For many senior citizens, moving out of their home and into an assisted living or nursing home facility can be a difficult transition. Seniors move into facilities for a variety of reasons, but often the move is related to a health concern or the inability to live independently due to a disability.
Along with the struggle that comes with adjusting to living someplace else, finding a way to pay for the cost of assisted care can be extremely stressful for the entire family. Here are ways that older people with disabilities can cover the price of living in a senior care facility:
Like rent or mortgage payments, there is a monthly fee for living in a senior care facility. The price of living depends on numerous factors such as the level of care needed, the size of space, amenities, and the state in which the resident lives.
In many cases, living in a senior care facility, whether it’s an assisted living apartment or a nursing home, costs significantly more than rent or a mortgage. For example, having a private room in a nursing home facility can cost anywhere from $150 to 700 a day.
The best solution for obtaining the money that one needs to live in a senior care facility is by selling his or her home, but everyone knows that this can be a slow process. Unless the house has been recently updated, many homes owned by seniors don’t sell for the asking price. If the house takes a long time to sell, a bank may be able to provide a bridging loan.
Individuals of all ages, who have a disability, often benefit from Social Security Insurance (SSI) benefits. Depending on the individual and his or her housing status, the average monthly benefit for an individual is around $730 a month. Before moving into a senior care facility, it’s important to know whether or not it is a Medicaid-funded facility.
If a senior with a disability moves into a home where Medicaid foots the bill, monthly SSI payments may see a significant reduction or termination.
Asking for help and utilizing resources can be difficult for some individuals. When it comes to moving into a senior care facility and getting adequate care for a disability, it’s important to seek assistance and utilize any resources that are available.
Milton Ferrara is a professional blogger and writer with an experience of half a decade. Known for his amazing take on conventional matters and his boldness for writing new fresh content, he has a strong presence on the web.
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