Home Financial Options

Financial options

Navigating Financial Options for Long-Term Care

Understanding the Costs of Assisted Living and Memory Care

Deciding on the best Assisted Living and Memory Care for your loved one involves numerous factors, with the financial aspect often being one of the most daunting. This guide is designed to help families understand the various payment options, what they cover, and how investing in quality care now can prevent higher costs and greater challenges later.

Financial Planning for Assisted Living and Memory Care

Selecting the right long-term care requires careful financial planning. Beyond ensuring your loved one receives the care they need, understanding the different payment methods available is crucial, as it adds complexity to an already demanding decision-making process. We recommend discussing the following financial options with your financial advisor when budgeting for Assisted Living and Memory Care costs.

Long-Term Care Insurance: This insurance covers services not typically included in standard health plans, such as Assisted Living and Memory Care and other forms of assisted living. It’s designed as preemptive coverage but does not apply to preexisting conditions.

Veterans’ Benefits: Eligible wartime veterans can receive up to $2,000 per month to help cover costs associated with assisted living through the Aid & Attendance benefit.

Secured Lines of Credit: These are lines of credit secured against assets like CDs, stocks, or personal property. Unlike a typical bank account, funds are borrowed against the credit line and can be a flexible option to finance long-term care needs.

Reverse Mortgage: Homeowners aged 62 and older may opt for a reverse mortgage, which converts home equity into cash to pay for care. This loan is repayable when the homeowner sells the house, moves out, or passes away.

Life Insurance: Certain life insurance policies allow policyholders to use their benefits to cover long-term care costs.

It’s important to note that Medicare typically does not cover long-term Assisted Living and Memory Care services. For the most current rates and detailed information, please contact Greeley Village Assisted Living and Memory Care Community.

At Greeley Village, we believe that living life to the fullest never gets old.

Come redefine what senior living can be and

live beyond the expected.

Schedule A Tour Today!

Fill out the form below to book your visit!

To learn more about how we handle the information you provide, please refer to our Privacy Policy.

What Am I Paying For?

The cost of Assisted Living and Memory Care reflects the comprehensive nature of the services provided. Balancing quality of care with cost is vital, and at Greeley Village, we pride ourselves on offering exceptional value. Our rates generally include:

We offer an all-inclusive rate structure, ensuring transparency and predictability in budgeting.

The Cost of Delaying Care

Deciding on care involves more than just financial considerations. The wellbeing of your loved one and the peace of mind for the whole family are priceless. Here’s why considering care earlier rather than later is essential:

Preservation of Health: In the supportive environment of an assisted living facility, common health issues are managed effectively, helping to slow the progression of chronic conditions and improve overall well-being.

Enhanced Quality of Life: Assisted living offers a community and support system that alleviates isolation and depression, enriches social interactions, and reduces physical discomfort, contributing to a significantly improved quality of life.

Disease Progression: Early intervention in dementia care can significantly influence the disease’s trajectory, improving the quality of life for your loved one.

Safety: Purpose-built environments reduce common risks such as falls or wandering, ensuring a safer living space.

Moreover, the physical and emotional toll on family caregivers is significant, often leading to stress, depression, and other health issues. Early placement can be beneficial for everyone involved, not just the individual receiving care.

Schedule a Tour Today!