Concerned About Assisted Living Costs For Your Elderly Parent? 3 Things To Know


As the Baby Boomer population continues to grow older, more Americans are finding themselves concerned with the costs of assisted living or nursing home care either for themselves, or for elderly parents or relatives. While planning ahead to cover these costs through long term care insurance plans or savings is always preferential, recent estimates compiled by the Kaiser Family Foundation show that more than 4.5 million Americans age 65 and older are currently living in poverty, making it unlikely they can afford the cost of nursing home or assisted living care. If you are one of the many adult children facing concerns about the cost of care for an elderly parent, the following information can help. 

Using a home to cover the cost of nursing care

If your elderly parent is unable to pay for care in a nursing home or assisted living facility through savings or insurance, the equity they have in their home can often help to cover the costs. This can be done by: 

  • selling the home outright and using the proceeds to cover care costs
  • obtaining a reverse mortgage or a home equity line of credit and using the funds to pay for care needs
  • renting the home and applying the rental proceeds to the cost of care

If the elderly person is expected to be able to return to their home after recovery, temporarily renting the home may be a better option than selling it or obtaining a reverse mortgage or an equity line of credit. 

Sharing the costs with siblings or other family members

Another option to help cover the cost of nursing home or assisted living care for an elderly parent or relative is to share the cost equally with siblings or extended family. This option can work especially well when there are several siblings or relatives who are agreeable in their desire to help fund the care of their parent, grandparent, or other elderly relative. When selecting this route, it is wise to consult with an attorney and come up with a legal agreement that spells out the responsibilities and terms of each participant.

Exploring assistance programs to help cover the cost of care

Assistance programs, such as medicaid, are available to help cover the costs of nursing home or assisted living care for people who meet the financial qualifications for the program. To learn more about how medicaid can help with the cost of your elderly parent or relative's nursing home or assisted living care, ask to speak with the medicaid specialist at each facility you are considering. 

Visit a site, like http://www.seniorsolutionsofli.com, for more help.

About Me

Enjoying Assisted Living

Although I have always been one of those people who are fiercely independent, I realized a few months ago that it wasn't safe to live on my own anymore. I was really struggling to take care of basic daily needs, so I started looking into nursing homes and assisted living facilities. It was really interesting to see how many different living options there were out there, and before I knew it, I was signing paperwork to move into a beautiful home. Now that I live in assisted living, I would never go back because of the comforts and safety it provides me. Check out this blog for more information.

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