Cost of Assisted Living
Assisted Living is not as expensive as you might think. The average cost to assisted living in North Texas is between $2,500 and $3,000 monthly compared to $5,000 and up to $10,000 in a Nursing Home. Once you calculate the services included in the monthly fee compared to what it would cost in a private home the Assisted Living options can be a better choice.
At Arbor House the monthly rent is based on the size of apartment the Resident has chosen and the care the Resident needs and desires. This simple approach eliminates the guessing game and lets you know what your monthly fees will be for your budget needs. Each person is charged for the services he or she receives, which gives the resident and family members a financial peace of mind.
Helpful Insights Into Affording Assisted Living
Long-Term Care Insurance
If you have purchased a long term care insurance policy you will need to contact your insurance provider to verify the policy covers Assisted Living. Most Long Term Care insurance policies will cover Assisted Living but you will want to verify. Even a policy with a designated payment for home care can be paid directly to the resident or to the beneficiary, who then uses it to pay for assisted living.
Filing a claim with your Long Term Care Insurance Company will require some information from the Assisted Living Community you select. We are standing by ready to help you file your first claim. You can get started by calling Arbor at 940.723.5035 and asking to speak to the Executive Director.
Veterans Benefits Help Pay For Assisted Living
Yes! The most commonly used program is called Aid and Attendance. These benefits are for the Veteran and the surviving spouse.
Who Is Eligible For The Aid And Attendance Benefits?
- A Veteran who is receiving a V.A. pension, or the surviving spouse who is receiving V.A. Death Pension.
- The Veteran served in active duty at least 1 day during a Military Action or War Time. The veteran is not required to have served overseas or in a War Zone.
- The veteran or surviving spouse requires regular assistance in order to perform activities of daily living.
- He or she is living in an Assisted Living due to mental or physical incapacity.
- There are financial and asset requirements along with other qualifying guidelines. You can call Arbor House and ask for the Executive Director for more details.
How do I apply for V.A. Aid and Attendance Benefits?
The Veteran Affair Aid and Attendance Benefit and The V.A. Aid Attendance Application Check List: download it here.
At first glance it looks like a lot of forms and information required. Applying for the Aid and Attendance Benefits can be challenging and many Veterans seek help with the application process. The Executive Director at Arbor House would be happy to help you get the ball rolling and walk with you every step of the way through the process. The Executive Director can be reached at 940.723.5035.
Arbor has also partnered with the V. A. and other agencies that can help with the application. Many times the assistance is at no charge to the Veteran or surviving spouse. Of course the Arbor Team never charges to help our Veterans apply for benefits.
Other help applying for V.A. Aid and Attendance
You can get free assistance by calling the V.A. at 800-827-1000 and asking for the help line.
For questions and help in-person you can reach out to one of the V.A.’s Vet Centers. You can find the closest V.A.’s Veterans Benefits Administration Office nearest you with this link www.va.gov/directory/guide.
Using A Home To Pay for Assisted Living
Reverse Mortgage Option
A reverse mortgage allows you to get cash out the value of your home equity in a lump sum or in form of monthly payments. The borrower can stay in the home even if a spouse is living in an Assisted Living. The home owner must be at least 62 and at least one of the owners must live in the home.
There are many different types of Reverse mortgages and this option is not right for everyone. Be sure you understand and have looked over the small print. The reverse mortgage is binding and has many different conditions. With all financial options seeking help from a trusted source is advised. You can reach the US Government Department of Consumer Financial Protection Bureau at this link www.consumerfinance.gov.
Renting Or Selling The Home
With a strong housing market many seniors are finding their home is worth a great deal more than they once thought. By renting or selling their home they have the resources they need to enjoy an independent life style with the care and security they need.
Combining Family Resources For Mom And Dad
Many family members are making small and sometimes large contributions towards the care of their parents. Having a family meeting and discussing the concerns about Mom and/or Dad and the increasing need for assistance can produce very beneficial results. If you or your loved ones has concerns chances are your family has the same concerns. Many families have found solutions to the time demands and financial responsibility that come along with caring for loved ones.
The following are some examples of solutions different families have found in a family meeting:
- The financial short fall is evenly picked up between each sibling.
- If a family does not want to sell the family home yet and has the funds available they might pay for assisted living with the promise of repayment when the house is sold.
- Some siblings picked up the financial short fall while other family members provided the day to day responsibilities. This could be by visiting often, going to doctor visits or doing the shopping for personal needs.
At Arbor House we have worked with many residents and their loved ones in finding solutions to both the time and financial needs in caring for our residents. Call 940.723.5035 to speak to someone at Arbor House and we will work with you to find the best solution for your situation.