4 Ways to Pay for Independent Living
If you or your loved one doesn’t quite need assisted living yet, independent living may be a perfect option.
If you or your loved one doesn’t quite need assisted living yet, independent living may be a perfect option. Independent living programs have a lower level of assistance while still providing many great benefits to give seniors the best quality of life. Unfortunately, the downside is that there are fewer financial assistance options available. For instance, Medicaid and Medicare don’t cover the costs. But that doesn’t mean you’re out of luck. Read on below to find out more information on how to pay for independent living.
1. Social Security, Income, and Other Personal Funds/Benefits
The answer to how to pay for independent living may be found in funds you already have. This can include retirement savings, forms of income, investments, and other assets. In some cases, another friend or family member may volunteer to assist.
Many seniors use these to pay for some or all independent living costs. If you don’t have these assets or don’t have enough to cover all of the expenses, don’t worry. They can still be used in addition to other options.
2. Using Your Current Home
Another common way people decide to pay for independent living is by selling their current homes. After all, many individuals are already planning to move from their home to an independent living community. Some may have already decided to downsize a while ago, as a large family home can become too much to take care of.
If people aren’t willing to sell their homes, another option is to let others rent them.
Another way to use your current home to pay for independent living is through a reverse mortgage. This is a type of loan that enables you or your loved one to borrow from the home’s equity. However, some may decide this is too much of a risk to count on.
3. US Department of Housing and Urban Development (a.k.a. HUD)
Thanks to Section 202 of the Housing Act of 1959, HUD has programs available to make sure elderly and disabled individuals can obtain shelter. This could mean public housing, vouchers, or rental assistance.
If you or your loved one is able to get rental assistance from HUD, it can be applied to both independent living and assisted living programs. You may have to contact HUD or visit the department website to find out about qualifying.
4. Government Benefits
Medicaid may not be an option, but there are still other forms of government assistance you could use. One of the common ways to pay for independent living is with Social Security benefits and/or pensions.
If your loved one served in the military or is the surviving spouse of a veteran, they may qualify for benefits. Veteran’s Affairs has an Aid and Attendance program that can be put toward expenses such as independent living housing.
Supplemental Security Income (a.k.a. SSI) benefits may be available to seniors over 65 and/or individuals with disabilities. This comes in the form of a monthly cash benefit. Those who qualify for these benefits are low-income and have little or no assets.
Once you decide how to pay for independent living, it’s time to look into the different programs. Schedule a visit to Solterra Senior Living’s beautiful White Mountains community today. We’re sure you’ll see our core values, personalized care, excellent staff, and beautiful location set us apart. You can find numerous helpful resources, plus more about the independent living program’s amenities, floorplans, and FAQs on our website.