Understanding Your Options to Pay for Assisted Living

Many Michigan families are facing the challenge of affording assisted living for themselves or loved ones. The good news is there are various financial options available to help manage your costs. 

Understanding Your Options:

• Private Savings: This includes savings, Social Security benefits, pensions, investments, and retirement accounts (401(k), IRA).
• Selling a Home: Equity from selling your home can be a significant resource for assisted living.
• Long-Term Care Insurance: This insurance helps pay for assisted living costs. You should consider plans before age 55 for better premiums.

Looking for More Information?

If you're looking for more information on assisted living costs and financial options in Michigan, here are some helpful resources:

• Michigan Medicaid: https://www.michigan.gov/mdhhs/assistance-programs/medicaid
• National Association of Area Agencies on Aging (NAAAA): https://www.usaging.org/

Have More Questions? Contact Plymouth Terrace Today to Get Started!

We understand the challenges of assisted living costs. Our team can guide you through financial options and explore solutions to create a personalized plan for your loved one. Contact us today! (734) 451-0700

Ways to Cover Assisted Living Costs in Michigan

Are you having a hard time figuring out the best way to pay for assisted living? Planning for assisted living expenses is crucial. It’s a large expense, but studies show that the demand for senior living is expected to grow by an additional one million beds by 2040, with the population over 65 nearly doubling by 2060.

 

Many families utilize a combination of the following options to pay for assisted living, including:

·      Private savings

·      Proceeds from selling a home

·      Long-term care insurance

·      Veteran’s aid

·      Life Insurance with cash value

Learn more about the cost of assisted living in Plymouth here.

Schedule Your Tour Today! 

 

We understand the challenges of assisted living costs, and our team can guide you through your financial options. It’s also a good idea to consult a financial advisor to create a personalized strategy for assisted living expenses.

If you’re interested in learning more assisted living at Plymouth Terrace or scheduling a tour, contact us today! 734-451-0700