able to use the money and still keep their home. It is sort of like they are loaning a bank money and getting either a lump sum payment or monthly payments against the value of their home.
Seeking financial assistance to fund assisted living in Mesa AZ can be stressful. But remember that you have many options to explore. Finding good care and comfortable assisted living in Mesa AZ for your parent should be your main priority.
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