In a perfect world, no one would need assisted living, but the reality is that some older adults need extra help each day and eventually cannot care for themselves independently. At the very least, it would be nice to live in a world where assisted living or board and care in San Diego would be highly affordable. However, the monthly payment at an assisted living or board & care facility can be $3,500 or more. Before you panic, there are some options to consider that might help ease the financial strain.
Insurance
Long-term care insurance is one option that can help you finance your residence at a board and care home or assisted living in San Diego. This type of insurance can be very expensive, but not only can it be used for your assisted living payment, it also can be used for in-home caregiving, which can allow you to stay in your home as long as possible.
Home Equity
If you own a home, selling the home to finance assisted living is an option. You also could consider renting your home and using this income to help you finance your monthly fees. Combined with Social Security income and other sources of income, rental income might help you finance assisted living in San Diego. Down the road if you need to sell your home to pay for a higher level of care, then you can explore that option. Some older Americans also get a reverse mortgage, which can be a good option if you have plenty of equity in your home.
Government Assistance
A Medicaid waiver also might be an option for some people and can be used to help cover the costs of skilled nursing care, in-home care and assisted living in San Diego or perhaps board and care in San Diego. However, not everyone qualifies for these waivers, and it might not be enough to pay for the facility in which you wish to live.
If you or your spouse is eligible for veteran’s benefits, this might include some money to cover the costs of private assisted living in San Diego. This benefit is extended to many veterans, particularly those who served 90 days or more on active duty including one day during wartime. In addition, there are assisted living homes for veterans as well as skilled nursing care for veterans, which might be a great option. The downside, of course, is that the waiting list for these facilities is long and there just aren’t enough facilities in California. Still, if you are a veteran or your spouse was a veteran, it’s wise to see what benefits are available to you.
Learn more about Senior Care for Veterans.
It can be wise to sit down with a financial planner and discuss your needs prior to looking for any type of assisted living or in-home care. This can give you a realistic look at exactly how much you can spend per month for a specific number of years. Once you have a clear picture of your budget, then give us a call or fill out our easy online questionnaire.
At Care Placement, we have an extensive database that includes more than 2,500 different licensed care providers in San Diego and Orange counties. We can help you find a suitable facility for board and care in San Diego or assisted living in San Diego that fits your budget as well as your personal needs or the needs of a loved one.