Assisted living facilities offer a wide range of benefits; at Villa Palazzo, we offer built-in social enrichment, assistance with daily tasks, and access to high-quality on-site care. But we also know that paying for assisting living or memory care can be stressful. There are a variety of ways to pay for assisted living—some you may not even know about—and some residents may pool several resources to cover the expense.
8 Ways to Pay for Assisted Living in Georgia
Many individuals pay for assisted living using their savings, investments, and retirement funds. This is often the simplest method if the person has substantial savings or assets.
Family members might contribute financially to help cover the costs of assisted living. This can be a collaborative effort to ensure the well-being of a loved one.
Long-Term Care Insurance
Long-term care (LTC) insurance is a type of insurance designed to help cover the costs associated with long-term care services for individuals who have difficulty performing everyday activities due to age, illness, disability, or cognitive impairment. Oftentimes, people use their LTC insurance to cover the cost of an assisted living facility. The coverage and terms of these policies can vary, so it’s important to discuss your policy with an insurance agent.
Veterans and their surviving spouses may be eligible for certain benefits through the Department of Veterans Affairs (VA) to help cover the costs of assisted living. The Aid and Attendance benefit is an example of such a program.
Selling a home or using a reverse mortgage can provide funds to pay for assisted living. A reverse mortgage allows seniors to convert a portion of their home equity into cash, which can be used to cover living expenses. Reverse mortgages can be complex and can impact both the senior and their family members, so it’s important to work with a trusted financial advisor.
Renting the Home
If the senior owns their own home, renting it out could help cover some of the expenses of assisted living. This allows them to maintain ownership while creating income to cover expenses for senior living.
Social Security Benefits
Social Security income can contribute to covering the costs of assisted living, especially when combined with other funding sources.
Also known as a swing loan or interim financing, a bridge loan is a short-term loan that can provide temporary financial assistance until a more permanent or long-term financing solution can be arranged. Bridge loans can be used to cover the costs of assisted living until other sources of funding, such as the sale of a home, are available.
About Villa Palazzo
Enhancing Wellness with Each Touchpoint
Situated on beautifully landscaped grounds in Sandy Springs, Georgia, Villa Palazzo is a senior living residence that is home to two communities: Assisted Living and Memory Care. We strive to create a warm, friendly environment where seniors can thrive. Schedule a tour of our community today.