Arranging for a residency in a supportive living community can seem complicated at first.
The expenses are just one of many details that families must consider.
Out of pocket costs may not always be realistic to handle. While programs like Medicare and Medicaid may help, they don’t always cover everything you need. In particular, Medicare does not cover assisted or supportive living facilities or long-term care.
This is where a long-term care plan and other assets may be used. Here are some important tips on how to use insurance to offset the costs of supportive living.
- Long-term care insurance
An LTCI plan has several benefits. First, it can preserve certain assets for the future, while the person who seeks supportive living can maintain their financial independence. If you need professional care, the payments tend to be more affordable with an LTCI plan. Additionally, most plans like these are flexible, and can be used where the care is needed.
- The right provider makes a world of difference
Selecting the right provider for your needs is just as crucial as the policy they offer. It is helpful to compare several providers, if possible, so that you can get an idea of their overall financial abilities and policies, get to know the agent(s), and find the right package to fit your needs.
- Use life insurance
This option may not be feasible for everyone, but if you’ve been paying premiums on a life insurance policy, you may be able to access it’s accumulated cash value. This will help with the expenses of moving to a supportive living community, and other necessary care plans.
These are just a few insights into how leveraging insurance can help you become part of a supportive living community. For more information, visit our website or call 630-406-9440.
Heritage Woods of Batavia
1079 E. Wilson St
Batavia, IL 60510