It’s no secret: long-term care is expensive. The cost of assisted living will vary greatly between facilities and locations, but the average annual cost for nursing homes is $97,455 per year. In Arizona, assisted-living costs average about $42,000 per year, which is just under the national average for assisted living facilities. Unfortunately, the high costs can make the services cost-prohibitive for many families. In our blog today, we’ll discuss different ways you can make paying for your loved one’s long-term care more affordable. Here in Phoenix, one way is through our no-cost senior placement services.
Get A Tax Break to Reduce the Cost of Assisted Living
If you’re not quite at the point of needing a nursing home and you’re taking care of your senior loved one at home, start preparing now so that you’ll have the necessary funds when the day does come. The government can offer tax breaks to help you cover the costs of in-home care. Taking care of a sick parent or other loved one can be demanding both emotionally and physically, but if you save up money now and take advantage of tax breaks, then you could alleviate stress later on.
Access Your Loved One’s Funds
Whenever possible, you’ll want to use your senior loved one’s saved up funds for payment. Did they save in an HSA over the years? Invest in an IRA or 401(k) account? If so, make sure those funds are being put to use.
Long-term care insurance is available and is always a good option for covering the costs, and some life-insurance policies cover long-term care. Evaluate your loved one’s insurance plans and see if it’s possible to partially fund care from insurance. The government won’t cover all cost of assisted living, but Medicaid can also help. Medicaid eligibility varies by state, so you’ll have to research to see what your loved one qualifies for.
Use Free Placement Services
By using long-term care placement, you can ensure that you’re getting the right place for your senior loved one. Long-term care facilities can be evaluated by where they’re located, how much they cost, and how well they’ll fit your needs. At Above And Beyond, we offer free placement services to help you avoid yet another cost. We’ll meet with you and your senior loved one in person, evaluate your needs, and find appropriate facilities in the Phoenix area.
Be Aware Of Their Conditions Before They Worsen
Unfortunately, many people don’t start thinking about their parents’ need for a long-term care facility until a big accident has occurred and they have a crisis on their hands. Monitor your parents closely whenever possible and have a plan of action for when conditions worsen. Involve them in the conversation.
Making the decision to move your senior loved one into an assisted living facility, nursing home, or other form of long-term care is no doubt expensive, but using your resources effectively will help you save money. Let us cut your costs and save you some headaches with our free senior placement services in the Phoenix area. Contact us today!