Life planning is essential in today’s economy, but the process can be difficult and overwhelming. While working through investments and 401K plans, you might want to also consider researching long-term care options and how to pay for them. As we age, our needs change so preparing well before there is a need is definitely a smart move.
Although there are many factors to consider when planning long term care, affordability is often a key factor. Knowing your options will aid you in making sound financial decisions. For instance, did you know that veterans and their spouses might qualify for financial assistance to pay for assisted living?
Like long term care insurance, military veterans who bravely sacrificed their lives in service are also provided substantial veteran benefits that cover long term care. This benefit is called Aid and Attendance. Overlooking the Aid and Attendance veteran’s benefit as a financial resource could prove to be a costly mistake. Today’s average 65-year-old living is living well into their 80’s, and 25% of those individuals are living past 90-years-old, according to a Marcus and Millichap National Report. The average cost of living for someone who requires care could be on average $3000 or more a month in a nursing home or senior living community.
The Aid and Attendance pension pays for a considerable percentage of the monthly cost for persons in need of personalized care which cover assisted living, memory care, adult daycare, and home care services. The individual may need assistance with activities of daily living or assistance with household maintenance. Veterans Aid and Attendance can also cover individuals who are incapacitated. Further, many families are also unaware that spouses of veterans also qualify for this pension. This means if a veteran is completely independent and their spouse is not, monetary aid for care may be available for the spouse. This benefit is also extended to the widows of veterans.
Dogwood Forest of Grayson specializes in senior care needs and accepts veteran’s benefits. We work with professionals who specialize in benefits for the Veterans Administration and eligibility requirements for specific monetary allowances. So speaking with a VA Benefits specialist early to help navigate the process will give you a jump start on securing your future care needs and living arrangements.
To learn more, give us a call at Dogwood Forest of Grayson at 678-496-2319 for more information on finding a local VA specialist who can help you. Or visit our Financial Options page on our website at dogwoodforest.com
To receive more education regarding this topic and similar topics, please contact Dogwood Forest of Grayson at 678-496-2319.