When medical conditions or disability prevent older Americans from living independently, assisted living facilities can provide the comfort and resources they need to maintain a positive quality of life. However, gaining access to this continued care can present a financial dilemma for many seniors. While having a retirement fund can help cover many of these costs, many find that it’s essential to look for financial support elsewhere. If you’re looking for ways to fit long-term care into your budget, consider the following popular solutions.

What Are Some Ways to Cover the Costs of Assisted Living?

Government Assistance

Although Medicare can help pay for short-term nursing care, it generally won’t cover ongoing assisted living needs. However, individuals with limited incomes may qualify for Medicaid, a government assistance program that offers funds to cover a portion of long-term care expenses. Veterans can also utilize VA benefits to pay for care at a qualifying facility.

Sell Assets

If an individual is moving into an assisted living facility, it is likely that they may need to downsize many of their belongings. During this process, they may consider selling their home, cars, or other valuables to fund their stay at an assisted living center. Reverse mortgages may provide another option to those who may not be ready to sell their property.

Insurance

There are a few different insurance products that can help cover the costs of assisted living, but they generally require individuals to open a policy before it’s needed. Long-term care insurance, for instance, is a unique product designed specifically to provide funds for ongoing senior assistance. Others may also be able to cash out on life insurance policies to expand their available budget.

Charity Organizations

While it may take some research to find them, there are numerous charity organizations and non-profit facilities that have a mission to help seniors in need. With the help of donations and volunteer service, these groups can provide adequate care to those who may have no other way of affording it.

Finding affordable long-term care in Carlsbad, NM, is simple when you turn to the trusted team at Lakeview Christian Home. Inspired by the charitable teachings of Christ, this non-profit facility has compassionately served the medical, personal, and social needs of numerous seniors for more than 55 years. Backed by top specialists, this facility is not only able to provide ample assisted living resources, but also provide other essential services for seniors—including physical therapy, skilled nursing, and hospice care. You can learn more about these services online or by calling (575) 885-3161 to speak with a friendly staff member.