Senior Living Financial Options
At Brookdale, we understand the challenges presented by the current economic environment, especially for those who are otherwise ready for senior living, but are uncertain how best to pay for senior living and assisted living costs.
Brookdale will help you make the move to the retirement lifestyle you want or need with generous programs and third-party senior living financial options that provide the financial flexibility you need to afford a great lifestyle, or to simplify your payment choices. Find a Brookdale community near you today and ask the Sales department for more information about these financial options.
How Much Does Assisted Living Cost?
One of the first questions many ask is: How much does assisted living cost? The same question is asked about other types of senior living communities. Costs vary depending on the type of residence you are looking for. Most senior living communities charge on a month-to-month lease arrangement, and the services provided vary as well.
Affording the Cost – Assisted Living and Senior Living
The next logical question may be: How can I afford the cost of assisted living and other types of senior living communities? As mentioned above, there are a number of existing programs and third-party senior living financial options that can assist you with the cost of assisted living, independent living and other types of senior living.
Financial Options – Senior Living and Assisted Living Costs
Listed below are a number of financial resources that will help you in planning how to cover your senior living and assisted living costs. These resources include available programs and third-party vendors that provide the financial flexibility needed to enable you to enjoy this new phase of your life.
Veterans Aid and Attendance Pension
The Department of Veterans Affairs provides the VA Aid and Attendance Pension to eligible wartime veterans and their surviving spouses. This benefit can offset a significant portion of the long term care and/or assisted living costs in a Brookdale senior housing community. Depending on your situation, the benefit ranges from $1,094 to 2,019 per month and is tax free. Ask your Brookdale sales associate to introduce you to a provider that will discuss the VA’s eligibility criteria with you.
Ask your Brookdale sales associate to introduce you to a provider that will discuss the VA’s eligibility criteria with you. Learn more about the Veterans Aid and Attendance Pension
ElderLife Financial Services
ElderLife Financial provides a line of credit to families and seniors interested in senior housing financing. The services are designed specifically to help seniors move into the senior living community of their choice, or to supplement their move while waiting for the sale of a home or other benefits to kick-in. ElderLife offers low monthly payments for a quick and easy move.
Availability and terms may vary by state. For exact details please contact Elderlife directly.
Life Care Funding Group
Life Care Funding helps you to use any type of existing life insurance policy to pay for long term care or senior housing. Funds are deposited into a Long Term Care Benefit Account that makes automatic monthly payments to the long term care provider of your choice. The payment plan is flexible and can be adjusted as your needs change. There are no fees, and once enrolled you are no longer responsible for premium payments. The process is quick with benefit payments starting in as little time as 30 days. A Long Term Care Benefit Plan for senior living and assisted living costs can be tax-advantaged and is both a Medicaid qualified spend-down and a VA qualified spend-down.
Automatic Debit Program
Those who qualify can take advantage of Brookdale’s Automatic Debit Payment Plan, which enables you or your family to pay your apartment and service fees each month directly from your bank account. No paper bills to clutter your home; just one easy payment.
For the budget conscious individual or for those who want companionship, Brookdale communities can help match you with a roommate to share living costs and apartment space in our communities.
Brookdale Home Sale Program
Brookdale offers a home sale program for those interested in using the equity in their home immediately to move into select Entry Fee-based Life Care communities. Contact the Sales Department at any of Brookdale’s Life Care communities to see if they participate in the Brookdale Home Sale Program
Housing Price Recovery Chart
With the decline of the real estate market, it may take many years for your home to return to its full market value of 2006, depending upon the severity of the decline in your area. The Housing Price Recovery Chart projects the time required for real estate prices to recover based upon an average appreciation of 5% per year.
This site is for general information purposes only and is not intended to be a substitute for financial, legal, tax, accounting or other professional advice. Brookdale is not affiliated with, nor does it endorse, any of the aforementioned programs, organizations or companies. Brookdale can provide no assurance that any information contained on this site or provided by any of the aforementioned programs, organizations or companies is accurate, complete, correct or fit for any particular purpose or person. We urge you to consult your financial, legal, tax, accounting, and/or other professional advisors for advice about what financial options are best for you.