3 Options for Paying Off Assisted Living Costs

Assisted living costs can sometimes be very expensive. When you are faced with this cost, you may need help in order to pay for it. Here are a few options that you have to consider they can help with paying for assisted-living.

1. Long Term Care Insurance

One option that you have is long-term care insurance. This is a type of insurance policy that is designed to pay for assisted-living or living in a nursing home. In order to benefit from this, you will need to take out your policy while you are still healthy and do not require assistance. Therefore, this is a preventative measure that you should consider in case assisted-living ever becomes an issue for you.

2. SSI

Supplemental Security Income or SSI is another option that you could consider. This is a public program that you can apply for if you have limited resources. You may not qualify for it, but it could potentially help pay for assisted living costs.

3. Reverse Mortgage

Another option that you might want to consider is getting a reverse mortgage. If you are over the age of 62 and own a home, you could use a reverse mortgage in order to create a monthly income while still living in your house.