Back to Resources

What Are the Options for Paying for Senior Living?

Assisted living can come with quite a price tag, depending on you or your loved one’s needs.

Assisted living can come with quite a price tag, depending on you or your loved one’s needs. If you’ve started looking for a new home because your current one is too home for you or because you have changing physical or mental needs, you have probably found some expensive assisted living or memory care communities. At Solterra Senior Living, we firmly believe every adult has the right to age in place without the stress of worrying about how they’ll pay for it. That is why we provide the following three options for paying for senior living in Arizona.

1. Veteran’s Benefits

You’ve served our country (or your spouse has), and we want to celebrate you and serve you in turn. Veteran’s benefits are available through a special program run by the Department of Veteran Affairs, Aid and Attendance Pension benefit. If you are a veteran, or the surviving spouse of one, and if you don’t have the financial resources to pay for your assisted living or memory care, you may qualify for this special financial assistance. Veterans can qualify for this assistance, which is tax-free and can be used for in-home care or for an assisted living community. If you decide to use it for in-home care, you can also transfer it for senior living care later, as your needs change.

2. Long-Term Care Insurance

If you purchased a long-term care insurance policy, many of them also work for assisted living and memory care costs. So your existing long-term care insurance policy might already cover what you require, but be sure that you go over it carefully so that you understand exactly what it will provide. We can also assist you to determine whether using your long-term policy is a good financial solution for you.

On the other hand, if you do not have a policy already, it would be a good idea to contact the American Association of Long-Term Care Insurance—you can browse their website for resources and even contact them.

3. Using Your Home

You may not feel comfortable living in your home anymore, but that doesn’t mean it can’t still be useful. If you’ve lived in the house for many years, raised a family in it, and have a personal attachment to it, selling it and moving out to assisted living might be a little more than you can handle right now. While selling can give you a good chunk of change, renting it out can also give you the steady passive income you can use to turn around and pay for your assisted living or memory care every month. It’s an easy system to make automatic as well.

If you’re concerned about tying up finances in the future, it’s also easy to use a rental agency to manage your home as a rental for you—they’ll take a small cut of the money, and in return, they’ll handle the maintenance requests and even find renters for you.

We would love to answer your questions about financing options or living at Solterra Senior Living. Contact the Solterra community closest to you today.