Assisted living in Kokomo, Indiana or anywhere else can be quite expensive. A lot of families often ask us how they can pay for it. Different people have different circumstances so the answer is not always the same for everybody.
As a provider of senior care in Indiana, we are glad to extend what we know regarding the subject. We have made a list of the three basic ways to help pay for your assisted living finances. These are the following:
- Savings or Income
Our most basic financial resource is from our income. From this income, we can slowly save up for our future. This is probably the simplest way. However, it is often not enough because of the high costs.
- Care Insurance
Long-term care insurance usually covers assisted living. However, according to a survey, only about 3% of Americans have this. It is advisable to apply for a long-term care insurance during middle age otherwise, it would be quite expensive.
- Life Settlement
One option is to sell your life insurance policy to a company or to an individual. This is an agreement that the buyer will pay for the premiums from the day your insurance policy was bought but will collect the benefit that comes with it when you pass away.