As a senior, you are apt to need some sort of assistance with basic living needs as you age. Maybe you suffer from an unexpected medical illness or you have a slip and fall accident. This type of incident is increasingly common for seniors and can force you to find assisted living services fast. If you are not financially prepared to pay for assisted living as a senior through retirement funds or savings, there is another option. Find out whether assisted living is the right choice for you and how to pay for this type of senior living with life settlements by Windsor Life.
Seniors interested in moving into an assisted living community typically have some sort of health problem that prevents them from living unassisted. The National Center for Assisted Living reports that almost 50% of seniors in assisted living have cardiovascular disease. In addition, four out of 10 residents have memory loss, Alzheimer’s disease, or dementia. As a result, having 24/7 supervision and onsite medical care is an important part of this type of living arrangement.
An assisted living community is a residential care community where seniors, often as young as 50, live together. This community provides housing typically in apartments, condos, townhomes, duplexes, or single family homes. Twenty-four-hour security and medical aid is available to protect and assist residents with a variety of needs. These can include meals, personal care aid, housekeeping, entertainment, transportation, and medical services. Note that these communities are age-restricted, which allows seniors to live undisturbed and in a microcosm best suited for their personal and age-related needs.
The Centers for Disease Control and Prevention (CDC) reports that the US has:
Note that residential care communities include any facility that has:
As you can see, this includes assisted living facilities, as well as nursing homes, hospice care centers, and possibly adult day care facilities. The National Survey of Long-Term Care Providers conducted in 2012 by the CDC details the number of residential care facilities in the US from 2012 to 2016. The data reports:
The American Seniors Housing Association reports the average cost of assisted living in the US is $3,750 a month or $123 a day. The annual cost of assisted living is an estimated $45,000 a year. Seniors living in metro areas with high costs of living coincidentally have the most expensive assisted living facilities, which far exceed these estimates.
Along with the financial cost of assisted living, you also want to consider the other benefits of assisted living. If you are unable to safely live in your home alone, and you need assistance with daily life, then you will need to turn to senior living services. Assisted living provides you with the freedom of remaining independent while having a helping hand when you need it.
An often overlooked asset is a life insurance policy. In fact, it’s estimated that tens of billions of dollars are lost and forfeited in lapsed life insurance policies because most people will simply stop paying the premiums. A life insurance policy can be sold to a third party, just like any other asset. If you need to pay for assisted living but lack in savings, investment income, or retirement funds, consider the services of a life settlement broker. As a preferred broker in Chicago, Illinois, Windsor Life Settlements, LLC provides invaluable life settlements to pay for senior living services. This includes assisted living services for seniors. Contact Windsor Life Settlements today at 888-994-6376 to speak with a life settlement broker today.
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