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Alternative Funding Options for High Assisted Living Costs

By Megan C @ LivingSenior - June 21, 2012

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Funding options to combat the high assisted living costs currently seen across the nation are few and far between. Most of the funding options either pay all of the expenses or only certain expenses associated with assisted living care. There are certain alternatives available to baby boomers who may have limited funding options or who need some form of gap coverage to cover all of their expenses.

Assisted Living Waiver

Several states within the US offer assisted living waivers. These waivers, which are popular in California, help residents who are in need of assisted living care. In order to be eligible for this type of care you must be in a health situation that requires assisted living and be part of the Med-Cal program. For further details on this program visit the Assisted Living Waiver site for the State of California.

Health Savings Accounts

Health Savings Accounts are fairly new but they can help baby boomers who have recently stopped working or are still working. These accounts can cover the gap between what insurance covers and what extra costs of assisted living care. These accounts are available through employers and financial institutions working in conjunction with high deductible insurance plans.

Estate Sales

Several seniors are finding that estate sales and auctions can be beneficial in helping to bridge the gap with assisted living costs. Selling additional land, homes and valuables offer a way to budget and fund costs associated with increased care needs, changes in community policies and changes in insurance.

Life Insurance Plans

It is not uncommon for people to take out small life insurance policies throughout their careers. Companies may offer discounts with term life policies or special options may be available under different company run benefit packages. If assisted living care is becoming too costly and gap coverage is not filling the gap, then cashing in small life insurance plans may be an alternative to consider.

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