and assisted living, it’s important to understand the value of what your loved one receives in assisted living. What you might pay a caregiver is much more expensive than what you’d pay for the 24-hour care that’s available in assisted living. Gewirtz estimates that having 24-hour home care would be three to four times the cost of an assisted living community. “Figure what it would cost for your parent to stay at home with full-time care — equivalent to what she would get in a community — plus meals, housekeeping, utilities, and included transportation,” Gewirtz recommends. Typically, an assisted living base fee will cover housing, utilities, meals and snacks, weekly housekeeping, transportation to doctor’s appointments, and social activities, although some outings or amenities may cost extra. Additional expenses may include help with personal care, internet, beauty and barber services, laundry, and pet fees. Read more: How Much Does Assisted Living Cost? Factors and Price Structures. How can I pay for assisted living? Once you’ve decided assisted living is the right choice for your loved one, it’s time to make a plan to finance care. Do your research to understand options to save on assisted living costs. While many families rely on savings, there are other options that can help your family pay for assisted living care, including: Veterans benefits. A veteran or their widowed spouse may benefit from the VA Aid and Attendance program. If your loved one is eligible, they may receive a supplemental income to help pay for senior care at an assisted living facility.· Home equity. You may be able to sell your parent’s home, rent it, or apply for a reverse mortgage to convert equity into funds to pay for assisted living.
Long-term care insurance. If your loved one has purchased
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