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Rockford Assisted Living Services Funding Options

by | Oct 20, 2019 | Rockford Assisted Living Services

Paying for the care of an aging loved one is a concern for most families and far too often the costs of care come out of their own pocket. When it comes time to utilize assisted living services for your loved ones it’s helpful to know you have options and how to utilize them. In this article, we will discuss in greater detail these ways to pay for Rockford assisted living services costs for a family member or loved one.

 

Funding Options

Skilled medical workers are specialized, trained individuals and the services provided are priced as such. Those services are covered more readily through traditional medical insurance plans. Assisted living communities and in-home services, like what is provided at Assisted Living Services, have various routes for funding, which will be explored here.

There are two umbrella types of senior care funding: private and government-subsidized. The type of funding available to an individual or family varies depending on many factors, including income, age, disability and type of care. Working with a senior advocate is often helpful to identify available assistance. At Rockford Assisted Living Services, we will gladly walk through the process and help answer questions so that the best solution is reached.

 

Long-term Care Insurance

Long-term care (LTC) insurance is a policy that is purchased, by an individual, for future use for eldercare. These policies are similar to any type of insurance. A premium is paid into the plan; the price is set according to the number of years before anticipated use, the amount of coverage purchased and the percentage of payout. Premiums can be fixed, or more likely, increase as a person ages by a percentage, often based on inflation. If a care insurance policy has been purchased, the funds can be applied toward the type of senior care stipulated in the terms. Most policies today include payment for facility care and in-home care. These insurance policies are evolving as the population ages and insurers see the demand for care funding. Be sure to know exactly what a policy will reimburse, how long it will make the payments and if there is a cap on coverage, to name a few.

 

Private Pay

Private funding is the most traditional way of funding eldercare. Each situation is different and if the private pay route is deemed best by a family, early preparation is key to ensure enough funds are available to cover expenses for as long as a loved one needs care. Retirement planning should include savings for health care. Investments can be drawn upon as needed to fund care. Private pay is often a more realistic option for individuals that will have assistance from family as Rockford assisted living services.

 

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