How to Afford the Assisted Living Care You Need
There are many quality assisted living services in Loudoun County, but finding the right one for you or a loved one can still be difficult. Finding one you can afford is even harder. Whether you choose a senior housing facility or in-home care, assisted living can be expensive. For many people, savings and Social Security income is not enough to pay for it. So how can you and your loved ones afford the necessary long-term care?
Consumer Reports recently investigated assisted living prices across the country, and discovered that most Americans struggle to afford the facilities. In 2016, the national median cost for a private one-bedroom apartment in an assisted living facility was $43,539 per year. Locally, the median annual cost was $47,400 in Virginia, and $80,400 in D.C.
Thankfully, Consumer Reports also provides a solution. In addition to their report, they provide tips to afford the assisted living care you need. They recommend taking advantage of the capital you or your loved ones already have, like leveraging a life insurance or long-term care policy, setting up a reverse mortgage, and determining your eligibility for veterans benefits. They also recommend looking for lower cost options, like a flexible pricing structure, a non-profit facility, and rooms without all the “bells and whistles.” (You can read all of their tips to afford assisted living here.)
If you would like help developing a strategy to afford assisted living, check out our directory of financial advisors.