When searching for the right assisted living facility for your loved one, comparing the costs and services can be overwhelming. You want your loved one to receive the best quality care, but you’re nervous about being able to afford these costs. There are many ways to pay for assisted living. The final price shouldn’t be your deciding factor, but we understand it plays a large role in the decision.
Payment Structures for Assisted Living
Before you rule out a community due to price, it’s important to understand what you will be paying for. Make a list of each community you’re looking at and talk with the staff members while touring the facility to understand the pricing structures. The infographic breaks down the three most common payment structures:
- All inclusive
- Levels of Care (aka tiered pricing)
- Fee for Services (aka A La Carte)
Depending on the level of care your loved one needs, you can figure out which payment structure works best for you and your family.
Paying for Assisted Living
There are a variety of different ways to pay for assisted living. You can use more than just one form of payment to afford assisted living. The infographic gives more details on these different ways to pay for assisted living:
- Private Pay
- Veteran’s Benefits
- Bridge Loan
- Long Term Care Insurance
Keep your loved one involved during the process if possible. It’s important for them to have a say in how their money will be used to pay for their new home.
When choosing an assisted living community, it’s important to compare exactly what you’ll receive – services, amenities and pricing models – to determine which community best serves your loved ones needs. This infographic will break down everything you need to know about assisted living costs to help make your decision process easier.
Do you have questions about Assisted Living? Check out our guide, Assisted Living Frequently Asked Questions and Answers.