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How to Pay for Assisted Living in Jacksonville

When caring for your loved one at home is no longer possible or if there are safety issues, it may be time to move to assisted living. It is recommended that you start by talking with an Elder Law attorney to learn about the different ways to plan for your loved ones care and ongoing expenses.

Ways to Pay for Assisted Living

Private Savings:

Giving Elder Advice

If your loved one has enough savings, they could pay “out of pocket” using personal savings or income.
Consider speaking with a financial advisor to confirm that your loved one’s savings will in fact, last throughout the years.

Sell the House:

Some seniors can sell their house and use that money to pay assisted living expenses. If the house is still on the market, but the move to assisted living needs to happen now, a bridge loan could help until the home is sold. A short-term loan could be a risky choice, but it’s something to consider if you need immediate financial assistance.

Long-Term Care Insurance:

This type of insurance covers assisted living and nursing home care, in home health care, and other medical services. Don’t assume you can’t afford it, check with a reputable insurance agent. Long-term care premiums are based on many factors, including: age, health, benefit amount and duration and when the company will need to start paying benefits.

Veterans’ Benefits:

In some cases, veterans’ benefits can cover assisted living costs. To qualify and apply, you’ll need military discharge papers, a valid medical condition report with accompanying doctor’s letter, and a statement of financial asset conditions. Contact the Veterans’ Administration to learn all the details.

Reverse Mortgage:

This is a special type of home loan where homeowners can borrow money against the value of their home and you won’t have to sell your home. There are several different types of reverse mortgages available, so check with your banker or mortgage holder to learn the specific details of a reverse mortgage.

Medicare vs. Medicaid:

For those who qualify, Medicaid can pay for long-term assisted living care. Medicare does not pay for long-term assisted living, but sometimes pays for short-term rehab stays, usually following a hospital stay.

View Assisted Living facilities in Jacksonville, Orange Park and St. Augustine

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