How Can You Pay for Senior Assisted Living?

by | Sep 11, 2018 | Assisted Living

Once you’ve made the decision to move a loved one into senior living facilities in Palm Coast, FL, there suddenly becomes a lot on your plate to take care of. It will be on you and your siblings to not only track down the best possible facility for your parent, but also talk with your parent about the impending move, help them square away their personal belongings and pack up what they want to bring, figure out what to do with their current home and so much more. However, one of the most stressful aspects of this major life transition is deciding how you will pay for senior living arrangements. Luckily, there are many ways to approach this process.

Military Benefits

Those who served in the military or were married to a service member may be able to rely on military benefits to pay for care. This is known as “Aid & Attendance.”

Supplemental Social Security

Sometimes you can use your loved one’s Social Security payments to cover the cost of their senior living facilities in Palm Coast, FL. Before you can do this, however, you must apply for this arrangement for your relative. To qualify, your loved one must reside within the United States, be a legalized citizen of the country, possess less than $3000 in terms of total assets and make little in terms of monthly income.

Line of Credit

Some senior living facilities in Palm Coast, FL, will allow you to cover the costs of your loved one’s residence through a line of credit. This works similarly to a loan because the family members of the senior in question can take out a designated amount every month to cover the senior’s residency. You will have to be cleared for the line of credit beforehand and can typically expect no more than $50,000 at the most for the full loan amount.

Interested in learning more about senior living facilities in Palm Coast, FL, for your loved one? Contact Market Street by calling 888-274-0457 or visiting their website.

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