Financing Care for Your Elderly Loved Ones

One of the biggest factors to consider when searching for the right assisted living community is cost. If you and your siblings or other relatives are confused about the different avenues available for covering monthly nursing home and Alzheimer’s care costs, be sure to speak with the staff at any Avalon Residential Care Homes location. Here is a guide to financing care for your elderly loved ones:

Bank investments and savings

Retirement Plans
If your elderly loved one has been placing money into an IRA account for several years, he or she likely has a considerable amount of money to put toward dementia care and assisted living. Retirement accounts can be accessed by adults who are younger than the legal retirement age if they are defined as disabled under their individual plan. 

Personal Savings
Whether your loved one was an investor or the proud collector of art or jewelry, there are a number of assets you and your family should explore when examining sources of funding for assisted living. One option that many families take advantage of is a reverse mortgage, which allows elderly homeowners to convert some of their home equity into cash.

Another possible source of financing is insurance. There are a number of different insurance options available depending on your loved one’s age, condition, and past coverage. For example, if he or she is younger than 65 and has been diagnosed with early-onset dementia, you may want to look into any current private policies, employee benefits, or retiree coverage available. A more appropriate insurance policy can defray the cost of Alzheimer’s care considerably.

Here at Avalon Residential Care Homes, we dedicate our time and service to ensuring that our residents receive all the care he or she needs. Our staff promotes a secure and rewarding environment, and is committed to maintaining each resident’s dignity and health. To learn more about our homes, please call (214) 752-7050.