If you have come to the conclusion that your parent or spouse needs more daily care than you can provide them, you may be considering if assisted living is the right choice.
However, you may be worried that the cost of an assisted living community is too expensive but we encourage you to take a closer look.
MorningStar Senior Living has been serving seniors for almost 15 years, and along the way, we have accumulated a lot of knowledge we love to share with potential residents and their families. One of those things is helping seniors to find every available option open to them to help finance assisted living including exploring often over-looked financial benefits.
One of those over-looked benefits may include “Aid & Attendance” monthly benefit payments for certain wartime Veterans with financial need and a physician order for regular assistance with daily living activities. If you think you or your family member may be eligible, we will direct you to local resources that can help you with the application process.
Another source of assistance is long-term care insurance. As each policy differs, we recommend you take a look at your policy’s Benefits Summary, which will have specifics on the type of coverage, daily benefit, policy limit, and elimination period. This should help you understand your full benefits.
You may also want to take a look at your life insurance policies. Whole life and universal life policies build a reserve of cash through interest-earning excess premiums (known as the policy’s “cash value”). In some cases, life insurance can be a source of ready funds through cash surrender, death benefit loans, accelerating death benefits and life (or viatical) settlements. It is advisable to consult a financial advisor before you act on any of these methods to understand the tax consequences.
Please visit our website to learn more about other financial benefits that may help you pay for assisted living. Also while you are there, please take a closer look at MorningStar of Beaverton, the area’s newest assisted living and memory care community that is scheduled to open in late 2018.
MorningStar of Beaverton is proud to provide the finest senior living with our unique mission statement of “to honor, to serve, to invest.” Our foundation is built on honoring God, valuing all seniors and selecting staff with a felt calling to serve and we create a true home for residents in a serene setting. Please contact us for more information of the newest senior living community in Beaverton, OR.
At MorningStar Senior Living we strive to create a true home where you can enjoy your retirement years as carefree as possible. Offering a lifestyle of comfort, wellness and community, our care team is committed to giving residents a quality of life that other senior living communities simply cannot match.