When it comes time to make your “Living Assisted,” your first task will be understanding the care options available to you and making a list of residences that you want to check. But soon after, you should ask the money questions – how much does this cost and how do I pay for it?!
There are many sources of funding that you should consider from traditional (health insurance, retirement accounts, government programs, selling assets, etc.) to exotic (guaranteed income insurance, reverse mortgages, etc.). I’ve linked to an article in the Nevada Appeal that discusses some of these options here.
There is no one size fits all answer – each person will consider different options based on their financial situation, their living assisted goals, and preferences such as risk tolerance. The important thing is getting out ahead of this as much as possible (if you are placing a loved one, I’d even recommend planning for yourself at the same time!). Like most financial decisions, it helps to have someone to guide your through the maze. Please reach out to us (you can use the form below) if you would like to discuss your specific situation.