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5 Ways to Pay for Assisted Living Costs in Santa Fe NM


February 24, 2019 0):?> in: Santa Fe Assisted Living Uncategorized

Assisted living can be expensive and costs can vary depending on the services required. But the good news is there are smarter ways to pay for assisted living in Santa Fe, NM that will prove to be more convenient for interested members; some of the best ones are discussed here.

Private Pay

The most common way to pay for assisted living in Santa Fe, NM is by allocating a portion of your income and savings in your younger years. It is better to first estimate the charges of each service to better comprehend whether this long-term care facility is affordable or not.  This option must only be considered after discussing it in depth with your legal or financial partners.

Long-Term Care Insurance

Long-term care insurance is purchased by an individual for elderly care in the future. Depending on the specifics of your policy, long-term care insurance can help cover full charges of assisted living in Santa Fe, NM. It is ideal to purchase this insurance during a person’s middle-age as the insurance gets costlier when the member ages.

Medicare

This health insurance program includes government funding for short-term care. It is ideal when an elderly individual is in need of short-term care after an injury or surgery. With this type of insurance, the senior can make the most of the skilled nursing, physical or speech therapy, or bed-rest facility.

Typically, Medicare allows 100 days of long-term care and hospice care for those diagnosed with terminal illnesses. The policies of Medicare are quite rigid which is why it is advised to contact your state agency for assistance in the procedure.

Medicaid for Long-Term Care

Interested individuals will have to meet the state’s income eligibility level and other important requirements to qualify for this long-term facility care. Most long-term care facilities include services the likes of nursing care, personal care, and therapy sessions.

Home Equity

While it is not considered the best option, many seniors sell their house to pay for their assisted living in Santa Fe, NM. Elderly people who are in need of instant care facility and are unable to sell their house can consider rent deferment, in which their community can pay the money from their own pockets and get it back once the house is sold.

These options serve as the perfect methods to finance a senior’s successful move to an assisted living community. So choose the one that suits you best. And if you need help deciding, we are here to help!

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